The national income & product accounts provide an important supplement to S&P 500 earnings. The second estimate of Q1 GDP contained a preliminary reading for corporate profits for the same…
IT stocks have had a turbulent month. They fell a further 2.8% last week and were surpassed by real estate on Friday as the best performing S&P 500 sector year-to-date…
The data, it would appear, are clear. Market concentration has risen, which has led to a fall in business dynamism, a lower labour share of income, and (apparently) subdued investment…
The probability of a rate cut this year has increased. Treasuries rallied strongly on Wednesday following soft data for industrial production and retail sales. The 3m/3m annualised rate for manufacturing…
The core CPI ex-food, energy & shelter fell for the third consecutive month in April (-0.05% m/m). The 3m/3m annualised rate tumbled to 0.41%. In the context of April’s strong…
Stock markets dipped when Jay Powell indicated on Wednesday that there was no clear path to a rate cut. Two days later, the FOMC chair was vindicated, even though core…
Steady growth and low inflation are a good mix for equities, even when big names such as Intel stumble. Intel’s results are not symptomatic of the broader trend, reflecting firm-specific…
The rally in the US stock market is almost glacial. Last week’s gain (+0.58%) followed a rise of 0.34% in the previous week. Nevertheless, despite all the talk of a…
Over the next two months, the y/y for the core deflator is likely to show further sizeable declines from January’s reading of 1.79%. However, emboldened by the Republican pushback against…
The S&P 500 has rallied to within 1.3% of its all-time high, set on September 20th last year. The Philly SOX index closed at a new record on Friday, 2.2%…