Stock Rally Stalls as Trump Tariff Threats Increase
A two-day rally in stocks appears to be winding down this morning as US index futures are trading up 0.1%-0.2% after US indices soared 1.4% to 2.3% yesterday. Speculation that President Trump may scale back on his “Liberation Day” plan to introduce widespread reciprocal tariffs starting April 2 has faded. Instead of standing down like […]
Stocks Rally on Softer Tariff Speculation
The twists and turns of tariff talks which change from day to day and sometimes even hour to hour have had markets on a roller coaster ride for weeks now. President Trump has been going around calling April 2, the day he plans to roll out reciprocal tariffs against pretty much everyone, “Liberation Day”. Meanwhile, […]
Shoemaker Sales Slump Seen as a Sign of Softness
Heading toward this afternoon’s Quadruple Witching Hour of futures and options expiries, US index futures are trading down 0.3% to 0.5%, with NASDAQ futures the weakest, adding to yesterday’s US index losses of up to 0.3%. European trading finds the Dax down 0.7% and the FTSE down 0.5%. Energy and metals are under pressure as […]
Stocks Retreat as Investors Digest Central Bank News
Yesterday afternoon’s relief rally which pushed US indices to gains of 0.9% to 1.4% has evaporated overnight. This morning finds US index futures down 0.4%-0.6%, while in Europe, the Dax is down 1.5% and the FTSE is down 0.3%. The US Dollar is rallying today, gaining 1.1% against the Australian Dollar, 0.6% against the Euro […]
Stocks and Gold Await Central Bank Decisions
Stabilizing after yesterday’s US index losses of 0.6% to 1.7%, US index futures are trading flat to up 0.3% this morning. Over in Europe, the Dax is down 0.6% and the FTSE is down 0.2%. The US 10-year treasury note yield is steady near 4.25%. Gold is up 0.1%, trading near $3,045/oz. Crude Oil is […]
Divergences Highlight Changing Leadership and Sentiment
Significant divergences and reversals have emerged in overnight trading that suggest changing capital flows and leadership across world markets. For the last several years, US has been the leading equity market in the world but that now appears to be shifting to international markets. A broadening advance in overseas markets accelerated overnight with Hong Kong […]
Disappointing Economic Numbers From the US and Canada
The new trading week has kicked off with a series of disappointing economic reports out of North America. US retail sales slowed significantly from a year ago (3.1% vs previous 3.9%) as retail sales over month disappointed (0.2% vs street 0.7%). The Empire State Manufacturing Index staged a severe and surprising drop (-20.0 vs street […]
Gold Reaches $3,000 Today
Reports that a US government shutdown may be averted for now appears to have sparked a round of short covering and bargain hunting ahead of the weekend. US index futures are up 0.7% to 1.4% with NASDAQ futures leading the way upward and Dow futures trailing. In the wider context, however, today’s early rally has […]
Relief Rally Fades as Trade Tensions Broaden
Yesterday’s market bounce on the better than expected US Consumer Price Index report is increasingly looking like a dead cat bounce. Although the NASDAQ gained 1.2% and the S&P 500 Index climbed 0.5% yesterday, the Russell 2000 only gained 0.2% and the Dow Industrials finished the day down 0.2%. This morning finds US index futures […]
Inflation and Interest Rates in Focus Today
US Consumer Prices for February came in better than expected (2.8% vs street 2.9% and previous 3.0%), and stocks are rallying on the news. This sign of benign inflation, even amid all the recent trade war and tariff turmoil, may be taken as a sign by investors that the Fed is not under pressure to […]