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What Can Stop This Selloff?

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What Can Stop This Selloff? Start a free trial of The Sevens Report.

What’s in Today’s Report:

  • What Can Stop This Selloff?
  • Weekly Market Preview:  A Very Important Week of Earnings, Fed Decision and Economic Data
  • Weekly Economic Cheat Sheet:  A Busy Week (Jobs Report Friday, ISM PMIs Wed/Fri)

Futures are moderately higher on a small reduction in geo-political tensions and better than expected inflation data.

Geo-politically, Israel moved forces into Gaza over the weekend but the operation isn’t as large as feared (yet) and that’s helping to slightly reduce geopolitical anxiety.

On inflation, Spanish CPI rose 3.5% vs. (E) 3.8%, providing another reminder that global inflation is declining.

This week will be a very busy one as we get a Fed decision and important economic/inflation data, as well as the final “big” week of earnings.  But, it starts slowly as there are no economic reports today, so focus will be on earnings and some important reports today include:  MCD ($3.00), WDC ($-1.87), ON ($1.35), SOFI ($-0.07), ANET ($1.58).

What Can Stop This Selloff?

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An Invasion of Gaza by Israel Remains Imminent

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An invasion of Gaza: Tom Essaye Quoted in Barron’s

Stocks Are Rising Ahead of Big Week for Earnings

The Dow Jones Industrial Average was up 215 points, or 0.6%, shortly after the market opened on Monday. The S&P 500 was up 0.5%. The Nasdaq Composite rose 0.4%.

“Futures are slightly higher as the weekend brought no major changes to the current macro-economic set up,” wrote Sevens Report Research’s Tom Essaye earlier Monday morning. “Geopolitically, an invasion of Gaza by Israel remains imminent but so far the conflict hasn’t expanded regionally and oil is little changed as a result.”

Also, click here to view the full Barron’s article published on October 16th, 2023. However, to see the Sevens Report’s full comments on the current market environment sign up here.

Israel Readies For A Potential Invasion

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Why Did Stocks Rally After the Jobs Report?

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Why Did Stocks Rally After the Jobs Report? Start a free trial of The Sevens Report.

What’s in Today’s Report:

  • Why Did Stocks Rally After the Jobs Report?
  • What to Make of This Market (Updated Near and Medium-Term Outlook)
  • Weekly Economic Cheat Sheet:  Inflation in Focus This Week (CPI Thursday is Very Important)
  • Weekly Market Preview:  Will Rising Oil Prices Become Another Headwind?

Futures are moderately lower on rising geo-political tensions following the Hamas attack on Israel over the weekend.

The human tragedy and geo-political implications aside, from a market standpoint the attack matters because rising geo-political tensions mean higher oil prices (up 3% currently) and the higher oil goes, the stronger the additional headwind on stocks and bonds.

Today there are no notable economic reports but there are several Fed speakers, including Logan, Barr, and Jefferson, although they shouldn’t move markets.  So, oil will likely be the driver of asset prices today and the higher oil goes, the stronger the headwind on stocks.

Why Did Stocks Rally After the Jobs Report?

Sevens Report Quarterly Letter

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