Daily Insights
Manufacturing slump deepens. The global manufacturing slump has deepened even further, according to Markit Purchasing Managers’ Index (PMI) September data released today. The most notable detail in the data was Germany’s manufacturing PMI, which unexpectedly fell to 41.4, its lowest level since 2009. Continue reading
Market Blog
September 20, 2019
September is historically known as one of the worst for stocks, yet in 2019 the S&P 500 Index is up 2.7% so far amid a sea of scary headlines. Incredibly, the S&P 500 has wavered less than 0.1% from its previous close 6 of the past 10 trading sessions, as it consolidates just beneath all-time highs. Continue reading
Daily Insights
Sticking near 3,000. U.S. stocks are slightly higher in early trading, as the S&P 500 Index appears set to test the July 26 all-time closing high at 3,025. Continue reading
Economic Blog
September 19, 2019
U.S. leading indicators were unchanged in August, following a 0.4% increase in July.
The Conference Board’s Leading Economic Index (LEI) was flat month over month, beating Bloomberg estimates of a 0.1% decline. As shown in the LPL Chart of the Day, Slower, But Continued, Growth, the LEI climbed 1.1% year over year. This marks a new low since the 2016 downturn, as the index rolled off strong readings from a year prior.
Daily Insights
Stocks reversed earlier losses and opened higher. Stocks’ resilience over the past 20 hours after a slightly hawkish set of projections from the Federal Reserve (Fed) is encouraging. Few major drivers this morning are in play, but investors are digesting a number of global central bank actions this morning. Continue reading
Economic Blog
September 18, 2019
“History does not repeat itself, but it rhymes.” Mark Twain
As expected, the Federal Reserve’s (Fed) policy committee cut its policy rate by 25 basis points (.25%) to a target range of 1.75%–2%. This comes on the heels of the first rate cut in more than 10 years at the end of July. This cut is somewhat more controversial, however, because the overall U.S. economic data has been improving, and there’s been a tick higher in inflation.
Daily Insights
Fed decision today. The S&P 500 Index set to open relatively flat ahead of the Federal Reserve (Fed) rate decision. The Fed is expected to announce that it is cutting its policy rate by 25 basis points (0.25%) this afternoon at 2 p.m. ET. After the release of the policy statement, Fed Chair Powell will hold a press conference with Q&A at 2:30 p.m. ET. Continue reading
Economic Blog
September 17, 2019
The Federal Reserve’s (Fed) policy committee starts its sixth two-day policy meeting of the year today. At 2:00 p.m. ET Wednesday, following the meeting’s conclusion, the Fed will announce its rate decision and release a brief policy statement, accompanied by new economic projections. This will be followed by a press conference by Fed Chair Jerome Powell.
Daily Insights
Oil in focus, but markets relatively calm. The S&P 500 Index declined 0.3% yesterday with futures pointing to modest losses at the open this morning as markets try to gauge the impact of the weekend attack on Saudi oil facilities. Continue reading
Daily Insights
Stocks set to open lower. The S&P 500 Index is modestly lower this morning following a weekend attack on Saudi Arabian oil facilities that sent oil prices soaring higher. The attack occurred Saturday, knocking out 5.7 million barrels of daily production with President Trump authorizing the release of oil from the Strategic Petroleum Reserve to help offset the cost increases caused by the attack. Continue reading