FOMC Statement...
On July 31st, the FOMC acknowledged that "the unemployment rate has moved up but remains low" and that inflation "remains somewhat elevated." The statement called attention to the fact that the Fed would likely now be "attentive to the risks to both sides of its dual mandate." What that did was open up some optionality at this meeting. This creates the possibility for a reduction in short-term interest rates in response to softening labor ...

On Monday afternoon, Jean Boivin, head of BlackRockCRM (BLK) Investment Institute said, "Markets have been quick to price in rate cuts after the Fed finished its fastest hikes since the 1980's - and price them out when inflation spooked to the upside. As the Fed readies to start cutting, markets are pricing in cuts as deep as those in past recessions. We think such expectations are overdone."
Elsewhere, JP Morgan (JPM) head of global research Joyce Chang stated, "We're stil...

The US Treasury held a third consecutive successful auction on Thursday. Maybe not quite as successful as the stellar auctions of Three Year and Ten-Year Notes earlier in the week, but solid, nonetheless. On Thursday afternoon, the Treasury Department sold $22B worth of Thirty-Year Bonds at a high yield of 4.015%. This trailed the "when issued" by 1.4 basis points at the time, which isn't wonderful, especially after the way the Ten Year Note auction on Wednesday has stopped throug...

US equities sold off in response to BLS consumer inflation data for August on wednesday morning and sold off rather sharply. At least from the opening bell and over the hour or so that followed, it felt as if a severe sell-off might be in the works. Then, almost as if coordinated algorithmically, the entire aura around our beloved financial marketplace shifted. For a third consecutive trading session, US equities sold off out of the gate into mid-morning...

After that double top pattern had formed? After last week, the S&P 500 had presented chart-watchers with both a day one sell-off and a follow-through day? After the daily MACD for that same S&P 500 had displayed the "cross-under" of the 26-day EMA by the 12-day EMA with the histogram of the 9-day EMA in negative territory? Those would be quite bearish conditions. Yes, they would. Still, there was a rally. A strong rally. Does it count? Was it meaningful? Take anothe...

As far as corporate events are concerned, Apple (AAPL) will hold its September launch event today. A new AI-infused iPhone 16 containing a next generation A18 chip based on architecture provided by Arm Holdings (ARM) is expected to be the event's star.
Additionally, the DOJ's second antitrust trial against Alphabet's (GOOGL) Google unit will begin later today amid claims that the tech giant operates something close to a monopoly in the on-line advertising market.
I don...

S&P Dow Jones Indices will implement their quarterly rebalancing / reshuffling after the closing bell on September 20th. After this past Friday's closing bell, the announcement concerning who's going where, was made. Entering the S&P 500 will be Dell Technologies (DELL), my personal favorite name... Palantir Technologies (PLTR) and Erie Indemnity (ERIE). Dropping from the S&P 500 will be American Airlines (AAL), Etsy (ETSY and Bio-Rad Laboratories (BIO).
Etsy will be d...

- The S&P 500 gave up 1.73% on Friday to close the week down 4.25%
.- The Nasdaq Composite gave up 2.55% on Friday to close the week down 5.77%.
- The Nasdaq 100 gave up 2.69% on Friday to close the week down 5.89%.
- The Russell 2000 gave up 1.91% on Friday to close the week down 5.69%.
- The S&P Small Cap 600 gave up 1.72% on Friday to close the week down 5.26%.
- The S&P Mid Cap 400 gave up 1.39% on Friday to close the week down 4.92%.
- The Dow Transports gave up ...