New York Empire State factory gauge plunges in August deep into contraction territory

New York Empire State factory gauge plunges in August deep into contraction territory

The numbers: The New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state, plummeted 42.4 points to negative 31.3 in August, the regional Fed bank said Monday. This is the second largest monthly decline on record and among the lowest levels in the survey’s history, the regional Fed bank … Read more

US consumer price inflation surprises to downside in July

US consumer price inflation surprises to downside in July

The numbers: The US consumer price index was unchanged in July, the Labor Department said Wednesday, compared with the 1.3% gain in the prior month. Economists polled by The Wall Street Journal had estimated a 0.2% advance in July. The rate of inflation in the 12 months ended in July retired to 8.5% from a … Read more

Veteran strategist Dennis Gartman says it’s still a bear market with no Fed pivot in sight

Veteran strategist Dennis Gartman says it’s still a bear market with no Fed pivot in sight

As the market heads into the new week, the attention is still very much on Friday’s jobs report showing an unexpectedly strong 528,000 increase in nonfarm payrolls. “It was quite a surprise to me,” said Dennis Gartman, the retired publisher of the Gartman Letter and now the chairman of the University of Akron’s endowment and … Read more

Why China-Taiwan tensions moved to the forefront of financial market worries

Why China-Taiwan tensions moved to the forefront of financial market worries

It’s an island off the coast of China, with a land area comparable to Maryland and Delaware combined. Its population is about 1 million higher than that of Florida. Often overlooked in world headlines, Taiwan is grabbing the financial market’s attention as the biggest macro risk of the day, prompting many traders and investors to … Read more

JP Morgan quant who called summer rebound in stocks says rally could continue even if corporate profits decline

JP Morgan quant who called summer rebound in stocks says rally could continue even if corporate profits decline

Investors worried about the next pullback for stocks might want to pause and consider this: the decline in equity valuations since the start of the year already has exceeded the average pullback of other recessionary periods since the early 1990s, according to JPMorgan Chase & Co.’ s equity as to Marko Kolanovic. While more Wall … Read more

FAANGs ain’t what they used to be, so beware the bear-market bounce says this hedge fund manager

FAANGs ain’t what they used to be, so beware the bear-market bounce says this hedge fund manager

It’s been some rally. The S&P 500 SPX, -0.20% is starting the week at a seven-week high, bolstered by hopes for a less hawkish Fed and a sense that earnings pessimism was overdone. The benchmark stock index is up 12.6% from the recent low hit md-June, having delivered its best July performance since 1939, according … Read more

US inflation surges again and stays at 40-year high, key price gauge shows

US inflation surges again and stays at 40-year high, key price gauge shows

The numbers: A key gauge of US inflation rose a sharp 1% in June, led by higher fuel prices, in a sign that price pressures in the economy are still intense and unlikely to relent quickly. The increase in the so-called personal-consumption price index exceeded Wall Street’s forecast. Economists had predicted a 0.9% advance. A … Read more

Tilray expected to post a quarterly loss with market share losses in Canada and forex headwinds

Tilray expected to post a quarterly loss with market share losses in Canada and forex headwinds

Tilray Inc. is not expected to turn a profit in its fiscal fourth quarter when it delivers its latest results on Thursday, but analysts have at least held steady on their projected loss for the cannabis company. Wall Street analysts that follow Tilray TLRY, -3.55% TLRY, -4.13% expect the company to lose 8 cents a … Read more

Stock market bottom or bear bounce? What skeptics want to see as S&P 500 extends gain

Stock market bottom or bear bounce?  What skeptics want to see as S&P 500 extends gain

US stocks on Wednesday were attempting to build on a big and broad Tuesday bounce, but skeptics aren’t yet convinced the move is more than a bear-market rally. Tuesday’s rally was “undoubtedly impressive, especially following a sharp reversal lower the previous day,” said Kevin Dempter, a technical analyst at Renaissance Macro, in a Wednesday note. … Read more

Buying stocks now could bring you pain over the next few weeks. But you’ll be thanking yourself a year from now, these analysts say.

Buying stocks now could bring you pain over the next few weeks.  But you’ll be thanking yourself a year from now, these analysts say.

How bad is the mood out there right now? Try max bearish. So said Bank of America’s latest fund manager survey on Tuesday that showed expectations for profits and growth at recessionary levels. Yet Wall Street rallied and more gains are ahead for Wednesday, partly on earnings optimism but also as some see all this … Read more