Markets struggled to rebound after yesterday’s tech rout where Nvidia (-1.6%) gave up $279b in market cap. This was not surprising given today’s limited data. Traders seemed to take a collective breath as they patiently await ISM services data tomorrow and payroll data on Friday. While we did receive the JOLTS survey this morning showing a decrease in job openings (lowest level since 2021), focus remains on Friday which will paint a better picture of the labor market. US Treasury rates did dec…

The conclusion of Labor Day Weekend here in the States means a few things….end of summer, more vehicles are back on the road, trains/subways are a bit busier, can feel the autumn in the brisk morning air, yes folks school/universities are back in order alongside the weakest historical month as exemplified in today’s trading! Fade after fade, session low after session low across the board from the SPX, CCMP, NDX and DIJA as US equities went from bad to worse. To start the day, it seemed as if mo…

They came, they watched, they left. The Fed, and therefore investors, had one more datapoint to monitor this week before starting their long weekend. The CPI print two weeks ago gave the Street some certainty that rate cuts would start on September 18th, and today’s PCE result added to that resolve. The result of 2.5% y/y was in line with estimates (and sequentially), and without any slippage to Personal Income or Spending, keeps the dialogue moving for the Fed. Next up is Nonfarm payrolls next…

Shrugging Nvidia earnings or at least trying to as the SPX finished unched on the day after a roaring morning! In fairness “it’s tough being the A+ student” however this does feel a bit knit picky during the interim. In any event, main averages soared post open and never quite looked back as futures extended gains for majority of the trading session minus a minor selloff in the last hour of trading. Seems like the shrugging intensified as we received mixed economic data that showed US GDP being…

Today’s session didn’t seem to matter because every single investor was solely focused on the countdown to “go-time” for the most anticipated (and arguably most important) set of numbers for the year – Nvidia (NVDA -2.1%). Given the size of the implied move (c$300bn mkt cap swing in either direction), Nvidia’s performance has a significant impact on directional moves for the whole equity complex (HINT: guidance wasn’t quite up to par and the stock traded down out of the gates, settling down 5%)…

For the past few weeks investors have channeled all their focus into economic data and policy catalysts. While all those tidbits are still important, the only thing that really matters this week is the one stock that can move the S&P +/- 1% in a week —Nvidia (NVDA +1.5%), whose earnings are coming to a theatre near you tomorrow. But not just Nvidia. There are several other tech names reporting tomorrow and Thursday that will have clear and present impact on sentiment —Salesforce, CrowdStrik…

Today had all the feels of a Monday as we all prepare for the unofficial close of summer next Monday (Labor Day). Volumes remain muted across the board with the S&P 500 volumes down 25% vs 20d mavg. Both the Nasdaq and S&P 500 closed lower on what looks like some profit taking heading into Nvidia earnings. This does not seem surprising, especially given that the S&P was up nearly 2% on the month and within 1% of the all-time highs (next resistance level 5667). Rates remained relatively steady t…

The expectation going into today’s Jackson Hole Symposium was as high as the Tetons. With 100bps of cuts being priced by the markets (over the 3 remaining meetings), Powell did not disappoint as he started his press conference with “The time has come for policy to adjust”. An immediate spike in equites and treasuries (and a drop in the Dollar) ensued, as the markets cheered the expected result. While the question of how much in September remains, the CME data shows a 34% chance of a 50bps cut (…

We’re on track for the lowest volume week YTD, and it sure felt that way today. Snoozeville central as S&P volumes were down 22% compared to the 20-day moving average and net neutral economic data provided little fanfare. The Flash PMIs were mixed and cancelled each other out (solid services vs. weaker manufacturing), while weekly claims and existing home sales were bang inline. The S&P 500 and CCMP both lost some of their shine– down 0.8% and 1.5%, respectively, while other asset classes foun…

The market tried, it tried hard to drum up some volume today but in the end the effort was futile. Despite some relevant earnings this morning, BLS nonfarm payroll revision and July Fed meeting minutes, volumes remain MUTED (to say the least). The S&P 500 rose to close slightly positive on the day on some of the lowest volumes of the year (-31% vs 20d avg) but it is now up for 9 of the past 10 sessions and is firmly above the 50d mavg with its sights set on the ATH of 5667. Also, worth a quick…