Good MorningEquity markets deepened their sell-offs after another round of good-news-is-bad-news. The Q3 GDP was hotter than expected on consumer spending, business inventories, building activity, and government spending. The takeaway is that the data may not lead the Fed to hike rates again, but it cements the idea that rates will stay high indefinitely. The US consumer is resilient and continues to spend in the face of higher prices; it may take some time for it to run out of momentum.
The next big hurdle for the market is today's reading of the PCE price index. The index is expected to accelerate from the prior month and may be hot enough to keep the market moving lower. If so, the S&P 500 could shed another 5% to 10% before hitting a firm bottom. Earnings will also be a factor in Friday trading. Reports from names like Amazon, Exxon, and Chevron are due before the open and will be market-moving events. Featured: Elon’s big $266,000 per second purchase (Ad) 
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Aerospace | |
Shares of Lockheed Martin (NYSE: LMT) took flight after a better-than-expected report, and other defense contractors are doing the same. News from Northrup Grumman, the 6th largest by contract obligations, and General Dynamics (NYSE: GD) #3 have these stocks flying bull flags and set to extend rec... Read the Full Story |
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Finance | |
The SPDR S&P 500 ETF Trust (NYSEARCA: SPY) is trading below its 200-day line, a signal that more declines may be in the cards.
The S&P 500 rallied to a high of 4607 on July 27, before rolling over as tech, in particular, led the market lower. The index is down 6.40% in the past three mont... Read the Full Story |
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Transportation | |
Shares of United Parcel Service (NYSE: UPS) were trading within a range at the start of Q3 and were not expected to set new lows, yet it did. The company’s effort to reposition itself for growth and earnings is working, but global macroeconomic conditions pulled the rug out from under the ma... Read the Full Story |
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From Our Partners | | Trump is launching a new $250 bill - but that may be a distraction. Behind the scenes, Executive Order 14241 is orchestrating what analyst Porter Stansberry calls a total U.S. money reset, bypassing conventional legal channels under the guise of national security.
The last time America reset its currency - under Nixon in the 1970s - it created an average of 1,300 new millionaires a day for over 50 years. Stansberry has identified three asset categories connected to Trump's initiative that could surge, plus his single top investment move. | | Watch the documentary briefing and find out which side you land on |
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Transportation | |
Up as much as 13% earlier this year, the S&P 400 has slipped into negative territory for 2023. Like its large-cap cousin, the S&P 500, the mid-cap index is being weighed down by surging Treasury yields and rising geopolitical risks. The 10-year Treasury note’s return to 5% (the highe... Read the Full Story |
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Technology | |
At face value, the top is in for Meta Platforms (NASDAQ: META). The technical picture is more than suggestive and points to an overextended market needing correction. However, given the rapid uptick in valuation, the Q3 results, and the outlook for next year, it is more likely to be a sideways con... Read the Full Story |
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Technology | |
While the overall market appears to be breaking lower after the SPDR S&P 500 ETF Trust (NYSE: SPY) took out a critical level of support on Wednesday, many might focus on risk-off, deep out-of-the-money limit orders to purchase at a discount, and potential short opportunities.
However, one na... Read the Full Story |
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Technology | |
The semiconductor industry is notoriously cyclical, and Texas Instruments Inc.’s (NASDAQ: TXN) heavy-volume post-earnings gap down is an excellent example of that.
The chipmaker’s earnings exceeded analysts’ estimates, but the stock fell hard as the company issued current-quart... Read the Full Story |
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Consumer Discretionary | |
The S&P 500 is one of the most widely used measures of U.S. stock market performance. Launched in 1957, it has long served as a benchmark for institutional and private investors alike.
At the surface, the S&P 500 is simply a market cap weighted collection of the 500 largest publicly trad... Read the Full Story |
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Markets | |
Oilfield services stocks like Halliburton (NYSE: HAL) and Schlumberger (NYSE: SLB) are pulling back following their Q3 earnings reports, but this is not the time to sell. These stocks are supported by a global supercycle that has years to run. The cause for the post-release weaknesses is tepid res... Read the Full Story |
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Markets | |
The business cycle is dislocating sectors left and right. Just a couple of years ago, it seemed that no matter which one you looked at, they all beat the S&P 500 benchmark. We are getting further and further away from that bullish sentiment these days, as favoritism and allocation preference c... Read the Full Story |
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Friday's Early Bird Stock Of The Day Stellantis N.V. engages in the design, engineering, manufacturing, distribution, and sale of automobiles and light commercial vehicles, engines, transmission systems, metallurgical products, mobility services, and production systems worldwide. It provides luxury and premium vehicles; sport utility vehicles; American and European brand vehicles; and parts and services, as well as retail and dealer financing, leasing, and rental services. The company offers its products under the Abarth, Alfa Romeo, Chrysler, Citroën, DS, Dodge, Fiat, Jeep, Maserati, Ram, Opel, Lancia, Vauxhall, Peugeot, and Comau brand names through distributors and dealers. Stellantis N.V. was founded in 1899 and is based in Hoofddorp, the Netherlands. | | View Today's Stock Pick |
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