Tackle Today: Markets Unsettled Ahead of the Fed

«Big Cap Tech Did Not Excite»

Coach Mark here.

We are halfway through the “juggernaut” week of events. There certainly more fireworks in store with the Fed meeting later on today, more earnings, and the unemployment report on Friday. What have we learned so far this week?

First, Janet Yellen delivered one for the bond bulls this week. The Quarterly Refunding Announcement (QRA) out of the Treasury projected less funding than needed which has sent yields sharply lower to start the week. While lower yields are generally beneficial for all asset classes (all things being equal) they certainly are beneficial for Treasuries which are rallying this week and gold which is having a decent week and certainly in a very interesting pattern.

Second, the earnings reaction to big-cap tech was anything but positive. Matt will break down the raw numbers in the Halftime Report today but there was little room for error “at the top of the chart.” These have been monster rallies and there certainly is some profit taking occurring today. Amazon, Apple, and Meta are all on deck this week and will attempt to provide some new juice to the existing trend.

Finally, economic data has been mixed and a non-story this week. Unemployment report on Friday remains the big one but unless it is a starling number one way or another is unlikely to be a major factor in the narratives this week.

Powell speaks in a few hours but it has not been boring this week! Check out the Halftime Report for more analysis.

 



Apple (AAPL)

An ugly look for Apple. Unlike Googe, Microsoft and AMD, Apple has a touch of selling pressure heading into its earnings. An important chart for the market and worth watching as we head into the back half of the week.

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