“We’re seeing mostly technical dip-buying,” said Tom Essaye at The Sevens Report. “Economic growth is undoubtedly and clearly losing momentum, but a soft landing remains more likely than a hard landing. This week focus turns back to inflation.”
It’s just concerns about global growth, Sevens Report Research’s Tom Essaye told Barron’s.
Sevens Report Research’s Tom Essaye told Barron’s that while the latest ISM manufacturing survey was weak, market participants were also rotating out of this year’s winners and turning to some underperforming sectors.
“Demand worries linked to the threat of a slowdown in global growth are acting as the biggest influence on the oil market right now,” remarked Sevens Report analyst Tom Essaye in a Tuesday note to clients.
“The market is just sort of drifting around,” Sevens Report Research’s Tom Essaye told Barron’s in a phone interview.
Nvidia is the most important stock because people have decided it’s the most important stock,” Sevens Report Research’s Tom Essaye told Barron’s
This matters because the market is very sensitive to soft labor market data and we know that from the recent pop in jobless claims and July jobs report noted Tom Essaye, founder of Sevens Report Research.
“An economic downturn resulting from a ‘Fed mistake’ would lead to a bear market in the global energy markets,” Tyler Richey, co-editor at Sevens Report Research, told MarketWatch.
“The slow and steady recovery implies some health behind the move,” Sevens Report Research’s Tom Essaye told Barron’s.
U.S. oil futures fell to new lows for the week as Chinese data showed declining imports and refinery input demand suggested that a further slowdown in the Chinese economy will weigh on total global demand, Tyler Richey, co-editor at Sevens Report Research, told MarketWatch.