Post by Dave on Jul 20, 2023 1:44:44 GMT -8
Good morning. The pre-market is red this morning at -0.70% at this moment.
Nasdaq Futures Wilt on Tesla, Netflix Earnings: Markets Wrap
Thursday, July 20
Taiwan Semiconductor Manufacturing Company (TSM), Johnson & Johnson (JNJ), Abbott Laboratories (ABT), SAP (SAP), Philip Morris International (PM), Intuitive Surgical Inc. (ISRG), Marsh & McLennan Cos. (MMC), CSX Corporation (CSX), Blackstone Inc. (BX), Freeport McMoran (FCX), Kenvue (KVUE), Truist Financial Corp. (TFC), Capital One Financial (COF), D.R. Horton (DHI), and The Travelers Companies (TRV), and Newmont Corp. (NEM) report earnings
Philadelphia Fed Manufacturing Index (Jul)
Conference Board Leading Index (Jun)
Existing Home Sales (Jun)
Japan Inflation Rate (Jun)
Taiwan Semiconductor Manufacturing Company (TSM), Johnson & Johnson (JNJ), Abbott Laboratories (ABT), SAP (SAP), Philip Morris International (PM), Intuitive Surgical Inc. (ISRG), Marsh & McLennan Cos. (MMC), CSX Corporation (CSX), Blackstone Inc. (BX), Freeport McMoran (FCX), Kenvue (KVUE), Truist Financial Corp. (TFC), Capital One Financial (COF), D.R. Horton (DHI), and The Travelers Companies (TRV), and Newmont Corp. (NEM) report earnings
Philadelphia Fed Manufacturing Index (Jul)
Conference Board Leading Index (Jun)
Existing Home Sales (Jun)
Japan Inflation Rate (Jun)
Nasdaq Futures Wilt on Tesla, Netflix Earnings: Markets Wrap
At the same time, relief that inflation has been tamed was marred by a spike in commodities on the escalating conflict over Ukrainian grain exports. Wheat prices extended their biggest daily surge in a decade on Wednesday after Russia warned that any ships to Ukraine would be seen as carrying arms.
Uneven consumer spending in the US and China’s economic slump signal the global economy isn’t out of the woods yet after sustaining aggressive central bank tightening. US Treasuries fell, pausing a rally sparked by speculation that the Federal Reserve hiking cycle may have peaked.
“We think returns in Q2 are overdone, given the US is still likely heading for a mild recession,” Aegon Asset Management strategist Cameron McCrimmon wrote in a note. “The breadth of returns on the S&P 500 has become increasingly narrow, driven by a few mega-cap tech stocks on AI optimism, which is a classic sign of an ageing bull.”
He expects central banks to remain hawkish until inflation is back closer to 2% or a deeper-than-expected recession hits.
Uneven consumer spending in the US and China’s economic slump signal the global economy isn’t out of the woods yet after sustaining aggressive central bank tightening. US Treasuries fell, pausing a rally sparked by speculation that the Federal Reserve hiking cycle may have peaked.
“We think returns in Q2 are overdone, given the US is still likely heading for a mild recession,” Aegon Asset Management strategist Cameron McCrimmon wrote in a note. “The breadth of returns on the S&P 500 has become increasingly narrow, driven by a few mega-cap tech stocks on AI optimism, which is a classic sign of an ageing bull.”
He expects central banks to remain hawkish until inflation is back closer to 2% or a deeper-than-expected recession hits.