The Morning Call
8/2/24
The
Market
Technical
Thursday in the
charts.
https://www.zerohedge.com/markets/stocks-bond-yields-puke-amid-most-volatile-earnings-season-gfc
Note: in yesterday’s
waterfall formation, the S&P traded back below its 50 DMA, negating Wednesday’s
challenge. Perhaps more important, it made a new lower high. That suggests more
downside; but that won’t be confirmed until it makes a new lower low. Follow
through.
Bad news is now
bad news.
Fundamental
Headlines
The
Economy
US
June construction spending fell 0.3% versus
forecasts of +0.2%.
https://www.calculatedriskblog.com/2024/08/construction-spending-decreased-03-in.html
The July manufacturing PMI was 49.6 versus expectations
of 49.5.
https://www.advisorperspectives.com/dshort/updates/2024/08/01/sp-global-manufacturing-pmi-july-2024
The July ISM manufacturing index was 43.4
versus estimates of 49.0.
July nonfarm
payrolls were up 114,000 versus predictions of up 175,000;
the July
unemployment rate was 4.3% versus 4.1%.
International
Other
Monetary
Policy
Why is the Fed fiddling with interest rates
anyway?
https://www.youtube.com/watch?v=K6fWWFdjjMs&list=PLpndQ-APwbNXDxxBubkkkDQrTaJXt_ix0
Why the Fed risks falling behind.
Inflation
The labor market is not adding fuel to the
inflationary flames.
https://www.hiringlab.org/2024/07/31/june-2024-employment-cost-index-the-cool-down-continues/
Recession
June median household income.
https://politicalcalculations.blogspot.com/2024/08/median-household-income-in-june-2024.html
Bottom line
Update on
valuations.
https://www.advisorperspectives.com/dshort/updates/2024/08/01/p-e10-and-market-valuation-july-2024
https://www.advisorperspectives.com/dshort/updates/2024/08/01/q-ratio-and-market-valuation-july-2024
Investors pile
into rate cut bets.
https://www.ft.com/content/64037880-ea61-4008-9673-3aaff95fd136
Gold shines, defying
historical relationships.
News on Stocks in Our Portfolios
Nike (NYSE:NKE) declares $0.37/share quarterly
dividend, in line with previous.
EOG
Resources press release (NYSE:EOG): Q2 Non-GAAP EPS of
$3.16 beats by $0.21.
Revenue
of $6.03B (+8.3% Y/Y) beats by $240M.
EOG
Resources, Inc. (NYSE:EOG) declares $0.91/share quarterly dividend, in line with previous.
Apple press release (NASDAQ:AAPL): Q3 GAAP EPS of
$1.40 beats by $0.06.
Revenue
of $85.8B (+4.9% Y/Y) beats by $1.42B.
Apple
(NASDAQ:AAPL) declares $0.25/share quarterly
dividend, in line with previous.
Exxon
Mobil press release (NYSE:XOM): Q2 Non-GAAP EPS of
$2.14 beats by $0.13.
Revenue
of $93.06B (+12.2% Y/Y) beats by $3.38B.
Exxon
Mobil (NYSE:XOM) declares $0.95/share quarterly dividend, in line with previous.
What
I am reading today
Four things a married
couple should know about social security benefits for retirees.
The history of
the Hope diamond.
Science
solved the mystery of the stolen French Blue diamond (nationalgeographic.com)
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for Survival’s website (http://investingforsurvival.com/home)
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