Tag: Tariffs
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Another Huge Week
Another huge week for the major averages as the soft data continues to scream recession. While the hard or factual data and the incoming earnings data has another huge week. Since Monday the S&P 500 gained 162 points, the NASDAQ is up 595 points while the DOW jumped 1,204 points.
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Tariff Tantrum Fades From Memory
The major averages put the tariff tantrum to rest. With 4 consecutive gains this week. As the major averages closed with impressive gains. Since Monday the S&P 500 increased 242 points or 4.58%, the NASDAQ jumped 1,097 points or 6.74% while the DOW gained 971 points or 2.48%.
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Extreme Markets
Extreme markets produce extreme data points. As the total spread between highest and lowest forecast for the S&P, shown in the chart below shows. Since Bloomberg started collecting the data in 2000, the gap has never been so extreme this late in the year.
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But Wait, There’s More!
There’s more, S&P 500 earnings estimates are picking up and exceed 10%. Despite continued recession stories from the MSM who continue to push the inflation narrative. Neither is supported by the incoming data. MSM true to form, never let the facts get in the way of a good narrative.
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Tariff Terrorists Strike
In my nearly 3 decades in this business this has to rate as one of the worst weeks that I can remember. The S&P 500 lost 9.08%, The NASDAQ plunged 10.02%, while the DOW slipped 7.86%. As the Tariff Terrorists put an exclamation point on a bruising week.
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Life’s Full Of Surprises
This week was full of surprises. Trump’s announcement today of 25% tariffs on Mexico and Canada spooked the markets. Sending them into the close mixed. Since Monday the S&P 500 lost 60 points or .98%, the NASDAQ slipped 327 points or 1.64%, while the DOW gained 121 points or .27%.
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3rd Quarter Earnings Review
37% of the S&P 500 companies have reported 3rd quarter earnings, 75% have beaten earnings estimates to date. The 5.7% average beat rate, however, is lackluster by historical standards. In contrast, this represents the 5th consecutive quarter of rising earnings. At the sector level meanwhile, IT, Communications and Health Care are reporting the strongest 3rd…