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Check out our next “State of the Market,” on Monday, 9/9. (Next Market Trends will be Thursday, 9/12)
Sizing Up the S&P 500
- S&P 500 holds 5560 price area (weekly low on 7/8 and daily high on 8/1)
- Treasury yields still sliding: Two-year note closed Wednesday at lowest since May 2023
- Breadth continues to widen as volatility wanes
- “Value/income” vs “growth:
- REITs, utilities, financials leading in 2H.
- Tech lags: -3% since end of June
News & Views
- NVDA results and guidance beat. Blackwell “samples” being shipped, reflecting apparent delays.
- BRK.B briefly joins $1 trillion market cap club
- SMCI plunges on delayed 10-K filing, Hindenburg Research report
- Paul McCulley: Fed to cut next 8 meetings after Powell’s “marvelous” speech at Jackson Hole
- JPMorgan: Hedge funds reduced exposure to Magnificent 7 names like NVDA in Q2 and Q3
- Retail investors still appear bullish
Potential Turnarounds?
- Stocks that haven’t hit new highs this year, but gained on recent earnings:
- Pitney Bowes (PBI): Office equipment
- Ambarella (AMBA): Semiconductors
- Chewy (CHWY): Pet supplies
- Mohawk Industries (MHK): Flooring
- Pfizer (PFE): Pharmaceuticals
- Bristol-Myers Squibb (BMY): Pharmaceuticals
- Cisco Systems (CSCO): Networking
- Box (BOX): Enterprise software
Upcoming Events
- Mon 9/2: Markets Closed: Labor Day
- Tues 9/3: ISM manufacturing
- Thu 9/5: ADP payrolls, jobless claims, ISM services
- Earnings: AVGO
- Fri 9/6: Non-farm payrolls
