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Stocks Finish Mostly Lower As Risk-Off Sentiment Builds
Stocks traded modestly lower on the day, but some declines were masked by strength in Nvidia (NVDA). That meant the S&P 500 market cap-weighted index was up just 11 bps, while the equal-weight RSP ETF was down about 50 bps. Meanwhile, the Nvidia-less Dow Jones Industrials fell by 30 bps.Nvidia has indeed distorted the index […]
Dow Stumbles To Start June; Nvidia Props Up Tech
The Dow’s Friday gains were short-lived, as June was ushered in with lackluster manufacturing data, suggesting the health of the economy may be underperforming. The Dow shed 115 points but pared its session lows of more than 400 points, while the S&P 500 searched for direction most of the day. The Nasdaq eked out a modest […]
Nowcasts Down
Atlanta and NY Fed lower growth rates for Q2Figure 1: GDP as reported (bold black), GDPNow (light blue square) , NY Fed (pink triangle), Survey of Professional Forecasters May median (light green line), all in bn.Ch.2017$, SAAR. Source: BEA (2024Q1 2nd release), Atlanta Fed, NY Fed, Philadelphia Fed, and author’s calculations.For a first, the implied level using GDPNow is […]
Bitcoin ready to revert a two-week downtrend: but there’s a catch
Bitcoin (BTC) spiked past $70,000 today and broke its two-week downtrend. Trader Rekt Capital highlights, however, that this already happened recently, and a daily close above the resistance must occur to confirm this breakout. #BTC Bitcoin broke its two-week downtrend today However, we have seen upside wicks beyond this downtrend before Which is why a […]
Key Events This Week: Jobs, Jolts, ISM, And Fed Blackout Period Begins
Image source: Pixabay It’s another payrolls week with consensus (+190k) expecting job gains to pick up from last month’s +175k number with unemployment widely expected to stay at 3.9%. As DB’s Jim Reid writres this morning, the bank’s economists think the risks are biased to it rounding down a tenth rather than up. Meanwhile, the JOLTS data tomorrow […]
Fund Market Reports First Outflow In Six Weeks
During LSEG Lipper’s fund-flows week that ended May 29, 2024, investors were overall net sellers of fund assets (including both conventional funds and ETFs) for the first week in six, removing a net $9.6 billion.This past week, equity funds (-$6.9 billion), money market funds (-$2.4 billion), commodities funds (-$584 million), taxable bond funds (-$318 million), […]
Investing In A World Of Uncertainty
By Clint Siegner, Money Metals ExchangeThe rapidly eroding confidence in our institutions gets plenty of news coverage. We expect it will be a dominant theme for investors in the years ahead.Investing success may require correctly answering the question about what to own in a world where free market forces are taking a back seat to […]
ISM Manufacturing New Orders And Backlogs In Steep Contraction
ISM chart and excerpts below by permission from the Institute for Supply Management® ISM®Please consider the May 2024 Manufacturing ISM® Report On Business® emphasis mine. Economic activity in the manufacturing sector contracted in May for the second consecutive month and the 18th time in the last 19 months, say the nation’s supply executives in the latest Manufacturing ISM® […]
Bitcoin long-term holders resume accumulation for the first time since December: Bitfinex
Bitcoin (BTC) long-term holders have resumed accumulating, signaling a shift in market dynamics, according to the latest “Bitfinex Alpha” report. Bitfinex’s analysts indicate that the selling pressure from these investors has subsided, with a noticeable uptick in buying activity. Image: Bitfinex/CryptoQuantThis change comes after Bitcoin reached a new all-time high of $73,666 in March, followed […]
The Canadian Cannabis Report – Monday, June 3
For the (shortened) trading week ended May 31, 2024, my proprietary Canadian Cannabis Company Index (MCCCI) decreased by 3.6% compared to the prior week when it decreased by a de minimis 0.9%. The index consists of 14 stocks, many of which are among the most widely held holdings of the 3 ETFs (MJ, CNBS, and […]
