The Morning Market Briefing

The guys discuss Timiraos' comments on the slowing of the fight on interest rates. The main questions surrounding the interview are concerned with not slowing the attack in order to quickly and effectively deal with inflation in its totality. Elliott Management takes a large stake in Salesforce, causing a nice bump in the stock price upon announcement. Both Goldman and Abbott are being investigate...

The guys discuss the debt ceiling as Janet Yellen stated that the Treasury is taking "extraordinary measures" to make sure bondholders are being paid their interest payemnts on bonds being held. Larry Summers claims that the economy is headed towards a 1970s like crisis if central banks relent on rates before continued work on inflation. Netflix co-CEO Reed Hastings steps down, and Greg Peters (CO...

The guys discuss Jim Bullard's talk claiming the markets are down. His comments focus on stating that the FED needs to keep their foot on the gas and work towards a soft landing. DFS reports that headlines are good, but credit quality may be deteriorating. PG reports a -2.3% on earnings results, and BofA reports people want to spend money with higher income individuals carrying the economy current...

The guys discuss the economic data update with retail sales numbesr and PPI being reported. Redfin's report on the housing market shows that the number of listings is similar to 2021, far below 2022, but that the average time on the market for a house is significantly longer. High mortgage rates continue to freeze out many buyers in this market. United Airlines had a very strong quarter - beating...

The guys continue their discussions on the full CPI print as estimates were all very close to actual print numbers, and it appears the market pricing will lead to a 25bps rate hike at the FED meeting. Bank earnings reports from big banks like JPM, BAC, WFC, BLK, and C all show promising numbers, with virtually all beating expectations on revenue. Tesla cuts prices on all cars by nearly %15 on aver...

The guys discuss the release of CPI numbers, reporting on Q4 of 2022. KB Hoimes provides an update on the state of the US housing market, showing some areas of promise as well as very high numbers of cancellations in new construction. Disney makes moves by appointing Makr Parker as chairman, formerly COE at Nike for 40 years. For information on how to join the Zoom calls live each morning at 8:30...

The guys discuss Jay Powell's remarks on relief for the market in the new year. European economic issues continue to "thaw" which brings relief to the US markets as well. Apple announces a plan to start using only their own chips in products beginning in 2025, and Wells Fargo intend to retrench from the mortgage business. For information on how to join the Zoom calls live each morning at 8:30 EST,...

The guys discuss Adobe CEO Shantanu Naraynaen's interview with the WSJ discussing the economic outlook for 2023. Macy's lowers guidance 5% for FQ4. Eurozone estimates for unemployment were accurate as the numbers came in right in line with those estimates at 6.5%, and numbers in the overall economy continue to fluctuate with uncertain market sentiment. For information on how to join the Zoom calls...

Ben, Tom, Andrew, and Jason discuss the state of the economy as 2022 has come to a close and 2023 is beginning. With a tumultuous year behind us, the forecast for the upcoming year seems uncertain, but Narwhal discusses our approach to the potential ahead for us. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-brie...

Ben, Tom, and Andrew discuss the NFP report, the Eurozone CPI print, and Samsung's earnings report. Europe reports a lower than expected CPI, however, core prices have accelerated. Samsung earnings fell almost 70% as the company will need to lower production at some point, likely in the near future to cut losses. Overall in the economy, energy is falling, rates are falling, and stocks are falling...

Tom and Ben discuss the state of the jobs market. Amazon to lay off a considerable number of employees in the coming months, and ISM and ADP employment numbers are set to be released later today. Fed minutes reflect a continued focus on defeating inflation with sentiment being that further tightening will be required. Western Digital is revisiting the idea of consolidation of Kioxia, but time will...

Ben, Tom, and Andrew discuss Apple losing its $2 trillion status as a company, reminiscent of the fall GE had from its once plateau. Salesforce expects to cut their workforce by 10% in order to maintain a level of profitability. European inflation continues to decelerate, and mortgage rates stay high with adjustable mortgages being essentially untouched by home buyers. For information on how to jo...

Tom and Ben discuss Tesla missing their Q4 delivery estimates and Musk's potential resignation from Twitter, along with its impact on Tesla as a whole. Southwest Airlines continues to struggle, and only time will tell whether they will continue as a discount airline or need to be bought out by a larger entity. Bond buying is back and stocks appear to be set at a higher opening coming ahead. For in...

Barry Pencek was born in Scranton, Pennsylvania with a heart for the skies. At any early age, he was convinced that being a pilot was the path for his life, and after graduating Cumberland College, he began his military career as a pilot. He's a twice-published author, discussing both investing and his military career. Ben sits down to discuss some of Barry's most insightful and interesting storie...

Andrew, Ben, and Tom discuss a big week ahead as big earnings reports and a Bank of Japan policy meeting start a week of info despite the upcoming holidays. The US government announces a plan to begin buying back oil to refill the SPR. LHX plans to buy Aeroject Rocketdyne - this coming after Lockheed attempted to buy AR, but they were denied due to anti-trust issues. For information on how to join...

Ben discusses the release of economic data in both America and China. China continues to have poor economic numbers as their covid lockdowns were highly difficult for industries and manufacturing based on China. In the US, rate hikes are expected to continue, and inflation appears to continue to rear its head. The ECB and BOE continue rate hikes in Europe in an effort to fight inflation as well. F...

Tom and Ben discuss the Fed's decisions on how to handle inflation and how the market has responded this year. Bank of Japan to consider a review next year in order to address their economy and the state of the Yen. European inflation seems to be moving in the right direction, and Delta updates their guidance to reflect an improving situation. For information on how to join the Zoom calls live eac...

Ben, Andrew, and Tom discuss their view of the better than expected CPI data, the response to this data by the bond and equity markets, the takeaways from the global fund manager survey and the small business optimism survey, earnings data from Oracle, Thoma Bravo’s acquisition of Coupa, and some commentary on the FTX circus. For information on how to join the Zoom calls live each morning at 8:30...

Ben and Tom discuss Amgen’s talks to buy Horizon Therapeutics in a deal with north of $20 billion. Developments in Exergonic nuclear fusion show signs of being the best possible future for clean energy, but there is still a long road ahead in perfecting the process. CPI numbers release later this week, so there will be a push in the market one way or the other for sure. For information on how to j...

Andrew, Tom, and Ben discuss China’s plan to sell $108 billion in special sovereign bonds to stimulation their struggling economy. The FTC sues Microsoft in order to block their acquisition of Activision. Costco has been a star in some regard during the rocky economic climate of the year, and they discuss the implications of their earnings reports to close out the year. For information on how to j...

Tom and Ben discuss Walmart CEO Doug McMillon’s comments on the average consumer at an investor conference – penny pinching up, higher-income individuals are shopping at bargain stores, inflation is killing grocery items. ECB staff are threatening to strike in light of pay increases well below inflation. Oil collapse continues. For information on how to join the Zoom calls live each morning at 8:3...

Tom and Andrew discuss the GA Senate race results, as Warnock won a tightly contested runoff. Meta faces even more headwind as privacy and media regulations create further potential issues for them. A new defense budget proposal would increase the national security budget to $858b, which comes in above expectations. News from Lowe's and Southwest seem relatively positive considering the current po...

Andrew, Ben, and Tom discuss the issues facing commercial property funds are seeing spikes in redemption requests to the extent that they are limiting withdrawals from the funds. Economic data regarding mortgage applications, nonfarm labor, and jobless claims are set to come later today. Taiwan Semiconductors see an extra investment come in to construct a second production facility. For informatio...

Tom and Ben discuss the Fed's plans for their 12/14 meeting with expectations to see a 50bp rate hike. Shanghai reopens after the authorities ease back on the Covid restrictions again. OPEC+ makes no change to oil production, as was expected. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefings Please see disc...

Ben and Tom discuss the upcoming OPEC+ meeting, jobs data and an acceleration in wage growth, the status on the railroad strike, how today’s news impacts inflation, and a look ahead to the CPI report in a week and a half. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefings Please see disclosures: https://www....