Episodes
Domestic markets ending the week higher despite the big sell-off on Monday. Focus throughout the week has been on the COVID-19 delta variant, earnings tailwinds, heightned buyback volumes/expectations, positive corporate commentary, infrastructure bill progress and vaccine optomism. Tune in as we catch you up on the most pressing market themes and dynamics. Tickers mentioned: CMG, TSLA, JNJ, MCK, CAH, ABC, UL, SNAP, INTC
Published 07/23/21
US equity markets mostly higher today as the market continues to search for equilibrium following the sell off on Monday. No broad scale shift in the market narrative as the usual suspects continue to get most attention including inflation, buybacks, the delta variant, peak everything and positive corporate earnings. Tickers mentioned: UL, TSLA, DPZ, BX, CSX, TXN
Published 07/22/21
US equities finished higher in trading, near best levels. Major indices were higher for a second-straight session, and have now erased Monday's big selloff. A Bipartisan group of senators will issue a statement saying the $1.2T compromise infrastructure package remains on track despite blocking today's procedural vote. The Delta variant concerns continue to dominate the press but the WSJ highlighted the preference to push vaccinations rather than new restrictions in the US.
Published 07/21/21
U.S. equities higher Tuesday, with the SandP nearly erasing Monday's notable decline. Near-term oversold conditions and the "buy the dip" mantra in focus. Otherwise quiet from a headline perspective, with Delta variant spread a big theme in the press.
Published 07/20/21
US equities came under pressure on Monday. The Dow posted it’s worst day since October, SandP had its worst day since May and the Nasdaq has now moved lower five sessions in a row. Significant attention today on Covid resurgence from highly transmissible Delta variant, reviving concerns about return of restrictions and implications for reopening momentum. There has also been discussion of "peak" themes around growth, profits, and policy, which seem to be an overhang on risk sentiment,...
Published 07/19/21
US equities mostly lower in Friday afternoon trading, and are on track to close modestly lower on the week. There has been a focus on how much of the current inflationary impulse will be temporary and how long that transitory period may be. The debate continues after latest CPI and PPI reports showed hotter-than-expected headline and core price growth. Fed Chair Powell fielded many questions about inflation during his congressional testimony this week but stuck closely to his contention that...
Published 07/16/21
US equities mostly lower, with growth underperforming value and the FANMAG complex lower. Relatively quiet day but still plenty of discussion about "peak" narratives around growth, profits, inflation, and policy.
Published 07/15/21
US equities finished Wednesday mixed, with growth outperforming value, defensives leading the market, and small-caps and financials underperforming. June PPI came in hotter than expected. Banks underperform on earnings beats. Democrats announce a deal for a $3.5T "human infrastructure" spending plan. Apple makes new highs on a positive iPhone production report.
Published 07/14/21
US equities were down in Tuesday trading after the SandP and Nasdaq pulled back from record highs set yesterday. Headline and core CPI for June surprised to the upside. Multiple reports out today noted Republican concerns about the bipartisan infrastructure agreement. Financials a bit weaker with banks on the defensive following the first round of earnings this morning. Boeing took a hit after announcing they are working with the FAA to resolve issues with the 787 Dreamliner. Nothing...
Published 07/13/21
US equities finished higher in a quiet session Monday, with the Dow, SandP, and Nasdaq all setting fresh record highs. Value slightly outperformed growth. Broadcom is reportedly in talks to acquire privately held software maker SAS Institute. Liberty Mutual to acquire State Auto Financial for $52 per share. Busy week of macroeconomic data ahead with June CPI expected Tuesday, Fed Chair Powell giving the semi-annual monetary policy testimony to Congress on Wednesday and Thursday, and June...
Published 07/12/21
US equity markets ending the week in positive territory this week. In this podcast we discuss the collapse in yields, reflation trade unwinds, peak-everything and the continuation of the delta variant spread. Tickers Mentioned: DIDI, QFIN, STMP, JKS
Published 07/09/21
US equity markets lower today though no clear catalyst to the risk off trade. Themes discussed today includes peak growth, treasury yield movement, the delta variant and a smattering of corporate news. Tickers mentioned: KSU, GOOGL, BIIB
Published 07/08/21
U.S. equities finished mostly higher and just off best levels in trading, rallying after some mid-morning weakness. There wasn’t much new from June FOMC minutes, as officials said "substantial further progress" toward goals has not yet been met, but a number said they expect conditions for taper to be met earlier than previously expected. Today's biggest story continues to revolve around the sharp decline in long-term rates and continued pullback of reflation trade.
Published 07/07/21
US equities finished mostly lower, but came well off worst levels in the back half of Tuesday's session. SandP 500 broke a seven-day streak of gains while Nasdaq Composite was helped by some FANMAG strength. Big Treasury bull flattening move the day's big story, though there was nothing specific driving yields lower. China tech scrutiny a big area of focus with DiDi Global app ordered to be taken down from mobile app stores in China. Nothing particularly incremental in terms of fiscal or...
Published 07/06/21
Overview: US equity markets all higher this week. A fairly quiet week from a headlines perspective with much of the focus on today's jobs numbers. Other news garnering attention includes big tech antitrust scrutiny (or lack thereof), OPEC+, fedspeak and the infrastructure deal. Tickers mentioned: F, MU, GS, MS, TSLA
Published 07/02/21
US equity markets higher on what was a slow news day ahead of the holiday weekend. In focus, OPEC+ delaying their decision regarding output until tomorrow and Yellen suggesting 130 countries are on board pertaining to a minimum corporate tax rate. Tomorrow, all attention will be on the jobs numbers out prior to the open. Tickers mentioned: MU, WBA, CVAC, F
Published 07/01/21
US equity markets mixed today as we round out the half way point on the year. The news flow continues to trickle in at a slower than normal pace ahead of the holiday weekend. As a result, there wasn't any broad movement to the major themes in play, though there was renewed focus on growth vs value factors considering growth's recent outperformance. Tickers mentioned: BBBY, LVS, MU, APP, AVAV, FB
Published 06/30/21
US equities mostly flat today on what was a quiet news day. Focus continues to be on the infrastructure deal with both parties pressuring the white house as to what will happen with the larger package and if it will be linked to the current bill. Elsewhere there was focus from the DoJ on Google's ad business, a big rise in home prices and positive variant vaccine news. Tickers mentioned: GOOG, CERE, EPAC, AMZN, LZ, PRPL, MLHR, FOXA
Published 06/29/21
US equity markets mixed today on what was a quiet day from a macro perspective. The infrastructure bill continues to be in focus with Biden walking back his statement that he would not sign a bill unless a larger democrat lead bill was presented in tandem. After the market closed, bank capital allocation in focus with Goldman Sachs and Morgan Stanley among the standouts. Tickers Mentioned: MS, GS, C, TSLA, BA, REGN, NTLA,
Published 06/28/21
Overview: US equity markets higher this week, with energy and financials the most notable outperformers. Macro headlines include the infrastucture deal struck yesterday, fedspeak pertaining to inflation and tapering throughout the week and various pieces of economic data. Later in the podcast we discuss corporate movers and leglsialtion being brought forth that could hinder big tech. Tickers mentioned: TTD, NKE, FNMA, BTAI, RAD, MRNA, PFE,
Published 06/25/21
Overview: US equity markets all higher with the big news on the day being Biden announcing a deal has been struck pertaining to infrastructure. Elsewhere, Google announced it is delaying the phase out of third party cookie technology in its chrome browser sending a number of adtech companies higher. Other discussion points in this podcast include Yellen’s warning to congress pertaining to debt, economic data and Eli Lilly’s Alzheimer’s drug. Tickers mentioned: LLY, TSLA, RAD, KBH, NFLX,...
Published 06/24/21
US equities finished mixed in uneventful trading, softening a bit into the close. There wasn’t any big directional drivers in play and nothing really on the near-term horizon aside from PCE on Friday. US flash PMIs are mixed with manufacturing a bit better while services missed. The WSJ reports Comcast CEO Roberts is wrestling with whether to buy or create a streaming powerhouse; considering agreement with Viacom or possibly acquiring Roku.
Published 06/23/21
US equities higher with the Nasdaq notching a fresh record high. May existing home-sales slide, with median home price hitting a record high and inventory remaining a key limiting factor. Fedspeak continues to dominate the headlines, but no surprises from Powell's testimony today. Bipartisan infrastructure talks continue to make apparent progress.
Published 06/22/21
US Equities traded higher on Monday after a four-day slide last week attributed to hawkish takeaways following the Fed meeting. Value outperformed growth with energy leading the market following stronger crude prices. The week ahead could decide the fate of the ~$1.2T bipartisan infrastructure framework with the White House looking for multiple in-person meetings this week. Bitcoin had a volatile day following the announcement that Chinese authorities had demanded closure of 26 suspected...
Published 06/21/21
US Equities heading towards a lower finish this week with all sectors lower and Value groups extending this week's big underperformance to Growth. Hawkish takeaways from the Fed meeting has led to heightened scrutiny of the reflation trade with several competing dynamics in focus. Bipartisan infrastructure continues to garner significant attention as legislators await President Biden's review of the most recent proposal. Healthcare and Hospital stocks got a boost after the Supreme Court...
Published 06/18/21