Names like cocacola, pepsi, hit especially hard. We will focus on all of the green because thats really the story today. Nasdaq, another spot to take note of today. The outperformer as well this week. Even apple up nicely despite the midweek downgrade a strong week for alphabet and nvidia as well. Take a look at those three, having pretty good gains. Leads us to our talk of the tape. Whether the storm clouds for stocks are about to pass, as earnings season kicks off in earnest next week. Lets ask tom lee. Fund cofounder and head of research. Welcome back. Good to see you. Its been a while. Great to see you, scott. I will start calling you prescient tom. I hope you dont mind. Because this morning, at 10 23 in the morning, you said possibly this is the flush, bottom line, possibility equities reverse into the close, well, it looks like you called it, tom. What do you think about this reversal and what it means . Well, i think if we think about the data for the past week, the stagflation
Bit. This is what happened here. The 2year treasury yield topping 5 after fed chair jay powell made his first comment after the hotter than expected data. We said its moving sustainably toward 2 before proemtsly easing policy. The recent data have clearly not given us greater confidence and instead indicate that its likely to take longer than expected to achieve that confidence. Powell echoed recent statements by other fed officials indicating the current policy level will likely stay in place until inflation gets closer to its target. And so effectively, andrew, hes saying the data has been coming in increasingly hot. Weve been trending toward it. Now the question for the markets is will we have to establish a new trend and is the bar even higher to start cutting rates. Weve seen banks push out in september, which is 68 at this point. Some have said maybe none in 2024. Maybe its 2025. Can you believe were at 7 . Thats always crazy. I dont think the street should have ever been at 7 or
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Since may 17 was the last time we saw the s p 500 fall by at least 1 in the last time we saw drops of this magnitude in all of the major averages. To go look at the bloomberg g btv 912. Int is a chart of the moves the s p 500. Not seen e have again, this is another way to look at the move. Here is the oneday move and we have to find the drop. What is notable is that we havent had big moves in either direction really since that time. Theyve been relatively muted as we have seen volatility compressed and the daily moves compress and we have seen the range compressed. As scarlet mentioned, you do have the north korea rhetoric that was the spark and you also have the background of howard marks and people at pimco in t. Rowe price cautioning against being too bullish in this market. Averages,the major there are big declines. A lot of them tend to be quite volatile. ,he biotech index semiconductors around 2 . Is 1. 5 . Index the small cap outpacing the largecap stocks. Of the worst percentag
Since may 17 was the last time we saw the s p 500 fall by at least 1 in the last time we saw drops of this magnitude in all of the major averages. To go look at the bloomberg g btv 912. Int is a chart of the moves the s p 500. Not seen e have again, this is another way to look at the move. Here is the oneday move and we have to find the drop. What is notable is that we havent had big moves in either direction really since that time. Theyve been relatively muted as we have seen volatility compressed and the daily moves compress and we have seen the range compressed. As scarlet mentioned, you do have the north korea rhetoric that was the spark and you also have the background of howard marks and people at pimco in t. Rowe price cautioning against being too bullish in this market. Averages,the major there are big declines. A lot of them tend to be quite volatile. ,he biotech index semiconductors around 2 . Is 1. 5 . Index the small cap outpacing the largecap stocks. Of the worst percentag