Tom Essaye, president of Sevens Report Research, joins BNN Bloomberg to run through his take on prominent companies reporting earnings this week. Click here to watch the full interview.
What’s in Today’s Report:
Futures are modestly higher thanks to more solid tech earnings overnight and some small political progress.
Meta (FB) joined MSFT and GOOGL in posting strong earnings and the stock was up more than 10% overnight.
Politically, House Republicans (barely) passed their debt ceiling bill and now more substantial negotiations can begin with the White House.
Today focus will remain on data and earnings. Economically, the key report today is Jobless Claims (E: 249K), although the financial media will focus more on Q1 GDP (E: 2.0%). But, Q1 GDP is a stale number at this point (it covers Jan-Mar) compared to jobless claims, which will tell us if we’re seeing more deterioration in the labor market. Any move towards, or modestly above, 250k would further hint at labor market deterioration (which would be a mild positive for markets).
Turning to earnings, this remains the busiest week for results and key reports we’re watching today include: AMZN (E: $0.21), INTC ($0.16), CAT ($3.79), AAL ($0.04), MA ($2.71), MRK ($1.34) and MO ($1.19).
“The VIX is trading at the lowest levels since the S&P 500 hit its standing all-time high in the early days of 2022,” Tom Essaye, founder of Sevens Report Research, said. “It will be hard to believe the market is poised to casually cruise towards new record highs from here,” he added. “I.e., the bottom of the bear market is not in.” Click here to read the full article.
Tom Essaye, president of Sevens Report Research, joins BNN Bloomberg to discuss the disparity of the market’s rate cut expectations, and central bank pushback. Click here to watch the full interview.
The revisions fueled recession concerns that intensified this week, with “every major data point”—including jobless claims, manufacturing activity and construction spending—signaling the economy is slowing down and pushing some experts to worry it may be slowing down too quickly, says Sevens Report founder Tom Essaye. Click here to read the full article.
The surprise announcement also suggests OPEC+ may be getting more cautious about its outlook for global oil demand given the elevated threat of a potentially deep recession looming, says Tom Essaye, founder of Sevens Report Research. Click here to read the full article.
“To say a lot has transpired in the markets over the past three weeks would be an understatement,” Sevens Report analyst Tom Essaye wrote in a Thursday note to clients. Click here to read the full article.
Tom Essaye, president of Sevens Report Research, joins BNN Bloomberg to discuss what’s going on in the markets. Essaye says that the focuses this week are bank stability and inflation, and that he prefers defensive sectors right now such as consumer staples and healthcare. Click here to watch the full interview.
Sevens Report analyst Tom Essaye told Forbes the selloff following Silicon Valley Bank’s collapse and a similar collapse by crypto bank Silvergate last week was “undoubtedly an unwelcome reminder” of the 2008 financial crisis. And noted that SVB tried but failed to stay to afloat after the bank was forced to sell a bond portfolio at a $1.8 billion loss because higher interest rates pushed bond prices “far below” where they were when purchased. Click here to read the full article.
