A daily trading perspective… Casey Badach | Jared Lechner | Andrew Chader | Ryan Maguire US dealing direct: +1 212 803 7300 MARKET SNAPSHOT S&P: ▼ -1.31% Nasdaq: ▼ -0.92% UST 10-yr: 1.438% VIX: 20.7 EUR/USD: 1.1863 USD/JPY: 110.21 Gold: ▼ -0.3% WTI Crude: ▲ +0.8% Copper: ▼ -0.5% S&P Leaders: Autos +0.2%, Consumer Durables […]
A daily trading perspective… Casey Badach | Jared Lechner | Andrew Chader | Ryan Maguire US dealing direct: +1 212 803 7300 MARKET SNAPSHOT S&P: ▼ -0.04% Nasdaq: ▲ +0.87% UST 10-yr: 1.512% VIX: 17.67 EUR/USD: 1.1902 USD/JPY: 110.27 Gold: ▼ -4.72% WTI Crude: ▼ -1.50% Copper: ▼ -4.79% S&P Leaders: Semis +1.7%, Software +1.2% […]
A daily trading perspective… Casey Badach | Jared Lechner | Andrew Chader | Ryan Maguire US dealing direct: +1 212 803 7300 MARKET SNAPSHOT S&P: ▼ -0.18% Nasdaq: ▼ -0.09% UST 10-yr: 1.487% VIX: 17.89 EUR/USD: 1.2176 USD/JPY: 109.61 Gold: ▼ -0.15% WTI Crude: ▼ -0.46% Copper: ▼ -0.79% S&P Leaders: Pharma +1.7%, Utilities +0.8% […]
A daily trading perspective… Casey Badach | Jared Lechner | Andrew Chader | Ryan Maguire US dealing direct: +1 212 803 7300 MARKET SNAPSHOT S&P: ▲ +0.88% Nasdaq: ▲ +1.47% UST 10-yr: 1.557% VIX: 16.45 EUR/USD: 1.2170 USD/JPY: 109.51 Gold: ▲ +1.12% WTI Crude: ▲ +0.76% Copper: ▲ +1.36% S&P Leaders: Semis +2.5%, Technology +1.8% […]
Markets love infrastructure spending, and futures jumped on a NY Times headline that President Biden was going to unveil a $6 trillion (!) budget tomorrow. Problem is, investors do not want to be the ones paying for it, so when the WSJ ran a competing headline about increased capital gains taxes being retroactive to April, the early fun was erased. Equities ended the day mixed, with the S&P up 13bps, and Nasdaq unchanged.
Markets are five days away from their first summer (unofficial) weekend and volumes (lowest so far this year) certainly felt like it. But instead of traders doing nothing, investors kept with the momentum that started mid last week, namely buying Tech and Semis, which led to Nasdaq/ NDX 100 closing back above their 50 day moving averages. It was not all about Growth though, with just about every sector finishing green (Utilities and Pharma fell into close to finish with slight losses).
The icebreaker is done and now it seems the Fed heads can talk about the talk. While allowing some differing opinions, they generally sway as a group, and today’s speakers (Harker, Bostic and Kaplan) all took opportunities to mention tapering. For markets that had started in a positive mood (S&P up 70bps at its high), those comments were enough to reduce any risk appetite, especially heading into a weekend.
I always pictured the “talk” as something that is cringe worthy, and very uncomfortable for everyone. It’s tough to have, and we all know it’s coming. But I suppose just having a conversation about the conversation seems a lot less intimidating, and therefore easier to stomach. Economic data was mixed to start, with the Philadelphia Fed showing what everyone knows.
It’s not often we start the View off with commodities, but after the largest gas/ diesel pipeline on the US East Coast was shut down due to a cyber ransom attack, investors were in no mood to fight the massive momentum surge in futures prices. Copper, Oil, Lumber all started the morning moving higher (once again) as supply concerns continue to percolate within the inflation story.
After 13 months of working from home, I made my triumphant return to the office. Things have changed obviously; fewer people in the office still, fewer people on 5th Ave, fewer cars, and unfortunately, fewer stores still in business. But I am happy to be back, and trying to get some resemblance of working normalcy. Markets have been toying with their own return to balance (new highs forever/ low rates forever??), but this will take far longer.