Holiday 2021 is here, and as much as we know the US consumer is strong, it’s still important to track which consumer categories are doing well and which are lagging. The…
Month: November 2021
Market Volatility Playbook
Even if Friday’s equity market selloff (S&P 500 -2.3 percent) came on a light volume day due to the US Thanksgiving holiday, it is still a +2 standard deviation move…
Global Equity Valuations, BABA, US Wage Growth
#1: October’s US state- and city-level unemployment data continues to show stark regional differences in the American labor market. October’s US national unemployment rate was 4.6 percent.20 states had less…
Powell Wins, Bonds/Tech Lose, 1 Percent Days
#1: Fed Chair Powell’s renomination yesterday had a marked effect on market expectations for future rate policy. The chart below, courtesy of CME FedWatch, shows the odds of various rate scenarios…
S&P ex-Big Tech, Profit Margins, Used Car Prices
Four topics today: #1: When does the market finally figure out what the S&P 500 can earn over the next 12 months? The FactSet chart below shows the trailing 1-year history…
Apple’s AV Ambitions: The Real Reason Why
Earlier today we got a note from Art Cashin, market sage and CNBC regular, asking us for a piece we wrote years ago about autonomous vehicles. Art’s memory is better than…