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Fri, Dec 9th, 2022
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Markets Today: Stock Indexes Tumble as Bond Yields Rise on Strong U.S. PPI


Morning Markets

December S&P 500 futures (ESZ22) this morning are down -0.54%, and December Nasdaq 100 E-Mini futures (NQZ22) are down -0.61%. 

Stock indexes this morning erased overnight gains and are moderately lower after U.S. November producer prices rose more than expected, bolstering speculation the Fed will keep monetary policy tighter for longer.  U.S. Nov PPI final demand rose +7.4% y/y, above expectations of +7.2% y/y.

The stronger-than-expected U.S Nov PPI report also boosted T-note yields that weighed on stocks, with the 10-year T-note yield up +2.2 bp to 3.504%.  Fed officials have recently signaled that the Fed will downshift to a +50 bp rate hike at next week’s FOMC meeting after four straight +75 bp increases. 

Stock indexes initially moved higher in overnight trading on strength in technology stocks, with Broadcom up more than +4% in pre-market trading after reporting better-than-expected Q4 revenue and forecasting Q1 revenue above expectatio... Read more

Wall Street drifts as US inflation slows but remains hot

Wall Street is drifting after a report showed inflation is slowing, though not quite as much as hoped

PFE : 51.90 (+0.23%)
NKE : 109.32 (-1.83%)
MSFT : 244.92 (-1.00%)
$SPX : 3,966.01 (+0.06%)
$DOWI : 33,735.71 (-0.14%)
$IUXX : 11,644.83 (+0.06%)
Workers at GM joint venture battery plant vote to join UAW

Workers at a General Motors joint venture electric vehicle battery factory in Ohio have voted to join the United Auto Workers union

GM : 38.27 (+0.18%)
$SPX : 3,966.01 (+0.06%)
$DOWI : 33,735.71 (-0.14%)
$IUXX : 11,644.83 (+0.06%)
France's TotalEnergies pulls out of Russian gas producer

French energy giant TotalEnergies says it will walk away from its stake in Russian natural gas producer Novatek and take a $3.7 billion loss

$SPX : 3,966.01 (+0.06%)
$DOWI : 33,735.71 (-0.14%)
$IUXX : 11,644.83 (+0.06%)
Wholesale inflation in US further slowed in November to 7.4%

Wholesale prices in the United States rose 7.4% in November from a year earlier, a fifth straight slowdown and a hopeful sign that inflation pressures across the economy are continuing to cool

PNC : 154.55 (+0.14%)
$SPX : 3,966.01 (+0.06%)
$DOWI : 33,735.71 (-0.14%)
$IUXX : 11,644.83 (+0.06%)
Chinese airline receives first domestic long-range jetliner

A Chinese airline has become the first customer to take delivery of a long-range jetliner produced by a state-owned manufacturer set up to try to compete with Boeing and Airbus

$SPX : 3,966.01 (+0.06%)
$DOWI : 33,735.71 (-0.14%)
$IUXX : 11,644.83 (+0.06%)
CIA : 2.69 (-1.82%)
CEA : 21.54 (+0.80%)
BA : 181.46 (+1.33%)
Helping Ukraine is 'self-preservation,' finance chief says

Ukraine's finance minister says crucial Western financial aid is “not charity” but “self-preservation" as donor countries share the price of turning back Russian aggression

$SPX : 3,966.01 (+0.06%)
$DOWI : 33,735.71 (-0.14%)
$IUXX : 11,644.83 (+0.06%)

52 Week New Highs & Lows

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Today's New Highs & Lows

HIGHS LOWS DIFF
5-Day 335 828 -493
1-Month 148 415 -267
3-Month 99 155 -56
6-Month 57 124 -67
52-Week 18 113 -95
YTD 20 115 -95

Top Performing Sectors

(Ranked by 5-Day Change)

Top 100 Stocks

(Sorted by Daily Weighted Alpha)

Market Momentum

NYSE AMEX NASDAQ
Issues Up 1,242 92 1,880
Issues Down 708 114 1,300
Issues Unch 43 10 121

S&P Sectors Market Map

Tweets @Barchart

Barchart
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4 Stock Market Morning Movers: $XOM $WYNN $CIEN $LVS Check out the details 👇 https://t.co/7LVgMN2gWI
Barchart
@Barchart
Markets Today: Stock Indexes Tumble As Bond Yields Rise On Strong U.S. PPI Related Stocks: $NFLX $DOCU $LULU $FIS https://t.co/KyWhcdO2I4
Barchart
@Barchart
Unfunded pension liability across Illinois's retirement system increased 7.5% to $139.7B. Because Illinois has less than half of what's required to cover all the benefits over the coming decades, the state has the lowest bond rating in the U.S. https://t.co/mBnj8pUX7A
Barchart
@Barchart
Good follow-up to the below tweet about the divergence that formed between Energy Stocks and Crude Oil. JP Morgan strategist Marko Kolanovic says that given this divergence, the best short-term move is to sell energy stocks as he expects energy share prices will fall 20%+. https://t.co/FqqMpwcBIV https://t.co/tIM4SKXbZ2
Barchart
@Barchart
Since May, 3900 has proven to be a critical level for the S&P 500. And once again, the $SPX finds itself approaching that level. https://t.co/b1ax30a08I
Barchart
@Barchart
Barchart
@Barchart
Stocks w/ most active options trading: $TSLA - 2.150M $AMZN - 1.276M $AAPL - 898k $NVDA - 695k $META - 464k $BABA - 458k $AMD - 415k $AMC - 386k $GOOGL - 306k $BAC - 248k $NIO - 244k $MSFT - 233k $GME - 229k $NFLX - 228k $CVNA - 211k $GOOG - 203k What options did you trade?
Barchart
@Barchart
% of Large Cap Stocks Above Their Moving Averages https://t.co/BHusJyxBPt
Barchart
@Barchart
Stock Market Fear & Greed Index = 57 (Greed) Almost back to Neutral 👀 https://t.co/CrPnJkhomM
Barchart
@Barchart
Tracking Tech Layoffs in 2022 https://t.co/8j6bA6jes7
Barchart
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Barchart
@Barchart
On November 21, we pointed out that the CEO of $RYAN began buying large share amounts on Nov 16 and continued through Nov 25. Since 11/16, $RYAN shares are +20% compared to a decline in $SPY by 0.5%. Don't blindly follow insider trades but they can offer insight! https://t.co/G45K45Ylh7 https://t.co/43SmxiIIdR
Barchart
@Barchart
If you were forced, which one of the following stocks would you add to your portfolio? Bed Bath & Beyond $BBBY Carvana $CVNA Credit Suisse $CS Peloton $PTON
Barchart
@Barchart
US Total Crude Oil Inventories have fallen to a 36-year low https://t.co/vdSnh7aPEg
Barchart
@Barchart
Buying the S&P 500 when the $VIX hit 35 and selling when the $VIX fell below 20 would have been a profitable strategy this year. That might seem obvious but it rarely plays out this perfectly during a calendar year. https://t.co/d1NNBMk75E
Barchart
@Barchart
Within 12 months, the S&P 500 $SPX will rally to 5,000 says Jim Paulson of The Leuthold Group. https://t.co/0H57BjHnsq
Barchart
@Barchart
Today's Futures Heat Map Strongest: Natural Gas, Palladium, Heating Oil, Orange Juice Weakest: Lean Hogs, Pork Cutout, Coffee, Cotton https://t.co/DOcECkh85T
Barchart
@Barchart
Stocks Climb On Signs The U.S. Labor Market May Be Cooling Related Stocks: $BABA $XOM $MGM $GOOGL https://t.co/BU78FesbNI
Barchart
@Barchart
4 Stock Market Morning Movers: $XOM $WYNN $CIEN $LVS Check out the details 👇 https://t.co/pCttnBNhAE
Barchart
@Barchart
Markets Today: Stock Indexes Moderately Higher As Short Covering Emerges Related Stocks: $TSLA $CRM $XOM $WYNN https://t.co/JrdV7tNE6n
Barchart
@Barchart
Tesla investors are becoming increasingly frustrated with @elonmusk and urge him to stop wasting time on Twitter $TWTR. This comes as $TSLA shares are down 48% over the last year which is significantly worse than the major indices and other car manufacturers like $GM and $F. https://t.co/zPAZi3fLl3
Barchart
@Barchart
So you want a Pivot? Not so fast! Great visual from Strategas Securities shows how the S&P 500 typically responds after a pivot. On average, the $SPX falls 23.5% over a period of 195 days. https://t.co/Ypnf94GH6Y
Barchart
@Barchart
Since mid-October, the stock market has rallied even as longer term treasury yields continue to fall further below short-term debt. Keep in mind that bonds are typically considered to be a leading indicator of equities because bond traders are speculating on economic trends. https://t.co/3eBwYhzJtg
Barchart
@Barchart
Buying crypto is like buying pet rocks says JP Morgan CEO Jamie Dimon https://t.co/La9MiNaazP
Barchart
@Barchart
Carvana $CVNA now down 98.5% over the last year https://t.co/zQ9n4kzEI9
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