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“In times of adversity and change, we really discover who we are and what we’re made of.” – Howard Schultz
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After two days in a row where the S&P 500 opened firmly in positive territory but gave up all of those gains and then some throughout the trading day, futures were lower earlier on but have picked up a little bit of steam as we approach the opening bell. Treasury yields are lower this morning as investors shift out of risker assets on economic concerns.
On the economic calendar, revised GDP was just released and came in slightly weaker than expected at a level of -1.6% versus forecasts for a decline of 1.5%. Personal Consumption significantly missed expectations (1.8% vs 3.1% estimate), GDP Price Index came in higher (8.2% vs 8.1%), and Core PCE was also revised higher (5.2% vs 5.1%). Lower than expected growth and higher than expected inflation. Not exactly the combination equity investors want to see.
In today’s Morning Lineup, we discuss the latest moves in Asian and European markets, as well as a look at plunging economic confidence in Europe, South Korea, and Sweden.
After opening firmly in positive territory yesterday and trading up over 1% in early trading, the S&P 500 steadily traded lower throughout the trading day and finished near the lows of the day with a decline of over 2%. Intraday reversals like these where the market opens strong only to have the rug pulled out from under it really do a number on what is already battered investor sentiment. 2022 isn’t even half over, but yesterday’s reversal is already the fourth time this year that the S&P 500 has traded up at least 1% at some point in the trading day only to finish down over 1%. The other three days were 1/20/22, 4/21/22, and 5/11/22.
The year is less than half over, but if it ended today, 2022 would already rank as the third-largest number of negative reversals of this magnitude in a calendar year behind only 2008 (12) and 2009 (7). Like an old pair of socks, this market just can’t stay up.
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