The most notable takeaway from the Energy Information Administration report Wednesday was the weekly implied measure of consumer demand for fuel at the pump, gasoline supplied, which dropped to the lowest level since mid-February, said Tyler Richey, co-editor at Sevens Report Research.
Tom Essaye, founder of Sevens Report Research, said the slump in bullish sentiment since November indicates the stock-market selloff has removed some of its positive bias, but that it also implies a return to a “normal” market sentiment.
Sevens Report Research’s Tom Essaye told Barron’s that yields fell and stocks rose following a soft S&P Global Flash U.S. Composite PMI.
Sevens Report Research’s Tom Essaye told Barron’s that though upbeat earnings reports set a positive tone, the market was gaining after the S&P Global Flash U.S. Composite PMI came in lower than expectations.
Tom Essaye, founder of the Sevens Report Research, said there is still “a simmering” geopolitical fear bid in the global oil market which is keeping futures above the $80-a-barrel level.
American Express (AXP) rises after beating earnings. The Sevens Report’s Tom Essaye and Morningstar’s Michael Miller discuss this as American Express’ 1Q revenue grew 11% year-over-year.
What’s in Today’s Report: Dow Theory Update: Transports Rolling Over (Charts Included), Flash PMI Takeaways – Signs of Weakness.
Sevens Report Research’s Tom Essaye told Barron’s that traders that have been worried about soaring tech valuations took the first wave of earnings reports as an opportunity to sell.
“As you see people reducing tech exposure, you’re getting the whole gamut being sold,” Essaye says.
Fundamental influences are “conflicted” right now, Tyler Richey, co-editor at Sevens Report Research, told MarketWatch.