By Gary Kaltbaum Most major indices have gone nowhere in the past 13 weeks but did you know: On 4/4/14, the NYSE was 10,669.43. Friday’s close 10,626.92. On 12/26/14, the DOW was 18,103.45. Friday’s close 18,240.49. On 3/7/14, the RUSSELL 2000 was 1212.82. Friday’s close 1236.56. On 7/24/15, the NASDAQ was 5231.94. Friday’s close 5292.41….
Stocks rallied on Wednesday as investors digested the latest round of economic data. Before the open, the composite Mortgage Application index rose 2.9% vs the prior reading of -0.7%. Mortgage rates fell to the lowest level since July and the average interest rate on a 30-year fixed rate conforming loan is 3.62%. The ADP Employment…
Market Update: Stock futures are slighter lower ahead of Thursday’s open as the market has to deal with Tuesday’s sell-off and then Wednesday’s rally and wait for Friday’s always fun (and fake) jobs report. Gary’s Thoughts: Weather already hitting. We suspect in our area 75-90 mph winds later tonight. Keeping fingers crossed. One note: TWTR down…
Market Update: Stock futures are slighter higher ahead of Wednesday’s open as investors digest Tuesday’s sell-off and wait for Friday’s always fun (and fake) jobs report. Gary’s Thoughts: Oil prices remain stronger…gold bounces after yesterday’s disaster…economic numbers soften…markets remain nauseatingly rangebound. Economic Calendar: MBA Mortgage Applications 7:00 AM ET ADP Employment Report 8:15 AM ET International Trade 8:30 AM ET Gallup…
Stocks fell on Tuesday after a few Fed heads suggested the Fed should raise rates as soon as November. This sent the US dollar higher and gold and other interest rate sensitive areas of the market lower on the news. Utilities, REITs, and a handful of other interest-rate sensitive areas of the market fell hard as…
Stocks fell on Monday on the first trading day of the month and quarter. Economic data was mixed. The PMI Manufacturing Index came in at 51.5, lower than the last reading of 52.0. The ISM Manufacturing Index came in at 51.5, beating estimates for 50.2. Finally, construction spending slid -0.7%, missing estimates for 0.3%. Meanwhile,…
Market Update: Stock futures are slightly higher ahead of Tuesday’s open as investors wait for earnings season to begin in earnest next week. Gary’s Thoughts: Quiet with a little bump in Nasdaq but gold/silver are indeed breaking support before the open. We shall see if they hold. Economic Calendar: Jeffrey M. Lacker Speaks 8:05 AM ET…
Market Update: We will have a bigger report Monday night on both markets as well as the election but right now, we are in Ryder Cup heaven as we attended what we believe is the greatest sporting event we have ever been to…and we have been to many. Electric, patriotic, pressure packed just starts to…
Stocks fell on Thursday as investors digested the latest round of economic and earnings data. Before the open, the government said U.S. GDP rose 1.4% in the second quarter, beating estimates for 1.1%. Mid-day, stocks were slammed after some Deutsche Bank clients reduced collateral on trades. Separately, shares of Wells Fargo (WFC) took out their…
Stocks rallied on Wednesday as investors digested a rather busy day. Six Fed heads spoke, including Janet Yellen, with the big headline coming from Mr. Evans. Mr. Evans said, rates should stay low for a long time, and that sparked a nice afternoon rally. Elsewhere, oil surged after rumor spread that OPEC will cut production in November….
