He took a hike off the table, right . Here is what he did. He took a hike off the table he said inflation will continue to come down as the year progresses he said demand is still strong but cooling. And he shut down the stagflation narrative. I dont see the stagg or the flation. Take that thats all the stuff you start the year with this expectation that the debate is between six or seven rate cuts, that, over the course of the next few months, changes to, okay, maybe its five. Maybe its four, three, two. Is that going to go to zero . Is that expectation going to go to zero . Its one or zero at this point or one or two. Those are the two last lingering debates. The fed doubled down on that i think its really that simple. Were not talking about hikes. Were not getting spooked by the last few inflation reads were still focused on the fact that shelter had been the most problematic, and, by the way, i know its bad news for the individual stocks in question, but when starbucks blows up bec
Doing which. And speaking of the consumer, the high end mostly holding up so far so good thats good news for taylor made, the company taking a big swing at athleisure. But we begin with todays markets and dom chu with the numbers. Its wait and see and you might suspect on a fed Rate Decision we are seeing a mixed market, but its fractional moves and not dramatically so one way or the other. Dow outpacing the broader market, up 93 points 37,908 the s p 500 down 16 points, about 1 3 of 1 . Even at the highs, we were down a modest three points and 22 at the lows so a wait and see type trading rake the nasdaq, 66 points to the downside for the nasdaq composite. 15,591 heres the current state of play for the macro market as we head into the big rate announcement later on, the twoyear note still above the 5 mark the tenyear note yield, 4. 655 there. Comex gold up to 2313 and bitcoin down below the 58,000 mark, down 4. 5 . And then the big cap tech trade, very much about earnings and the s p
No. Absolutely not i think a lot of is because of the decline we had earlier in the month, down 5 i think it was healthy i think its all about earnings. Look, so far earnings are growing at 4. 7 . Thats not really statistically dramatically above what the consensus was at somewhere around 3. 6, 3. 7. It doesnt feel that way i think this week is a big week just in terms of can amazon yep and i think its really amazon, can amazon extend the momentum from last week that was delivered from alphabet and meta can apple stop the momentum schneid. Anastasia, the fed meeting, and maybe the risk is the fed chair giving the most recent inflation reads, and that read was better than the most recent cpis, and so what do you think i think it will be really hard for fed chair powell to send hawkish given what he said a couple weeks ago, and the 2year it has priced out but one cut for the remainder of the year, and its 125 basis points priced in to the next five years, and the market is where the fed
The averages were almost a side show compared to these two. Both instructive about what can make a stock go high ner this market. You wouldnt expect the market to be this benign. The biggest earnings week of the year. Worse than the fed meeting, the how did apple stock rally . Tesla stock, 15 . What happened . Ive been saying tesla stock keep going down and musk pulled a rabbit out of the hat. He bagged a terrific one this weekend. When he got permission to sell a subscription based full selfdriving for the tesla giant, which gives him a whole new revenue stream. A big one. That can go a long way to restore price momentum after vicious price cutting in china. Just as important as how musk got it. He made a surprise trip to china and nailed down a deal. This is unbelievable. Also perfect example of a ceo redefining narrative had so much going on he hadnt been paying attention to tesla. He got on a plane and made a deal. I cant think of anything similar in the annals of American Business
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