The Morning Call
7/29/21
The
Market
Technical
Wednesday in the
charts.
https://www.zerohedge.com/markets/powell-pumps-stocks-dumps-dollar-dovish-doublespeak
Fundamental
Headlines
The
Economy
US
Weekly jobless claims totaled 400,000 versus
expectations of 380,000.
The initial Q2 GDP
growth reading was 6.5% versus forecasts of 8.5%; the price index was 6.1%
versus 5.4%.
https://www.zerohedge.com/markets/gdp-huge-miss-us-economy-grew-just-65-q2-far-below-85-expected
International
July German
unemployment came in at 5.7% versus estimates of 5.8%; the preliminary July
inflation rate was 0.9% versus 0.5%.
July EU consumer
confidence was reported at -4.4, in line; economic sentiment was 119 versus
118.5; industrial sentiment was 14.6 versus 13.0; services sentiment was 19.3
versus 19.9.
Other
Regional Fed manufacturing overview.
The
Fed
As you know the
Fed met this week. Yesterday it released
the official statement from that meeting.
In sum, the Fed says that the economy has made progress but there was no
change in policy and no hint of when it will change. Viva la QE!
https://www.zerohedge.com/markets/fomc
In the subsequent
presser, Powell gave us all his very best version of the green apple two step
by confusing everyone, including guys a lot smarter than me. But in essence, viva la QE!
https://www.zerohedge.com/markets/5-takeaways-powells-conference
What happens when rates rise and QE is over?
Fiscal
Policy
$550 billion infrastructure
bill advances in senate. Note: this is
the kind of spending that ends up paying for itself. In fact, almost everyone agrees that that it
is necessary; forget the state of the economy.
So, I think it a positive. Also,
at least a decent part of the spending is offset by cuts elsewhere.
Inflation
Hyperinflation tipping point.
https://econbrowser.com/archives/2021/07/still-crazy-after-all-these-years
IMF warns that inflation may not be transitory.
https://www.cnbc.com/2021/07/27/imf-warns-that-inflation-could-prove-to-be-persistent.html
How transitory is inflation?
https://www.zerohedge.com/economics/just-how-transitory-inflation
The
coronavirus
The CDC gets it wrong again.
https://politicalcalculations.blogspot.com/2021/07/how-did-covid-19-change-us-life.html#.YQGdao5KiUk
News on Stocks in Our Portfolios
Qualcomm (NASDAQ:QCOM): Q3
Non-GAAP EPS of $1.92 beats by $0.24; GAAP EPS of $1.77 beats
by $0.40.
Revenue
of $8.06B (+64.5% Y/Y) beats by $500M.
T. Rowe Price (NASDAQ:TROW): Q2
Non-GAAP EPS of $3.31 beats by $0.11; GAAP EPS of $3.46 beats
by $0.23.
Revenue
of $1.93B (+35.9% Y/Y) beats by $20M.
Exxon Mobil (NYSE:XOM) declares $0.87/share quarterly dividend, in line with
previous.
What
I am reading today
What happened to patronage?
https://www.strangeloopcanon.com/p/on-medici-and-thiel
The
Simone Biles moment.
New technologies and
the sorting process of the Market.
https://www.adamsmith.org/blog/new-technologies-and-the-sorting-process-of-the-market
The ‘follow the science’ clown show.
https://www.powerlineblog.com/archives/2021/07/the-follow-the-science-clown-show.php
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