The Morning Market Briefing

Tom and Ben discuss the Fed’s decision to hike 25bps, the factors that lead to this decision, the implications of Jay Powell’s comments, and some additional economic/company news. 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

The guys discuss continued bank situations across the country with UBS to pay back some "bail-in bonds" issues on March 9th - they are buying them back at a small loss to themselves, but it appears they are doing so in an effort to better position themselves as a result of the fallout. First Republic Bank is still reeling as the FRC is discussing a possible federal bailout. For information on how...

Tom, Ben, and Andrew discuss the looming Fed decision, the status of First Republic, Jamie Dimon’s involvement in the banking situation, and the Bank of America global fund survey results. 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

The guys discuss UBS's acquisition of Credit Suisse as the banking industry continues to live in turmoil. As was the case with other failing banks, cash outflows on deposits far outweighed the available assests, causing a run on the bank to wipe their assests available completely dry. CoCo bonds are being issues to help bolster capital for banks that are flailing. For information on how to join th...

Tom delves more into the implications of the ECB rate hike as well as expectations for the Fed rate decision next week, SVB filing for bankruptcy, First Republic bank seeing deposit inflows from other banks, as well as FedEx earnings. 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:...

Ben and Tom speak on SNB extending a line of credit of $54B to Credit Suisse, First Republic Bank’s search for a buyer, Goldman’s attempt to raise capital for SIVB, the ECB hike of 50bps, Canadian Pacific and Kansas City Southern merger, and earnings from Adobe. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-brief...

Ben, Andrew, and Tom discuss today’s “disinflationary” PPI data, the Fed’s next move, the situation unfolding at Credit Suisse, the tone of Blackrock CEO Larry Fink’s annual letter to investors, some specific company news, and the implications of the downed US drone at the hands of Russian fighters. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narw...

Ben and Tom discuss yesterday’s volatility, whether or not there is more downside risk to go in the coming days, the CPI data that was reported today, and the implications of this data on the Fed’s upcoming 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.narwh...

Ben and Tom dive into the developments surrounding SVB, whether or not this will impact the rest of the banking system, the implications for the equity and fixed income market, and how this could affect the Fed’s upcoming 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 disclosure...

Ben, Andrew, and Tom break down day two of Jay Powell’s testimony on Capitol Hill and the market’s reaction to the commentary, preview tomorrow’s job openings data, discuss a WSJ article stating that a pro-Ukrainian group blew up the Nord Stream pipeline, and provide the biggest takeaways from a number of company conferences. For information on how to join the Zoom calls live each morning at 8:30...

Ben and Tom break down Jay Powell’s testimony on Capital Hill, the ADP employment data, and Ben shares notes from the CHX investor day that he attended in NYC. 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

Andrew and Tom discuss Jay Powell’s upcoming testimony, a continued streamlining in Tech, the impact of the current rate environment on small town borrowers, Weight Watchers International’s acquisition of Sequence Health, and Russia’s continued assault on Ukraine as government calls for more evacuations. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www...

Ben and Tom discuss the upcoming investor day for ChampionX that Ben will be attending in NYC, Tesla’s decision to further reduce the sticker price on the Model S and Model X, the upcoming investor day for GE this Thursday, a wide array of economic 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-briefings Ple...

Ben and Tom discuss Verizon’s decision to bring in a new CFO and Head of Consumer Ops, earnings results from Costco and Broadcom, and the upcoming testimony of Jay Powell in front of the Senate and the House. 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.narwhalcapita...

Ben and Tom discuss a number of earnings reports that provide context on the state of the consumer and the state of Tech. They also sift through some economic data and international headlines. 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

Andrew and Tom discuss Disney’s battle with Ron DeSantis, GM’s decision to cut 500 salaried positions, the earnings report from Lowe’s, movement in interest and mortgage rates, and the announcement of Eli Lilly’s 70% price reduction in insulin. 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 di...

Tom and a very out of breath Ben discuss the earnings results out of Target, Goldman Sachs Investor Day news, and Chevron’s decision to buy back shares. 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

The guys discuss Pfizers's plan to acquire Seagan, but an antitrust suit could be looming. Union Pacific is looking to change their CEO as a result of Soroban Capital's letter complaining about the direction of the company moving forward. Ben ran in a half-marathon this weekend in Las Vegas, and he absolutely crushed it. For information on how to join the Zoom calls live each morning at 8:30 EST,...

The guys discuss the upcoming release of some significant economic data, including PCE Deflator, PCE Core Deflator, New Home Sales, and U of Michigan Sentiment. Google makes news, coming under fire for automatic employee chat log deletion. DOJ cites this as a possible issue, attempting to show this was an intentional move by corporate. Boeing pauses the delivery of their 787 Dreamliner due to fuse...

The guys discuss a recap of yesterday's FED meeting, with sentiment being focused on a slower pace to fight inflation. Lael Brainard is set to be replaced as the Biden Administration's National Economic Council Director. Nvidia posts strong results, seeing the stock up 10% at the release of this news. Apple continues its efforts for innovation, now in the healthcare space regarding glucose reading...

The guys continue to discuss the big sell-off in the market yesterday with rates shocking the market back downward. 10-year interest rates climbed to 1.43%, marking the highest since November 9th of last year. Stocks are down over 3% across the board since February 3rd, and bonds continue to improve as well. Flights are continuing to be grounded due to winter storms, causing several issues for var...

The guys continue to discuss CPI numbers as the dust has settled from the full release yesterday. Retail sales are reporting this morning as they are expecting to show a strong report. Elon Musk announces that a new CEO will be appointed for Twitter by end of the calendar year. Scotland finds itself in a precarious situation as a surprise resignation from Nicola Sturgeon creates turmoil. For infor...

The guys discuss CPI numbers release with inflation back on the rise. Bank of America's Fund Manager Survey show majority of fund managers expect the US dollar to fall, the market to experience a bear rally, and the yield curve to steepen. US continues to sell out of the SPR despite also buying oil back. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www...

The guys discuss Consumer spending picks moving up in January, citing a weak December as a possible reason for the increase. CPI estimates are expected to move up to a 6.2% increase year over year. Big news updates this week with the release of CPI numbers, PPI numbers, jobless claims and others. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhal...

The guys discuss Russia cutting oil production significantly in repsonse to Western sanctions, nearly 5% is the expectation. Microsoft is set to cut jobs across a variety of units, including Surface, HoloLens, and Xbox. Consumer food costs expected to continue following staple earnings. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.co...