Last week was arguably the most important of the quarter for Wall Street. It marked the busiest week of earnings season and the latest Federal Reserve meeting on interest rates.
While earnings season has been a mixed bag, with investors punishing companies spending exorbitantly on their artificial intelligence data center build-outs, it was the Federal Open Market Committee's (FOMC) decision to leave interest rates unchanged that roiled the iconic Dow Jones Industrial Average (DJINDICES: ^DJI), benchmark S&P 500 (SNPINDEX: ^GSPC), and technology-powered Nasdaq Composite (NASDAQINDEX: ^IXIC). The Dow's greater-than 1,100-point loss on July 29 was its worst single-day performance in over a year.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Although Warsh and the FOMC left the federal funds target rate unchanged at 3.5%-3.75%, the reaction in the bond market strongly suggests traders aren't convinced that the central bank will stand pat while interest rates remain elevated.
Unlike the new Fed chair's first meeting in June, the July FOMC meeting featured dissension within the ranks. While a majority of FOMC members (nine) voted in favor of leaving the federal funds target rate unchanged, three members dissented in favor of a quarter-point rate hike. It's the first time we've observed three dissents in the same policy direction since September 2016.
#rates #rate
While earnings season has been a mixed bag, with investors punishing companies spending exorbitantly on their artificial intelligence data center build-outs, it was the Federal Open Market Committee's (FOMC) decision to leave interest rates unchanged that roiled the iconic Dow Jones Industrial Average (DJINDICES: ^DJI), benchmark S&P 500 (SNPINDEX: ^GSPC), and technology-powered Nasdaq Composite (NASDAQINDEX: ^IXIC). The Dow's greater-than 1,100-point loss on July 29 was its worst single-day performance in over a year.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Although Warsh and the FOMC left the federal funds target rate unchanged at 3.5%-3.75%, the reaction in the bond market strongly suggests traders aren't convinced that the central bank will stand pat while interest rates remain elevated.
Unlike the new Fed chair's first meeting in June, the July FOMC meeting featured dissension within the ranks. While a majority of FOMC members (nine) voted in favor of leaving the federal funds target rate unchanged, three members dissented in favor of a quarter-point rate hike. It's the first time we've observed three dissents in the same policy direction since September 2016.
#rates #rate
1 day ago
