Briefing In Play offers live market-moving analysis, earnings and news coverage, broker ratings changes, as well as comprehensive economic coverage and commentary. Briefing in Play Plus includes everything in Briefing In Play, and features investment idea generation and in-depth analysis. Briefing Trader includes everything in Briefing In Play Plus, and features live trading ideas with specific entry/exit points as well as access to the new streaming audio feature, Trader Audio.
April 2, 2020
The undisputed understatement is that the second quarter started on a lousy note. The Dow, Nasdaq, and S&P 400 all declined 4.4% while the S&P Mid Cap 400 and Russell 2000 declined 5.7% and 7.0%, respectively.
March 30, 2020
The S&P futures are up 31 points and are trading 1.0% above fair value. The Nasdaq 100 futures are up 102 points and are trading 1.2% above fair value. The Dow Jones Industrial Average futures are up 230 points and are trading 0.8% above fair value.
March 26, 2020
There has been some carryover angst this morning, which is reflected in the futures market. That angst, however, isn’t rooted solely in the fiscal stimulus approval process.
March 25, 2020
The $2 trillion fiscal stimulus deal that had the stock market fired up on Tuesday in a way that it hasn’t been fired up since 1933 has been struck. That word came from Capitol Hill in the wee hours of the morning, but thus far, the fire seen in yesterday’s buyers hasn’t kept burning.
March 23, 2020
Sentiment got a major boost shortly after 8:00 a.m. ET when the Federal Reserve released news on a series of new steps it will be taking to help provide support to the markets and the broader economy.
March 18, 2020
March 16, 2020
A flood of selling interest is going to hit the stock market at the opening bell, which will effectively trigger the Level 1 circuit breaker. The latter goes into effect with a 7.0% decline, whereupon trading is halted for 15 minutes.
March 10, 2020
Trading in the futures market indicates the cash market is a go for launch at the open. The S&P futures are up 93 points and are trading 3.5% above fair value. The Nasdaq 100 futures are up 281 points and are trading 3.6% above fair value. The Dow Jones Industrial Average futures are up 779 points and are trading 3.5% above fair value.
March 4, 2020
There is a striking distinction unfolding this morning between the Treasury market and the stock market. The latter is indicated to open sharply higher, which ostensibly might lead one to think that the former would at least be trading lower. That isn’t the case.
March 3, 2020
The stock market was doing okay yesterday, yet it made a monster move in the final hour of trading that coincided with a stark selloff in the Treasury market. The parallel trade looked like an asset allocation shift out of an overbought Treasury market and into an oversold stock market.
February 25, 2020
The stock market had some problems on Monday to say the least, as it succumbed to broad-based selling activity that saw the major indices drop between 3.3% and 3.7%. By and large, there was a pandemic of selling interest on Monday as global equity markets (most anyway) were reeling in the wake of reports discussing the spread of the coronavirus outside of China.
February 19, 2020
In the event you needed another reminder that the stock market continues to view the coronavirus outbreak in China as a transitory issue, yesterday’s trading gave you one. Not just any company, but Apple (AAPL) of all companies issued a revenue warning for the March quarter.
February 12, 2020
The futures market is back at it again today, sporting a bullish bias that will translate into a higher open for the cash market when the opening bell rings. Currently, the S&P futures are up 14 points and are trading 0.4% above fair value.
February 10, 2020
U.S. futures are pointing to a lower start for the stock market after a strong performance last week that was catalyzed by encouraging U.S. data and liquidity injections into China’s markets. Currently, the S&P 500 futures trade six points, or 0.2%, below fair value.
February 6, 2020
Any way you look at things, though, it has been a very good week so far for the stock market, which looks primed to extend its gains when the opening bell rings.
February 4, 2020
It is going to be a big open for the stock market. The S&P futures are up 42 points and are trading 1.3% above fair value. The Nasdaq 100 futures are up 141 points and are trading 1.4% above fair value.
January 29, 2020
There is a sense of deja vu in the stock market today. The number of deaths and cases pertaining to the coronavirus are up; the futures for the major indices are up; and Apple (AAPL) is up, trading at a new record high following its fiscal Q1 earnings report.
January 27, 2020
The most prominent factor is the concern involving the spread of the Wuhan coronavirus, which is showing up in more countries and is fostering some fear in the market’s mind that it is going to adversely impact economic growth and earnings growth.
January 23, 2020
There are two paths to take when trying to explain the early weakness seen in the futures market. Ultimately, both paths converge. The first path is one of valuation concerns.
January 22, 2020
Since yesterday, the death toll from the coronavirus has increased to nine and the number of confirmed cases has increased to 440. You know what else has increased? The futures for the major indices. Currently, the S&P futures are up 13 points and are trading 0.4% above fair value.
January 14, 2020
The stock market is overbought on a short-term basis and due for a pullback. That has to be said, but that doesn’t mean the market has to listen. Markets can stay overbought (or oversold) longer than you think, and thus far, this market isn’t bowing to conventional thought.
January 8, 2020
The equity index futures market has been a sight to behold. Last night, the S&P futures were down as many as 53 points, or 1.6%, following the news that Iran had fired more than a dozen ballistic missiles at two air bases in Iraq housing U.S. and coalition troops. Currently, the S&P futures are up four points, or 0.2%, and are trading 0.1% above fair value.
January 6, 2020
Today marks the official end of the holiday period for stock market participants, but it also marks the continuation of a volatile start to the new year. The volatility has been an offshoot of geopolitical conflict between the U.S and Iran, which in turn has fired a warning shot at a market sporting a rich valuation.
December 20, 2019
A holiday slate of earnings news hasn’t moved the broader market much, but to the broader point it also hasn’t moved sellers much.
December 16, 2019
U.S. futures have extended the market’s bullish bias, as investors warm up to the Phase One trade deal announced on Friday and react positively to some upbeat Chinese data. The S&P 500 futures trade 19 points, or 0.6%, above fair value after a record close in the benchmark index on Friday.
December 11, 2019
Market participants still don’t know for sure if the tariffs on the final tranche of imported Chinese goods will go into effect December 15 and they are also waiting to hear (even though they have a good idea already) what Fed Chair Powell has to say at today’s press conference to shed light on what the FOMC is thinking about the economic outlook and the policy rate path.
December 9, 2019
It’s just your typical Monday. Taking things from the top, China reportedly wants to get a trade deal worked out as soon as possible; there is some M&A buzz in the biotech space with ArQule (ARQL) and Synthorx (THOR) being taken out at huge premiums; worries about repo market functioning at year end are said to be festering; and there is a lot of interest in macro matters later in the week.
December 5, 2019
The U.S. and China are maintaining close communication. That’s the word from China’s Commerce Ministry and that is somehow making a lot of U.S. companies more valuable today even though it effectively means nothing.
December 2, 2019
For the stock market, the weather remains pretty temperate. Trade winds have been blowing in a mostly favorable direction, central banks continue to blow hot air into the market with accommodative policies, and economic data have been offering some signs of early spring as it relates to the 2020 growth outlook — growth being the operative word.
November 20, 2019
The futures for the major indices are pointing to a lower open, but if recent trading action is any indication, there is probably not a lot of undue concern about that indication. There won’t be either until the cash market demonstrates it is truly bothered by negative news.
