Earnings Estimates Are Rising, a Welcome Sign for 2023 Market Rally
Karen Langley The Wall Street Journal September 10, 2023 Stock advances have surprised many investors, partly because expectations for company earnings hadn’t kept up. Wall Street expects corporate earnings to rebound after three quarters of year-over-year declines, a development that could put the stock market’s faltering rally on firmer footing. When the next reporting season […]
US services sector picked up in August, along with prices
Ann Saphir Reuters September 6, 2023 The U.S. services sector unexpectedly gained steam in August, with new orders firming and businesses paying higher prices for inputs — potential signs of still-elevated inflation pressures. The Institute for Supply Management (ISM) said on Wednesday its non-manufacturing PMI rose to 54.5 last month, the highest reading since February […]
Fed Officials Set to Double Growth Forecast Amid Strong Data (1)
Steve Matthews Bloomberg September 6, 2023 Resilience may lead to fewer rate cuts penciled in for 2024 Separate tracker from Atlanta Fed is at 5.6% for third quarter The US economy has been looking so solid lately that Federal Reserve officials will probably need to double their projection for growth in 2023 when they publish […]
Strategists Scramble to Catch Up as S&P 500 Rally Rumbles On
Farah Elbahrawy Bloomberg August 25, 2023 Oppenheimer’s Stoltzfus raises year-end target to 4,900 Morgan Stanley’s Wilson turned less bearish on Monday There’s a shift in tone happening across Wall Street. Oppenheimer Asset Management’s Chief Investment Strategist John Stoltzfus lifted his target on the S&P 500 index to a Street high, a day after Morgan Stanley’s Michael Wilson, one of […]
Powell Signals Fed Will Raise Rates If Needed, Keep Them High
Catarina Saraiva and Craig Torres Bloomberg August 25, 2023 Fed in position to ‘proceed carefully’ at upcoming meetings Stronger economy could push up inflation, warrant more hikes Federal Reserve Chair Jerome Powell said the US central bank is prepared to raise interest rates further if needed and intends to keep borrowing costs high until inflation is on […]
U.S. dollar defies China, Russia and Wall Street skeptics as 2023 rebound continues
Joseph Adinolfi MarketWatch August 28, 2023 A popular gauge of the dollar’s value is nearing its highest level in 6 months The U.S. dollar is proving its haters wrong. Not only is the buck defying the expectations of Wall Street strategists who had anticipated that it would weaken this year, it’s also proving once again […]
Strategists See Dip-Buying Shot Arising From Stock Rally’s Pause
Alexandra Semenova Bloomberg August 21, 2023 Citi, HSBC, Goldman eying when investors should pile in With soft landing, it may hit reset on lofty equity valuations If the August downturn for US stocks resumes, Wall Street strategists say it may be a buying opportunity for those who sat out of this year’s rally — not the beginning […]
Goldman Sees GDP, Markets Weathering Likely Government Shutdown
Christopher Anstey Bloomberg August 21, 2023 US federal agencies set to run out of appropriations Sept. 30 Goldman sees partisan impasse leading to temporary shutdown Goldman Sachs Group Inc. sees a short-term hit to the US economy, with a subsequent rebound, in the likely event of a federal government shutdown sometime after appropriations run out Sept. 30. “The […]
America Is Back in the Factory Business
John Keilman Wall Street Journal April 8, 2023 Record spending on manufacturing construction heralds a made-in-the-U.S. rebound, stoked by green-energy incentives and concerns about foreign supply chains; ‘this is here to stay’ Production at U.S. factories rose last year, but few things were produced at a more furious pace than factories themselves. Construction spending related […]
Will the rest of the world feel China’s deflation pain?
Chris Gills Financial Times August 16, 2023 Beijing’s economic woes worsened last week after it emerged China had fallen into deflation. The news highlights how the country is struggling to live up to expectations of a strong recovery after emerging from extended Covid lockdowns. But will falling prices have an impact beyond China’s borders, in […]