DAE Wealth Management

"Off the Cuff" - Despite the yield on the 10-year Treasury moving higher today and closing just under 4.3%, the markets rallied after the Israel attack on Iran over the weekend was seen as less than what could have happened. There was some speculation that Israel may have targeted oil facilities or some of Iran's nuclear production. Neither happened, which also led to the sharp decline in oil by over 5% today. WTI crude closed down back under $70 to $68. The Russell small cap index led the way higher today up 1.63%. The S&P was higher by 0.27%, the Nasdaq was in the green by 0.26%, and the Dow advanced by 0.65%. The VIX pulled back after the attack by over 2% down to 19.80. Now the focus turns to the busiest week of Q3 earnings season with roughly half of the S&P reporting not to mention five of the so called "magnificent seven" companies. There is also an important jobs report out on Friday. Nine of the eleven major sectors were up today. Those sub-sectors outperforming the Russell today were Blockchain, Clean Energy, Rare Earth Metals, Travel, US Industrial Technology, and Fintech with many more up 0.5-1.5%. Earnings of note after the close today are from Cadence Design, Crane, F5 Networks, Ford, UFP Industries, and V.F. Corp. Earnings to watch in the morning are from Check Point Software, Comcast, D.R. Horton, Hubbell, Masco, McDonald's, PayPal, Pfizer, Royal Caribbean, Stanley Black & Decker, Tenet Healthcare, and Zebra Technologies. Economic figures of note in the morning are the August Case Shiller home price index, JOLTS September private job openings, and October consumer confidence. As always, if you have any questions regarding the information in this email, please don't hesitate to contact me. Content curated and written daily by Douglas Emitte Follow me on LinkedIn for "Off the Cuff" and other important news. 

"Off the Cuff" - Markets started the day up significantly with bond yields falling early this morning and the "buy the dip" mode was on. Then mid-morning rates drifted back up and took much of the upside move lower. The 10-year yield fell below 4.2% early on but ended up on the day at 4.23%. The Nasdaq did still manage to close higher on the day, up 0.56%. The S&P was nearly flat, down 0.03%, the Dow lost 0.61%, and the Russell 2000 was down 0.49%. Decliners led advancers by a 2-1 margin at the NYSE and a 4-3 margin on the Nasdaq. The Nasdaq managed to finish the week with a 0.20% gain and notch its 7th straight positive week. The S&P and Dow broker their six-week winning streak with the S&P finishing 1% lower and the Dow down 2.7% on the week. Oil rebounded from last week's sell-off by finishing up 4% on the week and higher by over 2% today at $71.68. The VIX spiked over 6 ½ % ahead of a big week of technology earnings next week and the election. Just four of the eleven major sectors were higher today. Semiconductors were a leader in the sub-sectors. Other outperforming sub-sectors were Rare Earth Metals and Specialty Real Estate. Next week the focus will be on the earnings from major tech companies. Tuesday gives us AMD, Alphabet (Google), and VISA. Wednesday is Microsoft and Meta (Facebook). Thursday will be Amazon. The only earnings report to watch on Monday morning is from ON Semi. There are no economic figures of note Monday. As always, if you have any questions regarding the information in this email, please don't hesitate to contact me. Content curated and written daily by Douglas Emitte Follow me on LinkedIn for "Off the Cuff" and other important news. 

"Off the Cuff" - A "buy the dip" mentality gained some steam throughout the day today aided by a big upside to Tesla's earnings from last night and the pullback on the yield of the 10-year Treasury helped put traders into buy mode. The Nasdaq gained 0.76%, the S&P was up 0.21%, the Russell was higher by 0.23%, while the Dow was lower by 0.33%. As I said, the yield on the 10-year Treasury closed down to 4.20%. Oil also gave back roughly ½ % to $70.46. The dollar also retreated below $104. Like yesterday, five of the eleven major sectors were in the green. Those sub-sectors that outperformed the Nasdaq today were Cloud, Clean Energy, Software, with many more up 0.15-0.70%. Earnings of note after the close are from Capital One, Carlisle Group, L3Harris, ResMed, and SPS Commerce. Earnings to watch in the morning are from AutoNation, Centene, Colgate-Palmolive, and HCA Healthcare.  As always, if you have any questions regarding the information in this email, please don't hesitate to contact me. Content curated and written daily by Douglas Emitte Follow me on LinkedIn for "Off the Cuff" and other important news. 

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"Off the Cuff" - Markets were set to move modestly lower at the start of the day with the yield on the 10-year Treasury inching further higher. It did end the day up to just under 4.25%. Then the Fed Beige Book figures, these are economic figures for 12 regions across the country. Normally, it is met with little fanfare, but because it showed that the economy and employment is still strong, it apparently worried the trading algorithms that the Fed will see this and not cut interest rates as much as is expected the rest of the year. This sent the major averages lower by over 1% led by a sell down in the mega cap technology area. As has been the case this week, the markets bounced mid-morning and closed well off the lows of the day. After six straight up weeks, this is not unusual. The Nasdaq lost 1.60%, the S&P fell 0.92%, the Dow dropped 0.96%, and the Russell 2000 was down 0.79%. The VIX jumped over 5% to 19.24. Oil was unchanged and the dollar rose to over $104 in what some trading floors are saying is a bet on a "red sweep" in the elections. Just two of the eleven major sectors were higher today. Utilities and specialty real estate were the only areas in the green today. Earnings of note after the close today are from CACI International, IBM, Knight-Swift, O'Reilly, ServiceNow, T-Mobile, Teradyne, Tesla, Tyler Technologies, United Rentals, Whirlpool, and Wyndham. Earnings to watch in the morning are from American Airlines, Applied Industrial Technologies, Carpenter Tech, Carrier, Honeywell, KKR, Northrop Grumman, Southwest, Union Pacific, and UPS. Economic numbers out in the morning are weekly jobless claims and September new home sales. As always, if you have any questions regarding the information in this email, please don't hesitate to contact me. Content curated and written daily by Douglas Emitte Follow me on LinkedIn for "Off the Cuff" and other important news. 

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"Off the Cuff" - Markets held up well in the face of the 10-year Treasury yield rising again today. However, the major averages did favor decliners by a 3-2 margin at the NYSE and 4-3 on the Nasdaq. Mega cap technology held up the major averages this ahead of the ramp in earnings the next several days of the week. The Nasdaq finished up 0.18% while the S&P was down 0.05%, the Dow lost just 0.02%, and the more interest rate sensitive Russell dipped 0.37%. The yield on the 10-year closed at 4.20%. Oil extended its bounce back by jumping over 2% to $72.24. The dollar, after flirting with $100 just a few weeks ago, is back up to nearly $104, also putting pressure on US stocks. Five of the eleven major sectors did finish in the green today. Those sub-sectors outperforming today were Rare Earth Metals, Clean Energy, Specialty Real Estate, Blockchain, and Natural Resources. Earnings wise, I jumped ahead and gave you this afternoon's as well as tomorrow morning's earnings to watch yesterday. Economically, we'll get September existing home sales numbers and the October Beige Book. As always, if you have any questions regarding the information in this email, please don't hesitate to contact me. Content curated and written daily by Douglas Emitte Follow me on LinkedIn for "Off the Cuff" and other important news. 

"Off the Cuff" - There was selling pressure from the get-go today after bond yields jumped up and the fact that the markets have notched six straight weeks of gains. Bond yields moved higher after comments from a couple of Fed speakers creating some confusion on whether they'll be another 1/4% or 1/2% interest rate cut before the year end. Stocks don't like rising yields and reacted accordingly. The Nasdaq did finish higher by 0.27%, while the S&P was down by 0.18%, the Dow lost 0.80%, and the Russell 2000 small cap index (very rate sensitive) was lower by 1.60%. The yield on the 10-year Treasury rose to nearly 4.20%. After oil's 7% drop last week, there was a rebound pop today with WTI (West Texas Intermediate) jumping 1.68% to $70.38. Ten of the eleven major sectors declined today. The sub-sectors outperforming to the upside today were Blockchain, Defense, Semiconductors, and Video Gaming. Earnings season is set to ramp up this week. Earnings of note after the close today are from Enphase Energy, Manhattan Associates, Seagate Technology, Texas Instruments, and Valmont Industries. Earnings to watch in the morning are from AT&T, Boeing, Coke, GE Vernova, General Dynamics, Hilton, Taylor Morrison Home, Teledyne, Thermo Fisher, Vertiv, Westinghouse Air Brake Technologies, and Watsco. The only economic news of note tomorrow will be from ECB (European Central Bank) President Lagarde speaking. As always, if you have any questions regarding the information in this email, please don't hesitate to contact me. Content curated and written daily by Douglas Emitte Follow me on LinkedIn for "Off the Cuff" and other important news. 

"Off the Cuff" - Good to get back in the saddle after a couple of weeks away. It was nice to see the markets continue to buck the seasonal negative bias of September and October. As we now enter the third year of the bull market, the major averages continue to set up for a year-end rally while working through the election period. The major averages got a boost before they even opened up as Taiwan Semi announced better than expected earnings and strong demand of Ai chips. This helped boost the semiconductor space and other tech areas. Markets also got a boost from the strong earnings report from Netflix. The Nasdaq gained 0.63%, the S&P was up 0.40%, the Dow managed a 0.09% gain, while the Russell small cap index was off 0.21%. For the week, however, it was the Russell that led the way up 1.85%. The S&P for the week was higher by 0.79%, the Nasdaq gained 0.70%, and the Dow advanced 0.93%. Bond yields were down today to 4.07% but were flat on the week. The VIX plunged by over 5% to 18.03 which is interesting since we are just two weeks away from the election. Oil fell another nearly 2% today to $69 and was down 7% on weak demand from China. Ten of the eleven major sectors finished in the green today. Those sub-sectors that outperformed the Nasdaq today were Blockchain, Rare Earth Metals, Metaverse, Travel, Homebuilders, Internet, Cloud, and Metals/Mining. Earnings season is just under way and with just over 70 of the S&P 500 companies reporting, 75% have beaten expectations. There are no earnings of note Monday morning, but Q3 earnings reports will ramp up next week. In addition to September leading economic indicators out on Monday morning there will be two Fed speakers making comments during the day. As always, if you have any questions regarding the information in this email, please don't hesitate to contact me. Content curated and written daily by Douglas Emitte Follow me on LinkedIn for "Off the Cuff" and other important news. 

"Off the Cuff" - Markets had a sense of calm today after a wild news/geopolitical day yesterday. This despite a forthcoming response by Israel after Iran's missile attack yesterday. Trading was helped by a better-than-expected private payroll number from ADP that was out this morning. The Nasdaq was up 0.08%, the S&P gained a fraction at 0.01%, the Dow closed higher by 0.09%, and the Russell was off by 0.09%. The VIX fell by nearly 2% to 18.90. Oil rose another 1 ½ % to $71.01 after Israel vowed a "painful" response to Iran. Yields were nearly unchanged at 3.78% on the 10-year. Four of the eleven major sectors finished higher today. Those sub-sectors outperforming to the upside today were Rare Earth Metals, Semiconductors, Online Retail, Clean Energy, Software, Energy Infrastructure, Video Gaming, Natural Resources, Travel, Robotics, Blockchain, Cybersecurity, and several more up 0.10-0.25%. Economic figures to watch tomorrow are August factory orders and weekly jobless claims all leading up to the important jobs report on Friday. *** FYI Wednesday will be the last "Off the Cuff" market note until Friday the 18th. If you have any questions about what is happening between now and then, please don't hesitate to send me an email. As always, if you have any questions regarding the information in this email, please don't hesitate to contact me. Content curated and written daily by Douglas Emitte Follow me on LinkedIn for "Off the Cuff" and other important news.