The Morning Market Briefing

GDP comes in lower than anticipated showing the overall economy continues to slow, LLY, CAT, and NOC report quality earnings for the quarter, with some other big players waiting to report this evening, and the reaction of the bond market on the heels of this GDP data. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market...

Discussion around First Republic continues as the bank is running out of time and options, and earnings reports from some of the largest companies in the US begin to roll in, including Google, Microsoft, Texas Instruments, and Visa 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: ht...

Discussion centers around the report out of First Republic Bank and the implications of that data for the rest of the banking system. A number of other companies reported earnings including some consumer facing brands like Pepsi and GM, as well as some names in energy. What do these reports say about the state of the consumer? Will energy continue to march higher? For information on how to join th...

Ben and Tom discuss the news of Bed Bath and Beyond’s bankruptcy, the downgrade of a number of small banks by Moody’s, Tesla’s decision to raise their capital spending forecast, steady earnings out of Coca-Cola, and a massive lineup of earnings over the rest of the week. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-mar...

Ben, Andrew, and Tom discuss the current state of the Eurozone, as inflation continues to create issues in several places outside of the US. PG reports growth across the past quarter, RF grows as well, HCA in the positive, and SLB coming in down a single percentage point. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-ma...

Ben, Mo, and Tom discuss the 3-month T-Bill hitting a 22-year high. More earnings are discussed with the auto industry functioning fine - aside from a poor reading on Tesla. The housing market seems to have somewhat stabilized, with smaller, cheaper new housing being built. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-...

Ben, Mo, and Tom discuss bank financials, as the banking world continues to be somewhat tumultuous. The UK CPI numbers surprise the world, for the positive, as inflation begins to fall. Bullard calls for future rate hikes to continue in order to combat inflation further. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-mar...

Ben, Andrew, and Tom discuss JB Hunt declaring that we are in a "frieght recession." Bank of America has a solid performance across the board so far this year, while Goldman Sachs has been struggling in comparison. 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.narwhal...

Ben and Tom discuss Samsung's big shift from using Google as their cell search engines to now using Bing. Schwab notes a 30% decrease in deposits this past month. 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.narwhalcapital.com/disclosure

Ben and Tom discuss the positive earnings results out of a number of large banks, UNH’s solid quarter, weak retail sales data, and how all this information will impact the Fed’s next rate decision. 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.narwhalcapital.com/discl...

Ben discusses Narwhal's Macropresentation for Q1 of 2023. The tide appears to be ebbing as the economy starts to show signs of large-scale slowing. 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.narwhalcapital.com/disclosure

Ben, Tom, and Andrew discuss the initial Jobless Claim information, as it appears that the economy is starting to slow. Oil cuts are expected to cause a supply shortfall, and Delta is the frontrunner of showing a poor Q1 for airlines. The FED signals that an impending recession is on the way for 2023. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.na...

Ben, Tom, and Andrew discuss March's CPI numbers. As the CPI numbers continue to cool, it appears that inflation could be slowing a bit due to rate hikes (and other factors). Warren Buffet comments on bank failures and Powell's "terrific" work. Bank of America shows the slowest pace of credit and debit card spending since Feb 2021. For information on how to join the Zoom calls live each morning at...

Ben and Tom discuss the results of the small business optimism survey, the continued tension in Taiwan, a possible push to displace the US Dollar as the world’s reserve currency, a new passenger jet being manufactured in China, a pleasant earnings surprise from CarMax, and the concerns regarding the debt of Tupperware. For information on how to join the Zoom calls live each morning at 8:30 EST, vi...

Ben and Tom discuss the microchip cycle as Samsung is first to announce a reduction in chip production. This comes in light of a massive shortage taking place during/following COVID and WFH ramping up the need, so this is a likely indicator of what's to come in the tech space (at least from a consumer standpoint). Since March, the short exposure on the S&P has been slowly increasing, and it's...

Ben and Tom continue their discussion of new economic data and slowing growth in the services sector, softening of consumer spending, Costco earnings and the path of interest rates going forward. 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.narwhalcapital.com/disclos...

This morning, Ben, Tom and Moe discuss slowing economic data with the February JOLTS report, ADP report, ISM manufacturing report and ISM services report. The guys additionally touch on the market implications for the weak data and the Johnson & Johnson talc settlement. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-...

Today, Andrew, Moe and Harrison discuss recently announced layoffs at McDonald’s, Disney’s shareholder’s meeting, increased redemptions at Blackstone’s REIT fund, Tesla delivery numbers in China and the Biden administration's new set of rules for Medicare. 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 P...

Moe and Jason keep the podcast short this morning and touch on significant OPEC oil production cuts, the recent acquisition of WWE and the deliveries/production mismatch at Tesla. 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.narwhalcapital.com/disclosure

This morning, the guys discuss some possible stabilization in the financial industry, Bank of America seeing large cash inflows from funds, falling use of Fed emergency loans, the implications of new economic data and Trump’s indictment. 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 disclosur...

Andrew, Ben and Tom discuss recent restoration hardware performance and below-estimate guidance as well as volume increases in the freighting market. 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.narwhalcapital.com/disclosure

Today, the guys speak on the upcoming new bank rules and regulations for midsize banks, UNH’s announcement to reduce the use of prior authentications, Micron earnings, Lululemon earnings, as well as the improvement of real average hourly earnings in February from January. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-ma...

This morning, Ben and Tom welcome new team member Moe to the podcast and delve into the current state of the bond market, the general implications of the recent banking scares, shifts in the commercial real estate market, drives towards efficiency at Meta and Disney and a relative Walgreens beat on earnings expectations. For information on how to join the Zoom calls live each morning at 8:30 EST,...

Today, Ben and Tom discuss some finally good news regarding a bank with First Citizens buying SVB, the acquired assets included in the deal, the FDIC’s aid in the deal, other implications of the purchase, a quick lesson on FHLB as well as what’s on the horizon in the coming week. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/...

Today marks the 3-year anniversary of the Daily Market Briefing. Andrew, Ben, and Tom celebrate by discussing Janet Yellen’s “flip flopping”, the stark increase in the Bank Term Funding Program, the financial sector stress impacting Deutsche Bank, the ticking timebomb that is First Republic, and some headlines from Altria. For information on how to join the Zoom calls live each morning at 8:30 EST...