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What the BOJ “Rate Hike” Means for Markets

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What’s in Today’s Report:

  • What the BOJ “Rate Hike” Means for Markets (Possible a Positive)

Futures are moderately higher following better-than-expected earnings overnight.

Both Nike (NKE up 12% after hours) and FedEx (FDX up 4% after hours) posted better-than-expected earnings overnight and those results are helping to ease rising anxiety about 2023 earnings.

The only notable economic report was German Gfk Consumer Climate and it was in line (–37.8 vs. (E) -37.5).

Today the calendar stays quiet (it picks up tomorrow) but the focus will be on Consumer Confidence (E: 101.0) and Existing Home Sales (E: 4.2M) and the key for data will remain moderation (but not a collapse that implies looming stagflation).

Why Treasury Yields Spiked Yesterday

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What’s in Today’s Report:

  • Why Treasury Yields Spiked Yesterday

Futures are modestly lower as markets digested the rally of the past two days, following underwhelming economic data and earnings overnight.

Nike (NKE) became the latest major company to cut guidance on margin concerns and supply chain issues and the stock dropped nearly 5% after hours.

Japanese flash manufacturing PMI missed estimates at 51.2 vs. (E) 52.0 mirroring the loss of momentum from global flash PMIs.

Today focus will remain on China headlines (although Evergrande is fading as a major market influence) and on multiple Fed speakers:  Mester (8:45 a.m. ET), Powell, Bowman, Clarida, George (10:00 a.m. ET), and Bostic  (12:00 p.m. ET).   Finally, we also get New Home Sales (E: 708K) but that shouldn’t move markets.

Tyler Richey Interviewed with Mid-day Movers with TD Ameritrade on September 25, 2019

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Tyler Richey interviewed with Mid-Day Movers from TD Ameritrade discussing Nike, Foot Locker, Under Armour earnings, markets, and more…Click here to watch the full video.

Tyler Richey Interview