Market Wrap – Twitter Wars Live with Elon Musk and Jeff Bezos May 16, 2022

The stock markets continued in bear market rally mode, but the main distraction was Tesla’s Elon Musk feud on Twitter with Twitter chair over $TWTR numbers. We had another Billionaire, Amazon founder Jeff Bezos feuding with the Whitehouse over inflation blaming. Consumer discretionary sector was down the most with a 2.0% decline, this sector is down 8.4% this month and down 27.7% for the year. Tesla (TSLA 725.02, -44.52, -5.3%) and Amazon.com (AMZN 2224.63, -37.60, -1.7%) are notably dragging down the sector. Today’s winner … Continue reading “Market Wrap – Twitter Wars Live with Elon Musk and Jeff Bezos May 16, 2022”

Market Wrap – Bargain Hunters Lift NASDAQ Up into The Close May 12, 2022

The stock markets are still trading like they don’t want to go home short. Nasdaq erased -2.25% decline and closed marginally higher by 6.72 points or 0.06%. The Dow industrial average was down -605.89 points or -1.9% at its session lows and closed -103.83 points or -0.33% at 31730.29. S&P was down -76.38 points or -1.94% at its lows and closed -0.13% at 3930.09. From the all-time highs the Dow closed down -14.13% after trading as low as -15.49%, S&P … Continue reading “Market Wrap – Bargain Hunters Lift NASDAQ Up into The Close May 12, 2022”

Market Wrap – CPI, Apple and Tesla Fuel More Stock Market Wreckage May 11, 2022

Selling continued after CPI came in hotter than forecast, this time any recovery rally was quickly thrown back by the Bears. The S&P 500 fell 1.7%, Nasdaq Composite fell 3.2%, Russell 2000 fell 2.5% and Dow Jones Industrial Average declined 1.0%. Apple (AAPL 146.50, -8.01, -5.2%) and Tesla (TSLA 734.00, -66.04, -8.3%) led the destruction. DDD holdings were crushed again with Coinbase Global (COIN 53.72, -19.27, -26.4%) and Unity Software (U 30.30, -17.83, -37.1%) the latest to be pillaged. Natural Gas HH maintained its rally and bounced over $105 from … Continue reading “Market Wrap – CPI, Apple and Tesla Fuel More Stock Market Wreckage May 11, 2022”

Market Wrap – Coin and Bitcoin Add to Dirty Dribbler Stock Earnings Wreckage Continues May 10, 2022

Selling picked up early in the markets but did reverse from the new lows after a better than expected 3-year treasury auction. However, the recovery bounce had a tepid response. The major US indices ended the day mixed. The Dow industrial average closed down; S&P index virtually unchanged while the NASDAQ rose nearly 1%. Natural Gas crashed further to HH 6.50 area to reverse with a vicious almost $1 bounce. Oil for its part traded under $100 WTI. Rising interest … Continue reading “Market Wrap – Coin and Bitcoin Add to Dirty Dribbler Stock Earnings Wreckage Continues May 10, 2022”

Market Wrap – Upstart and Palantir Crash as Bears Control from The Couch May 9, 2022

Selling picked up today with Natural Gas and oil also getting pounded. Rising interest rates, Russia’s war in Ukraine, and China’s COVID-related lockdowns. Upstart reported after the close and Palantir before, both proud members of the Dribbler Dirty Dozen and symbolic of the overvalued tech market. $PLTR fell 22% on earnings, $UPST 45%. The S&P 500 fell 3.2% on Monday, closing below the 4,000 level in a broad-based whacking led by the growth stocks. The Nasdaq Composite (-4.3%) and Russell … Continue reading “Market Wrap – Upstart and Palantir Crash as Bears Control from The Couch May 9, 2022”

Market Wrap – Stocks Collapse Day After Fed as Relief Turns to Despair May 5, 2022

Yesterday we cautioned on the foolhardy nature of Dribblers and relief rallies. Today’s markets collapsed fast and hard as reality hit home after The Federal Reserve raised rates by a half of a percent at their May meeting yesterday. The Bank of England raised today which saw the Pound collapse and more risk tomorrow with the US Jobs report. Basically, US stock markets collapsed and gave everything back after yesterday’s bear market rally. Just to rub salt in the wound … Continue reading “Market Wrap – Stocks Collapse Day After Fed as Relief Turns to Despair May 5, 2022”

Market Wrap – Stocks Surge in Relief Rally After Fed Raises Rates By 0.5% May 4, 2022

Today’s markets rallied hard in relief and short covering after The Federal Reserve raised rates by a half of a percent at their May meeting. This was the first 50 bps hike since May 2000 when the Fed was led by Alan Greenspan the Central Bank (to a target of 6.5%). That was the last time the Fed would ever raise interest rates by that much in one move. Basically, US stock markets ripped higher as Powell ruled out a … Continue reading “Market Wrap – Stocks Surge in Relief Rally After Fed Raises Rates By 0.5% May 4, 2022”

Market Wrap – Lyft and Uber Crash Ahead of Fed May 3, 2022

Today’s markets were about value versus growth stocks, even more so after LYFT reported truly dreadful earnings and lost a third of its already depressed value. The S&P 500 gained 0.5% on Tuesday, the Dow Jones Industrial Average (+0.2%) and Nasdaq Composite (+0.2%) both increased 0.2% while the Russell 2000 outperformed with a 0.9% gain. Nine of the 11 S&P 500 sectors closed higher, paced by the energy (+2.9%), financials (+1.3%), real estate (+1.3%), and materials (+1.1%) sectors with gains … Continue reading “Market Wrap – Lyft and Uber Crash Ahead of Fed May 3, 2022”

Market Wrap – Markets Bounce Despite 10 Year Rates Surge May 2 2022

May Day .. The first trading day of May saw continued selling after Friday’s wash with negative sentiment and rising rates paramount. The S&P 500 bounced to +0.6% on Monday, overcoming a 1.7% decline, even as the 10-yr yield reached 3.00% for the first time since December 2018. The Nasdaq Composite gained 1.6%, the Russell 2000 gained 1.0%, and the Dow Jones Industrial Average gained 0.3%b ahead of the Fed’s policy decision this week. WTI crude futures increased 0.1%, or … Continue reading “Market Wrap – Markets Bounce Despite 10 Year Rates Surge May 2 2022”

Market Wrap – Apple and Amazon Giveth and Taketh Away April 28, 2022

Today was split into two sessions, Pre and post market. After a massive rally through the day despite Dismal US Q1 GDP Shrank 1.4% vs +1.1% expected. After hours we saw huge misses on Amazon and Apple which wiped out much of the day’s rally. Oil for its part soared back over $105. All 11 sectors in the S&P 500 closed higher with gains ranging from 1.1% (utilities) to 4.0% (information technology). Another classic bear market rally it appears after the … Continue reading “Market Wrap – Apple and Amazon Giveth and Taketh Away April 28, 2022”