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Dow Theory Update

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What’s in Today’s Report:

  • Dow Theory Update

Futures are modestly lower to start the fourth quarter as House Democrats failed to pass infrastructure legislation, while economic data was better than expected.

House Democrats remain divided about the size of the infrastructure and reconciliation bills, and the Debt Ceiling can’t be increased until a compromise is found.

EU and UK global final PMIs slightly beat estimates while EU Core HICP (their CPI) was slightly hot (1.9% yoy vs. (E) 1.8% yoy), implying the global recovery remains on track and that inflation pressures are still firm.

Today’s focus will be on important economic reports.  First, the Core PCE Price Index (E: 0.2%, 3.6%) is the Fed’s preferred measure of inflation and if it’s much hotter than expectations, that will push yields higher and be another headwind on stocks.  Also, the ISM Manufacturing PMI (E: 59.8) gets released and markets will want to see stability there.  We also get Consumer Sentiment (E: 71.0) and the inflation expectations component will be closely watched.  Finally, there are two Fed speakers today, Harker (11:00 a.m. ET) and Mester (1:00 p.m. ET) but neither should move markets.

 

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Tom Essaye Quoted in Barron’s on September 29, 2021

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Why Higher Bond Yields Are Bad News for Tech Stocks Like Amazon and Zoom

Bottom line, the stock market is being driven by the bond market this week and if we see…writes Tom Essaye, founder of Sevens Report Research. Click here to read the full article.

Tom Essaye Quoted in The Madison Leader Gazette on September 28, 2021

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Dow skids around 400 points lower as rising bond yields spark equity selloff

Bottom line, the stock market is being driven by the bond market this week and if we see bonds…said Tom Essaye, founder and president of Sevens Report Research. Click here to read the full article.

Tom Essaye Quoted in Shouzy on September 27, 2021

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Stock futures opened little changed after cyclical-led session

Really what you’re seeing is, across asset classes, the market is adopting a…Tom Essaye, The Sevens Report Research Founder, told Shouzy Finance Live on Monday. Click here to read the full article.

Tom Essaye Quoted in CNBC on September 28, 2021

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10-year yield continues rapid climb, hits the highest since June

The 10-year is now trading at a key level that could prove to be an inflection point for…according to Tom Essaye of the Sevens Report. Click here to read the full article.

Tom Essaye Quoted in Forbes on September 28, 2021

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Dow Sinks 500 Points As Spiking Treasury Yields Drive Forceful Tech Stock Sell-Off

Yields on the 10-year Treasury shot up 3.5 basis points on Tuesday to their…market analyst Tom Essaye, president of Sevens Report Research, said in a note. Click here to read the full article.

Tom Essaye Quoted in Yahoo Finance on September 28, 2021

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Stock market news live updates: Nasdaq drops 2.8%, posting worst day since March as Treasury yield jump slams tech stocks

Really what you’re seeing is, across asset classes, the market [is adopting] a pro-cyclical view…Tom Essaye, The Sevens Report Research Founder. Click here to read the full article.

Tom Essaye Quoted in Forbes on September 27, 2021

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Evergrande And Chinese Regulators Pummel Crypto Markets

The losses quickly spread to broader markets as experts started warning its default…market analyst Tom Essaye wrote in a note last week. Click here to read the full article.

Tom Essaye Quoted in Bloomberg on September 27, 2021

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U.S. Stocks Retreat as Investors Await Busy Week in Washington

Investors should prepare for more volatility over the coming days…according to Tom Essaye, a former Merrill Lynch trader who writes the “Sevens Report” newsletter. Click here to read the full article.

 

Sevens Report Co-Editor Tyler Richey Quoted in MarketWatch on September 27, 2021

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U.S. oil prices settle at a nearly 3-year high; natural-gas futures up 11%

Both oil and natural gas are expected to continue higher in the months ahead as fundamentals decidedly favor…said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.