• Stocks are lower after a better-than-expected jobs report. Yields are higher, rate cut hopes are lower. Asks if stocks are lower because rate cut hopes are on the back burner or because rates are going up.
    Scott Wapner
  • Joe Terranova
    Today's jobs report validates that bond market volatility is calm, which is good for risk assets. What's troubling the market today is a rollover in crypto, momentum names, and software stocks.
  • Notes Bespoke report: S&P 500 went from overbought to oversold and back to overbought in a week or less, speaking to how frazzled trading has been.
    Scott Wapner
  • Jenny Harrington
    The only way to contend with volatile weeks and stay sane is to push out your time horizon. Tune out short-term noise and focus on valuation and the long-term horizon.
  • Cites Tony Pasquarello (Goldman Sachs) saying it's a noisy, high-velocity market and David Einhorn saying it's the most expensive market, with the Fed set to cut many more times than priced in. Asks for reaction.
    Scott Wapner
  • Carrie Firestone
    Agrees the market is expensive, citing shrinking market cap and post-COVID highs. The bigger concern is if we don't have a slowdown, with strong employment and potentially hot inflation.
  • Brian Belski
    We are transitioning from a momentum/multiple-driven market to an earnings-driven market. Returns in earnings-driven markets are roughly half of momentum-driven ones, but still positive. Other areas like dividend growth, value, and small caps are working, which shows market broadening.
  • Notes Barclays upgraded value and downgraded momentum, and cautions on small caps. Asks Joe Terranova for his take.
    Scott Wapner
  • Joe Terranova
    The broadening thesis is supported by earnings, not just domestically but in emerging markets, industrials, financials, and small caps. Momentum is pivoting more towards quality and value.
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