We had a bullish week even after Friday’s sell-off, so Senior Strategist Roger Scott and I sat down for our new weekly session to discuss all things macro, The Big Picture With Jeff & Roger…
So what’s the “big picture” theme on Wall Street right now?
The market wants to go up and it feels bullish, in my opinion, and is looking for glimmers of hope to ignite a rally. What does Wall Street need to give it that glimmer of hope?
Cooperation from the Federal Reserve…
The Fed meets this week to announce its latest interest rate target. The market is pricing in a hike of 75 basis points and if that happens, that will put the benchmark rate at 2.25%. The BIG thing the market wants right now is to know that the Fed will stop raising rates around 3%, and not go to 5% or even higher.
So if the Fed says it believes raising rates is starting to work, inflation is getting under control and it doesn’t believe it will have to raise rates too much further…
We’ll see the market go on a total buying bonanza. Of course, I’m not sure it’s ready to say that because these people have been so, so wrong about everything…
The broader market slid lower following Walmart’s announcement that it is cutting its profit forecast.
Citing rising food prices and consumers pulling back on purchases of general merchandise, the big-box retailer cut both quarterly and full-year profit estimates ahead of its upcoming earnings report on Aug. 16.
The news sent Walmart plunging 9% in premarket trading, also dragging down names like Target, Amazon and Kohl’s, which all fell about 4.5% to 5%.
Investors are keen to hear what the Federal Reserve has to say regarding inflation as its two-day meeting kicks off Tuesday ahead of this week’s gross domestic product and consumer sentiment reports.
Earnings season continued with Coca-Cola beating Wall Street estimates on both earnings per share and revenue.
Meanwhile, McDonald’s reported a narrow revenue miss but beat on EPS estimates. The fast food giant also reported a same-store sales increase of 3.7%, above analyst estimates of 2.8%.
A Choppy Market refers to a market condition whereby prices swing up and down considerably, either in the short term or for an extended period of time. Choppy market scenarios from day to day are generally a result of efficient market pricing.
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