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MUCH TO DO ABOUT NOTHING

Yesterday was much to do about nothing.  For the day NVDA’s earnings were a non-event. As shares were largely unchanged.  As widely noted, earnings exceeded expectations but potentially the results or the forward-looking statements did not match the lofty expectations.  Revised second quarter GDP largely met expectations, having minimal effect on the indices..  Today is … Read more

PLACING NVDA’S CAPITILIZATION INTO PERSPECTIVE

NVDA has a $4.4 trillion market capitalization and is about 8.2% of the S & P 500.  These amounts are unprecedented on both the absolute and percentage basis. Some have stated that NVDA is the most important stock in the world given its potential outsized influence that a surprise can have upon the global indices.  … Read more

NVDA’S EARNINGS TOMORROW AND SOME THOUGHTS

Tomorrow after the close NVDA posts results.  The company is worth approximately $4.3 trillion or about 8% of the S & P 500.  It is arguably the most important company in the indices and its performance can greatly impact on the performance of global ETFs.  As noted last week according to Reuters, approximately 60% of … Read more

POWELL SPEAKS AT 10:00 A.M.

Will FRB Chair Powell Jackson Hole speech increase volatility?  As noted the other day, there is precedence of a major change in monetary policy announced at this annual gathering.  At this juncture, the market is seeking assurances that a rate cut is likely at the September meeting. The major topic of this year’s flagship event … Read more

WILL ASSUMPTIONS BE ALTERED TOMORROW AFTER POWELL’S SPEECH?

Will tomorrow’s comments by FRB Chair Powell alter monetary policy expectations?  At the time of this writing there is a 78% chance of an interest rate reduction at the September meeting and almost 50 bps of easing are discounted by year’s end. There is ample precedence of significant changes in monetary policy announced at the … Read more

A WEAK 30-YEAR TREASURY AUCTION

The $25 billion sale of 30-year treasury yields was regarded as “weak.”  Yields, however, on both the 30-year and 10-year benchmark are still lower today than at the start of the year.  The 30-year was yielding around 4.81% and 10-year was yielding about 4.56% on January 2.  Today the yields are 4.80% and 4.25%, respectively. … Read more

A “DISCOURAGING” 10-YEAR TREASURY AUCTION

Adjectives used to describe yesterday’s $42 billion auction of the 10-year Treasury were “pretty terrible,” “poor,” and “very discouraging” given that the benchmark was “cheapened up” before the auction. Some are fearful that this is a harbinger of auctions to come given the incessant demand for monies in an environment that is unquantified for a … Read more

TODAY’S $100 BILLION TREASURY BILL AUCTION

The US government plans to borrow $100 billion in a single Treasury debt sale this week, an amount that was unfathomable 20 years ago and exceeds previously issued guidance.  This unprecedented figure showcases both the magnitude of the government’s borrowing needs and the importance of its ability to attract investors. The Treasury said it will … Read more