The stock market started off October in dramatic fashion as bond yields hit new highs alongside the dollar. Despite these big moves, the NASDAQ & SPX managed to close green while oil & utilities were deeply negative. Tech stocks held their own and left many wondering when higher rates will start effecting the "magnificent 7". I explain this phenomena and when I think the markets will start moving as the calendar is lining up for big moves in October, just not early on. I also go over the seasonality of Q4 and how pervasive October seasonality can be.
CART stock - Swing trade if October turns out to be a positive month NVS/GPCR/PFE stock - Healthcare & GLP-01 drugs could get some relief or rotation MO/DIS stock - Long term candidates for tomorrow
Afternoon Headlines: -Birkenstock targets $9.2B valuation in New York IPO; likely to be priced between $44-49 (Reuters) -Kellogg's cereal business spinoff begins trading as standalone company WK Kellogg; Kellogg renamed to Kellanova (CNBC) -Volvo-owned Mack Trucks and UAW reach deal to avoid strike; deal includes wage increases and better benefits (Reuters) -Ally Financial begins layoffs citing difficult macro environment (Bloomberg) -Fed's Bowman lobbies for multiple additional rate hikes to lower inflation; sees spike in energy prices stalling inflation progress (Bloomberg) -Powell says economy still working through the aftermath of COVID-19, noting labor shortages (Reuters) -UAW strikes have costs the US economy nearly $4B thus far (Fox Business) -GM furloughing additional workers as strike expands (Reuters) -Russell 2000 index turns negative for the year, indicating broader macro weakness in US economy (CNBC) -Softer consumer spending edges casino stocks closer to bear market (Bloomberg) -Pentagon warns congress its Ukraine weapons funds are dwindling, forced to slow down replenishment (AP) -Supreme Court set to hear arguments that could determine the future of the Consumer Financial Protection Bureau (Axios) -Two-thirds of analysts surveyed see US office market rebounding only after a severe collapse (Bloomberg) -China tourism industry more than doubles revenue over mid-autumn holiday weekend (Bloomberg) -US warns China it plans to update chip export rules by early October; restrictions set to stem Chinese access to advanced AI chips (Reuters)
THIS IS NOT A RECOMMENDATION OR FINACNIAL ADVICE I AM NOT A LICENSED FINANCIAL ADVISOR
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DISCLAIMER: These videos are for educational purposes only. Nothing in this video should be construed as financial advice or a recommendation to buy or sell any sort of security or investment. Consult with a professional financial advisor before making any financial decisions.
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