As the nation (globe) patiently awaits tonight’s US Presidential debate, markets were mixed on the day. Wobbly start for indices at the top of the trading session, before all main averages went red late morning to only have the SPX, CCMP, and NDX finish in the green. Between the Fed’s Barr touching on Basel III, and comments out of competitors conferences had markets jumpy to start. First, with DJ SOL aka David Solomon commenting last night on Q3 being lighter than expected mainly due to fixed…

After a dismal week to start September for the S&P 500 and Nasdaq who were down 4.25% and 5.89%, respectively, all main US indexes rallied today on limited economic data in what can mostly be seen as investors buying the dip. Despite last week being the worst week since March 2024, breadth returned strong today in the S&P 500 with over 80% of companies in the green, led by Telecoms, Banks, and Semis. The debate continues around the extent of rate cuts coming next week. When we left for the wee…

A brutal end to a week that might just leave you singing “Wake Me Up When September Ends”. Major US indices closed deep in the red with the S&P500 notching its worst week in eighteen months. Rotation was the name of the game as tech names bore the brunt of the selling pressure, but the main focus of the day was this morning’s hotly awaited NFPs for August. However, the reading ended up being more fizzle than firework as those holding out hope that the data would shed some light on what we can e…

Investors remain apprehensive ahead of tomorrow’s jobs report, after the medley of labor market data this morning did little to assuage fears. The ADP Employment change hit the lowest level since 2021 at 99k vs 145k expected, jobless claims came in roughly in line, but were followed by slightly better ISM services later in the morning. Net/Net = not much. Yields shot lower on the data and the shift has left investors guessing about the economic outlook (though 2s10s has been inverted for 26 mon…

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…