Opinion – Thursday 20 June 2024

The cash U.S. Equity Markets were closed for the woke, virtue-signalling Juneteenth holiday, but that did not stop algos from gorging on the latest tech bubble, and sure enough, Nasdaq 100 futures extended their gains to an 8th consecutive day, following a strong run...

Opinion – Wednesday 19 June 2024

U.S. Equities closed on Tuesday following a late rally into the close led by (SPX +0.3%, NDX flat, DJIA +0.2%, RUT +0.2%) as SPX climbed to another record high with Nvidia topping Microsoft’s market cap. Sectors were largely in the green with Financials and Tech...

Opinion – Tuesday 18 June 2024

U.S. Equity Markets closed at new highs on Monday led by the S&P and NDX which closed with gains of 0.77% and 1.24% respectively while the Russell 2000 ended yesterday’s session with a gain of 0.8%.  Yet again we saw outperformance in the large-cap sectors of...

Opinion – Monday 17 June 2024

U.S Equity Markets closed mixed (SPX flat, NDX +0.4%) on Friday in broad risk-averse conditions with distinct underperformance in the small-cap Russell 2000 (-1.6%) as it continued on its sell-off from Thursday. Sectors were largely in the red, with only Tech and...

Opinion – Thursday 13 June 2024

The cooler-than-expected inflation data set the tone for the day with stocks closing well in the green with T-Notes firmer across the curve and the U.S. Dollar in the red. The softer-than-expected inflation metrics saw money markets revert to fully price in two 25bp...

Opinion – Wednesday 12 June 2024

Both the NASDAQ 100 and S&P 500 closed at new all-time highs last night while the Russell 2000 and Dow Jones closed lower. The NASDAQ outperformed helped by the 7% gain in Apple Shares following an upgrade from DA Davidson in the wake of the WWDC event on Monday....

Opinion – Tuesday 11 June 2024

U.S. Equity Markets closed higher on Monday despite risk-off in Europe following the EU Parliamentary elections over the weekend which saw the Far-Right parties make notable gains, with French President Macron ultimately calling a snap election. Equities clawed back...

Opinion – Monday 10 June 2024

U.S. Equity Markets closed slightly lower on Friday after a trading session that saw plenty of two-way price action in response to the hot Non-Farm Payrolls report, which also heavily weighed on bonds and gave a rally to the U.S. Dollar. Stocks had clawed back losses...

Opinion – Thursday 6 June 2024

Equity Markets closed higher on Wednesday led by new all-time highs in both the NASDAQ 100 and S&P 500 as markets digested a soft ADP, a Bank of Canada rate cut and hot US ISM Services PMI. Stocks were trending higher as US players arrived and extended to record...

Opinion – Wednesday 5 June 2024

The risk tone was cautious, with equity futures trading negative in premarket, before paring losses as US traders arrived. Cash equities opened with a soft bias, and after some fleeting choppiness after the JOLTs jobs data, resumed to the downside as growth concerns...

Opinion – Tuesday 4 June 2024

U.S. Equity Markets ultimately finished the Monday session mixed. Growth fears initially weighed on sentiment after the US Manufacturing ISM headline fell by more than expected. Within the data the Prices Paid component slipped beneath all analyst expectations. The...

Opinion – Thursday 30 May 2024

A session which lacked fresh macro catalysts saw US equity futures lower, with higher yields once again acting as a headwind for stocks. The docket was quiet, but a 7 Year Treasury Auction catalysed another sell-off in Treasuries, resulting in the curve bear...

Opinion – Wednesday 29 May 2024

US stocks were mixed on return from the long weekend as participants digested several data releases including firm US Consumer Confidence metrics and with yields edging higher following soft US 2-year and 5-year auctions, while the latest Fed rhetoric failed to add...

Opinion – Tuesday 28 May 2024

Surging commodity prices are threatening to bring inflation back through a door that investors thought central banks had slammed shut. This is bringing yields higher, Commodities this year already erased much of 2023’s declines, perhaps the most obvious sign that the...