Today's Headlines

Bloomberg:

• China Questions Why US Should Get First Shot to Chair G-20 Again.
• Taiwan Determined to Remain ‘Indispensable’ Source of Best Chips.
• China’s Consumer Prices Creep Out of Deflation in August.
• Oil Price Resurgence Has Further to Run After the Saudis Turn the Screw.
• Morocco in Mourning Following Deadliest Quake in Six Decades.
• Gunmen Attack Vehicles at Border Crossing Into North Mexico.
• G-20 Hails Compromise on War Wording That Angers Ukraine.
• China Group Slams India for Divisions at ‘Sabotaged’ G-20.
• Wall Street Fears a Too-Hot Economy as Recession Bets Plunge.
• NYC Mayor Seeks 5% Cuts Across Agencies as Migrant Costs Mount.
• For $4,850, You Can Now Bypass TSA Lines at Atlanta’s Airport.

Zero Hedge:

• Full Authoritarian: New Mexico Governor Suspends Constitutional Gun Rights For Law-Abiding Citizens In Albuquerque.
• Megyn Kelly Reveals Possible Vaccine Injury, Regrets Getting COVID Shot.
• How Much Does It Take to Be Wealthy In America?
• Hartnett: The Endgame Is If The Next Recession Sends Yields Higher, Not Lower, As Markets Discount Fiscal Policy Panic.
• Robert F. Kennedy Jr. Wants His Party Back.
• CNN Political Director Admits Biden In Danger From "Troublingly Low" Approval Ratings.
• The Art Of The Lose-Lose Deal.
• Trump Explains Why He Didn't Fire Fauci.
• Rand Paul Blasts Pentagon For Role In Niger, Demands To Know How Many Boots On Ground.
• Fired NYC Teachers Who Refused Vaccine To Be Reinstated With Back Pay: Judge.
• Zelensky On Starlink-Gate: Musk "Committing Evil" & Driven By "Big Ego".
• Rail Volumes Fall For Third Straight Month In August.
• US Gov't Begins Probe Into Huawei's Breakthrough Chip.
• How "Fact Checking" Obliterates Truth.
• The COVID-19 "Crisis" Is Back... Until It Rebrands Into Something Else.
• Stuck in no man's land.
• Tuttle Capital Launches "Get Woke Go Broke" ETF.
• Biden Officials Likely Violated First Amendment On Social Media: 5th Circuit Court.
• Boosted People More Likely Than Unvaccinated To Be Infected: New Study Finds.
• JPMorgan Top Trader's Stunning Admission: "AI Hype Continues To Wane... The Experience Of These Products Has Underwhelmed Users".
• Terrorism In Europe.
• The New Authoritarian Agenda Revealed (Globalism Rebranded).
• House Education Chair Says Groups Like Moms For Liberty Face Daunting Task.
• Government Gave Millions To Top Reproductive Health Org To Promote COVID-19 Vaccines To Pregnant Women.
• A Deeper Dive Into The Role Of Spike Protein In Myocarditis And Blood Clotting After COVID-19 Vaccination.

Wall Street Journal:

• The Job Market Boom Is Over. Here’s Why and What It Means.
• Why Wisconsin’s Pension Chief Earns Eight Times the Governor’s Salary.

Barron's:

• Had bullish commentary on (AIR) and (ENPH).

CNBC:

• Meta’s VR technology is helping to train surgeons and treat patients, though costs remain a hurdle.
• G20 nations soften Russia condemnation to reach Delhi summit compromise, draw Ukraine’s ire.
• What it’s like in Europe’s popular crypto haven Portugal as the U.S. cracks down.
• Shrink and theft losses near $1 billion at Lowe’s — here’s how much they’re costing other retailers.

MarketWatch.com:

• The iPhone 15 is coming: Everything to expect from Apple’s big event.
• Before you short Nvidia after reading investment advice from ‘Twitter randos,’ read this.

NewsMax:

• RFK Jr.: We Need a Democratic Party Debate.
• Sen. Johnson: Obama 'Fully Aware' of Influence Peddling.
• Trump: 'COVID Hysteria' Back With 'Election Coming Up'.
• Nunes: Ga. Indictments Look 'Really Corrupt'.

Fox News:

• Trump tailgates before Iowa-Iowa State game, crowd goes crazy as he enters stadium.
• Republican's dire warning to Biden admin as 120,000 people on verge of being 'destroyed'.

TheGatewayPundit.com:

• WATCH: THOUSANDS Line Up Chanting “USA” as President Trump Departs Iowa State Football Stadium.
• HEARTBREAKING: Mother and Son Sentenced to Almost Five Years in Prison for Walking Through Open Door at US Capitol – Mugshots Included.
• Nike Permanently Closes Factory Store in Democrat-Run Portland Due to Ongoing Theft And Safety Issues.
• Oklahoma District Hires Drag Queen Who Was Previously Arrested for Child Porn as Elementary School Principal.
• Arkansas Governor Sarah Huckabee Sanders Takes Stand on Personal Freedoms: Declares No Lockdowns, School Closures, or COVID-19 Masks and Vaccines Mandates (VIDEO).
• Two Transgender Cyclists Destroy Female Competitors in Illinois State Championships.
• MUST SEE: President Trump Pauses and Goes Silent – Gets Emotional in South Dakota While Talking About America’s Great Decline (VIDEO).
• Kamala Harris Asserts She’s Ready to Assume Presidential Duties if Biden’s Health Takes a Turn for the Worse (VIDEO).

The Epoch Times:

• Will China Have a Financial Crisis or Continue Growing?
• US Website Hit With Cyberattacks After Releasing Testimony on CCP’s Forced Organ Harvesting.

Twitter:

• @bennyjohnson - The Governor of New Mexico has just declared the 1st & 2nd Amendment “does not exist” due to an “emergency.” Under this legal theory *all* of our “rights” are essentially eliminated. Watch the most evil & tyrannical 60 seconds you’ve ever heard from a politician: (video)
• @HeatherEHeying - Meth found in 100% of air sampled on public transit in Portland; fentanyl in a mere 25%. Don’t worry, though! Expert Doctor assures us that “there is no threat to the public related to these study results.” Public transit remains safe and effective.
• @stillgray - Elon Musk says he will leave California if Gov. Newsom goes ahead with signing the gender identity affirming bill. This could strongly mean taking X and Tesla to another state.
• @unusual_whales - The average credit card balance rose to $5,947 from a year ago, the highest in 10 years, per TransUnion. (graph)
• @RebsBrannon - Lukeville, Arizona. A look at the migrant crisis happening there tonight. (video)
• @TaraBull808 - Top 10 headlines the media didn't tell you this week, Repost & FoIIow for more.
• @michaelpsenger -  The US government continues to pay an extra $6000 for the funeral expenses of anyone whose death is labeled a “COVID death.” Still no explanation as to what exactly these individuals did to be more deserving of funeral funding than those Americans who died of any other cause.
• @DeplorableVet84 -  Things we don’t hear about anymore:
• @IGSquawk - Weekend markets update: #DAX 15741 +0.00% #DOW 34578 +0.01% #NASDAQ 15299 0.00% #FTSE 7486 +0.00% #HANGSENG 17939 +0.01% #GBPUSD 12467 +0.00% #EURUSD 10701 +0.00% #USDJPY 14783 +0.01%.

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 983,793 Reports(+1,886 from prior week) Through August 25th, 2023.

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.

Evening Headlines

Bloomberg:

• China Stock Regulator Vows Market Support After Investor Meeting.
• Rice Crisis In the Philippines Sounds a Global Inflation Alarm.
• US Probes Made-in-China Chip as Tensions Flare Over Technology.
• Dollar Bulls Vindicated in Longest Run Since 2005: Markets Wrap. 
• Oil Posts Second Weekly Gain as OPEC+ Supply Cuts Extend Rally.
• Reality Is Creeping In on the Nasdaq’s Yearlong Dream Rally.
• US Consumer Credit Rises $10.4 Billion, Largely on Credit Cards.
• Biden Officials Coerced Social Media Giants, Appeals Court Finds.
• US Automobile Industry Faces High Sourcing Risk, Fed Study Finds.
• US Retail Workers Are Fed Up and Quitting at Record Rates.
• The Fed Is Getting More Hopeful It Can Avoid a US Recession.

Zero Hedge: 

• Zelensky On Starlink-Gate: Musk "Committing Evil" & Driven By "Big Ego".
• 'Defund The Police' Democrat Politician Left With Broken Leg, Bloodied Face, After Violent Carjacking In Minnesota.
• Victor Davis Hanson: What Game Is Hunter Biden Playing?
• "I Don't Give A F***": Top Maryland Education Official Caught Using Encrypted Msg App As Grade Scandal Deepens.
• Biden Biography Bombshell: Hillary Violated Logan Act, Drew Rebuke From Ex-Crony.
• Walmart Pay Cuts For New Hires Indicates Economic Downturn Has Arrived.
• Power Vacuum: How The State Wants To Suck Electricity From The SUV You Are Required To Buy.
• Biden's New Campaign Ad Presents Him As Last Action Hero Entering Ukraine "Under The Cover Of Night".
• Reinventing Democracy.
• How Deep Runs The Corruption?
• BofA Warns Clients Detroit Auto "Strike Almost Guaranteed".
• Fade or fad.
• The Rise Of Unapologetically Partisan News Reporting.
• Court Finds Arizona's Signature Matching Process Unlawful In 'Massive Win' For Election Integrity.
• Slide In Consumer Credit Accelerates As Excess Savings Exhausted, Average Credit Card Rate Hits 22%.
• Small US Banks Suffer Biggest Deposit Outflows Since SVB Crisis, Money-Market Inflows Soar.
• America's Closer To "Imploding Under The Weight Of Its Own Absurdities" Than Many Realize.
• Markets lack direction in thin Friday trade ahead of key US data - Newsquawk US Market Wrap.
• 'Better' Data Buggers Bonds & Bullion; Beijing, Banks, & Big-Tech Batter Stocks.

Wall Street Journal:

• The Fall in Home Prices May Already Be Over.
• Apple Becomes the Biggest U.S.-China Pawn Yet.
• How American Institutions Went From Trust to Bust. Leaders betrayed and disdained the people, and partisanship and social media didn’t help. 
• Artificial Intelligence, Steam Closets, European Dryers: The Future of Laundry Has Finally Arrived.
• Grindr Loses Nearly Half Its Workforce After Implementing Return-to-Office Policy.

 CNBC:

• Apple’s iPhone 15 event kicks off on Tuesday. Here’s what to expect.
• Apartment rents are on the verge of declining due to massive new supply.
• Apple voices support for California climate bill on strict emissions reporting.
• Stellantis offers 14.5% pay increase to UAW, days before possible strike.
• Roblox opens its marketplace to the masses while pushing AI and subscriptions.
• Shrink and theft losses near $1 billion at Lowe’s — here’s how much they’re costing other retailers.

MarketWatch.com:

• Why financial markets may be unprepared for a fourth-quarter ‘inflation surprise’.
• The chances of a U.S. recession are rising, says former Goldman Sachs strategist Abby Joseph Cohen.
• IRS will pursue 1,600 millionaires who owe back taxes — promises ‘sweeping and historic changes’.
• Teen’s death leads to outpouring of concern over spicy chip challenge as sales are halted.

NewsMax:

• Federal Court: Biden White House Likely Violated First Amendment.

Fox News:

• Republican governor makes a promise to Biden if migrants are forced to stay in his state.
• 'The View' hosts shredded after saying migrants flooding NYC must be 'resettled elsewhere'.

TheGatewayPundit.com:

• 83-Year-Old Pelosi Announces Reelection Bid with Ridiculous Statement
• Lindsey Graham Reacts After Learning Georgia Special Grand Jury Wanted to Indict Him For Questioning State About Election Integrity (VIDEO)
• STUNNING: Ken Paxton Accuser and his Bushie Cohorts Went to FBI to Report on Paxton Without ANY Evidence of Wrongdoing – VIDEO.
• WATCH LIVE: President Trump Rallies With Kristi Noem in South Dakota – THOUSANDS Line Up Early to See Trump (VIDEO).
• They’re Sexualizing Children: LA School District Launches Virtual Gay Club for Kindergarten Through Age 11 Students.
• WATCH: Joe Biden’s Latest Campaign Ad Highlights His Devotion to Giving Ukraine More US Taxpayer Money.
• As Chicago Burns, Mayor Uses Race Card to Explain His “Slow Start”.
• California Assembly Passes Controversial Bill Granting Judges Authority to Remove Child Custody from Parents for Refusing to “Affirm” Their Kid’s Gender Identity: Newsom to Make Final Decision (VIDEO).
• Obama’s Old Campaign Manager Calls Dems ‘Bedwetters,’ Warns Trump Could ‘Absolutely’ Win.
• JUST IN: Corrupt Georgia Special Grand Jury Recommended Criminal Charges for 21 MORE Innocent Individuals Including Senator Lindsey Graham and General Michael Flynn.
• Ukraine’s New Defense Minister, Rustem Umerov, Is Already Under Investigation for Corruption: Sources.
• EMERGENCY: RINOs and Democrats Want Trump REMOVED from 2024 Ballots | Elijah Schaffer’s Top 5 (VIDEO).
• “I Need to Look at Other Alternatives” – DNC is Cheating Robert Kennedy, Jr. in Primaries to Favor Biden – Kennedy Needs to “Win Almost 80% of All the States” Under Undemocratic System (VIDEO).
• OF COURSE: MSNBC Bumping Former Joe Biden Spox Jen Psaki to Primetime Slot as Election Season Kicks Off.

The Epoch Times:

• ANALYSIS: Top 4 Foreign Investors’ Concerns on China's Economy.
• China’s Real Estate Crisis Could Lead to Economic Implosion.

Twitter:

• @UltraDane - Net Worth of the 50 Richest Members of Congress: $4.8 BILLION. Annual Salary: $174,000. 
• @EthicalSkeptic - When Cancer Mortality surges 24% in younger ages, & is coupled with stark increase in less-common cancers, commensurate with a DROP in mortality for the BIG TWO cancers (Lung & Colon)... This is indicative of a toxin in the population, and NOT 'screening appointment' practices. (graph)
• @matttttt187 - IF THERE IS ANY ONE CLIP WORTH SHARING TODAY, IT’S THIS.
• @C19VaxInjured - Maybe somebody will eventually care about the corruption and falsification of records in the Covid trials. Will you?
• @wideawake_media - Geologist, Professor Ian Plimer, blows the "human-induced global warming" lie completely out of the water, in under a minute: "We've had six ice ages in the history of the planet. Every one of these started when we had more carbon dioxide in the atmosphere than now... If carbon dioxide drives global warming, then we wouldn't have had an ice age." (video)

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 983,793 Reports(+1,886 from prior week) Through August 25th, 2023.

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.

Weekly Scoreboard*

 

S&P 500 4,451.1 -1.3%

 

 

 

 

 

 

 

 

 

 

 

 

Weekly Market Wrap by Edward Jones.

Indices

• DJIA 34,526.5 -.65%

• NASDAQ 13,738.3 -2.1%

• Russell 2000 1,851.92 -2.5%

• NYSE FANG+ 7,757.4 -.89% 
• Roundhill Meme Stock ETF 34.44 -2.5%
  

• Goldman 50 Most Shorted 147.7 -2.9%

• Wilshire 5000 44,421.0 -1.4%

• Russell 1000 Growth 2,793.9 -1.34%

• Russell 1000 Value 1,544.2 -1.0%

• S&P 500 Consumer Staples 725.5 -1.6%

• MSCI Cyclicals-Defensives Spread 1,263.0 -1.0%
  

• NYSE Technology 3,795.73 -.96%

• Transports 15,202.7 -3.5%

• Utilities 871.75 -.17%

• Bloomberg European Bank/Financial Services 82.97 -2.6%
  

• MSCI Emerging Markets 38.8 -1.2%

• Credit Suisse AllHedge Long/Short Equity Index 192.5 -.5%

• Credit Suisse AllHedge Equity Market Neutral Index 103.0 -.16%

Sentiment/Internals

• NYSE Cumulative A/D Line 462,198 -.75%
• Nasdaq/NYSE Volume Ratio 9.7 +9.0%

• Bloomberg New Highs-Lows Index -420 +131
  

• Crude Oil Commercial Bullish % Net Position -29.2 +2.2%

• CFTC Oil Net Speculative Position 240,905 +2.8%

• CFTC Oil Total Open Interest 1,658,521 +2.2%

• Total Put/Call 1.07 +2.9%

• OEX Put/Call 1.71 -16.3%

• ISE Sentiment 113.0 +15.0 points
  

• NYSE Arms 1.06 -9.9%
  
• Bloomberg Global Risk-On/Risk-Off Index 70.6 +.3%
• Bloomberg US Financial Conditions Index .45 -2.0 basis points
  
• Bloomberg European Financial Conditions Index -.54 -64.0 basis points
  

• Volatility(VIX) 14.0 +2.4%
• DJIA Intraday % Swing .45% -40.0%

• CBOE S&P 500 3M Implied Correlation Index 20.0 +5.3%

• G7 Currency Volatility (VXY) 8.09 +1.89%
  

• Emerging Markets Currency Volatility (EM-VXY) 8.74 +1.9%

• Smart Money Flow Index 12,239.9 -4.43%
• NAAIM Exposure Index  49.7 -20.5
  

• ICI Money Mkt Mutual Fund Assets $5.625 Trillion +.8%

• ICI Domestic Equity Long-Term Mutual Fund/ETFs Weekly Flows +$.452 Million

• AAII % Bulls 42.2 +27.5%

• AAII % Bears 29.6 -14.2%

Futures Spot Prices

• CRB Index 284.47 +.66%

• Crude Oil 87.40/bbl. +4.67%

• Reformulated Gasoline 265.52 +3.60%

• Natural Gas 2.61 -5.6%
• Dutch TTF Nat Gas(European benchmark) 34.50 euros/megawatt-hour -3.1%
  

• Heating Oil 330.0 +4.7% 
• Newcastle Coal 160.7 (1,000/metric ton) +3.0%
  

• Gold 1,918.70 -1.1%
• Silver 22.90 -5.3%
  

• S&P GSCI Industrial Metals Index 412.5 -.5%

• Copper 371.65 -2.0%

• US No. 1 Heavy Melt Scrap Steel 373.0 USD/Metric Tonne +2.5%

• China Iron Ore Spot 114.1 USD/Metric Tonne -.44%

• CME Lumber  499.0 -1.38%

• UBS-Bloomberg Agriculture 1,602.54 +.50%
• US Gulf NOLA Potash Spot 332.5 USD/Short Ton +.3%
  

Economy

• Atlanta Fed GDPNow 2Q Forecast +5.58% -6.0 basis points
  

• ECRI Weekly Leading Economic Index Growth Rate (graph)
  
• US Recession Within 3 Months Probability(3M/18M Forward Yld Curve Spread) 26.3% -1.8 percentage points
  

• NY Fed Real-Time Weekly Economic Index 1.58 -11.2%

• US Economic Policy Uncertainty Index 60.8 -58.1%
• S&P 500 Current Quarter EPS Growth Rate YoY(497 of 500 reporting) -5.8% -.2 percentage point

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 238.45 +.66:  Growth Rate +8.5% +.4 percentage point, P/E 18.7 -.3
  
• S&P 500 Current Year Estimated Profit Margin 12.14% -7.0 basis points
  
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(10 of 10 reporting) +25.4% +1.1 percentage point
  
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 245.74 +1.86: Growth Rate +48.2% +1.1 percentage point, P/E 31.6 -.4
  

• Citi US Economic Surprise Index 61.4 +9.3 points

• Citi Eurozone Economic Surprise Index -74.1 -12.0 points

• Citi Emerging Markets Economic Surprise Index 6.3 +.2 point

• Fed Fund Futures imply 0.0%(-0.0 percentage points) chance of -25.0 basis point cut to 5.0-5.25%, 93.0%(+1.0 percentage point) chance of no change, 7.0%(-1.0 percentage point) chance of +25.0 basis point hike to 5.5-5.75% on 9/20
  

• US Dollar Index 105.09 +1.38%

• MSCI Emerging Markets Currency Index 1,666.36 -.79%
  

• Bitcoin/USD 25,787.5 -.99%

• Euro/Yen Carry Return Index 167.76 +.41%
  

• Yield Curve(2s/10s) -73.25 -3.25 basis points
  

• 10-Year US Treasury Yield 4.25% +8.0 basis points
  

• Federal Reserve's Balance Sheet $8.064 Trillion -.24% 
• Federal Reserve's Discount Window Usage $2.049 Billion -7.0%
  

• U.S. Sovereign Debt Credit Default Swap 49.32 +2.9%
  

• Illinois Municipal Debt Credit Default Swap 188.98 -1.2%
  

• Italian/German 10Y Yld Spread 174.0 +5.0 basis points
  
• UK Sovereign Debt Credit Default Swap 27.93 +2.8%
  

• China Sovereign Debt Credit Default Swap 72.31 +1.2%
  

• Brazil Sovereign Debt Credit Default Swap 170.85 +2.6%
  

• Israel Sovereign Debt Credit Default Swap 52.38 -3.4%

• South Korea Sovereign Debt Credit Default Swap 31.9 -4.1%

• China Corp. High-Yield Bond USD ETF(KHYB) 24.92 +.5%
• China High-Yield Real Estate Total Return Index 86.14 +7.8%
  

• Atlanta Fed Low Skill Wage Growth Tracker YoY +5.9% -10.0 basis points
  
• Zillow US All Homes Rent Index YoY +3.6% unch.
  
• US Urban Consumers Food CPI YoY +4.9% unch.
  
• CPI Core Services Ex-Shelter YoY +4.0% unch.
  
• Cleveland Fed Inflation Nowcast Core PCE YoY +4.0% unch.: CPI YoY +3.8% unch.
  
• 10-Year TIPS Spread 2.33% +7.0 basis points
  

• TED Spread 21.75 -3.75 basis points
  
• 2-Year SOFR Swap Spread -10.5 unch.
  

• 3-Month EUR/USD Cross-Currency Basis Swap -11.25 +.25 basis point

• N. America Investment Grade Credit Default Swap Index 64.43 +1.48%
  

• America Energy Sector High-Yield Credit Default Swap Index 180.0 -1.20% 
• Bloomberg TRACE # Distressed Bonds Traded 346.0 -18.0
  

• European Financial Sector Credit Default Swap Index 82.39 +2.7%
• Deutsche Bank Subordinated 5Y Credit Default Swap 270.79 +3.6%

• Emerging Markets Credit Default Swap Index 201.8 +1.58%
  

• MBS 5/10 Treasury Spread 167.0 +5.0 basis points
  
• Bloomberg CMBS Investment Grade Bbb Average OAS 806.0 +2.0 basis point
• Avg. Auto ABS OAS .74 +1.0 basis point
  

• M2 Money Supply YoY % Change -3.7% unch.
  

• Commercial Paper Outstanding 1,159.8 -2.1%

• 4-Week Moving Average of Jobless Claims 229,250 -3.6%
  

• Continuing Claims Unemployment Rate 1.1% -10.0 basis points
  
• Kastle Back-to-Work Barometer(entries in secured buildings) 47.26 +.23%
  

• Average 30-Year Fixed Home Mortgage Rate 7.55% +2.0 basis points
  

• Weekly Mortgage Applications 183,600 -2.9%

• Weekly Retail Sales +4.1% +210.0 basis points
  
• OpenTable US Seated Diners % Change YoY -5.0% unch.
  
• Box Office Weekly Gross YoY $79.1M +112.5%
  

• Nationwide Gas $3.81/gallon -.01/gallon

• Baltic Dry Index 1,141.0 +7.1%

• China (Export) Containerized Freight Index 890.34 -.3%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 22.5 -10.0%
• Truckstop.com Market Demand Index 39.2 -.33%

• Rail Freight Carloads 245,738 -.05%
• TSA Total Traveler Throughput 2,599,387 +26.0%
  

Best Performing Style

• Large-Cap Value -1.0%
  

Worst Performing Style

• Small-Cap Growth -2.5%

Leading Sectors

• Oil Service +4.6%

• Energy +4.4%
• Software +1.2%
  

• Computer Hardware +1.1%
  

• Pharma +1.1%
  

Lagging Sectors

• Networking -4.0%
  

• Digital Health -4.6%
  

• Alt Energy -5.0%

• Airlines -5.5%
  

• Telecom -6.5%
  

Weekly High-Volume Stock Gainers (18)

• GCT, SWBI, GWRE, VKTX, CBAY, IONQ, SMAR, DK, PBF, VLO, KR, PTEN, HP, STAA, DINO, WRK, ACI and SNOW
  

Weekly High-Volume Stock Losers (11)

• BOWL, SUM, TTC, SQ, CDMO, BILI, PHR, INOD, VFS, ZUMZ and RH
  

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Modestly Higher into Afternoon on US Economic "Soft-Landing" Hopes, Stable Long-Term Rates, Technical Buying, Energy/Financial Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Around Even
  

• Sector Performance: Most Sectors Rising
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 13.8 -4.2%
• DJIA Intraday % Swing .45%
  
• Bloomberg Global Risk On/Risk Off Index 70.9 -.42%

• Euro/Yen Carry Return Index 167.82 +.43%

• Emerging Markets Currency Volatility(VXY) 8.7 -1.5%

• CBOE S&P 500 Implied Correlation Index 19.9 -2.1% 

• ISE Sentiment Index 121.0 +10.0 points
  

• Total Put/Call 1.09 -.91%

• NYSE Arms 1.13 -6.61%

Credit Investor Angst:

• North American Investment Grade CDS Index 64.3 -.11%
  

• US Energy High-Yield OAS 311.26 -1.18%
• Bloomberg TRACE # Distressed Bonds Traded 346.0 +2
  

• European Financial Sector CDS Index 82.0 -1.09% 
• Deutsche Bank Subordinated 5Y Credit Default Swap 270.79 +.12%
  

• Italian/German 10Y Yld Spread 174.0 basis points +1.0 basis point
  

• Asia Ex-Japan Investment Grade CDS Index 122.43 -.58%
  

• Emerging Market CDS Index 201.80 +.46%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 24.92 +.1%

• 2-Year SOFR Swap Spread -10.0 basis points +.75 basis point
  

• TED Spread 22.0 basis points +.75 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -11.25 +.5 basis point
  
• MBS  5/10 Treasury Spread 167.0 -3.0 basis points
  
• Bloomberg CMBS Investment Grade Bbb Average OAS 806.0 -1.0 basis point
  
• Avg. Auto ABS OAS 74.0 +1.0 basis point
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 42.16 +.02%
• 3-Month T-Bill Yield 5.45% unch.
  

• China Iron Ore Spot 114.0 USD/Metric Tonne +.6%
• Dutch TTF Nat Gas(European benchmark) 34.5 euros/megawatt-hour +5.4%

• Citi US Economic Surprise Index 61.4 -.8 point

• Citi Eurozone Economic Surprise Index -74.1 +3.9 points

• Citi Emerging Markets Economic Surprise Index 6.3 +.2 point
• S&P 500 Current Quarter EPS Growth Rate YoY(497 of 500 reporting) -5.8%  unch.
  
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 238.45 +.04:  Growth Rate +8.5% +.1 percentage point, P/E 18.7 unch.
  
• S&P 500 Current Year Estimated Profit Margin 12.14% unch.
  
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(10 of 10 reporting) +25.4% unch.
  
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 245.74 +.10: Growth Rate +48.2% +.1 percentage point, P/E 31.8 +.4
  
• Bloomberg US Financial Conditions Index .45 +4.0 basis points
  
• Bloomberg Euro-Zone Financial Conditions Index -.54 -75.0 basis points
  
• US Yield Curve -72.25 basis points (2s/10s) -2.75 basis points
  
• US Atlanta Fed 2Q GDPNow Forecast +5.58% unch.
  

• Cleveland Fed Inflation Nowcast Core PCE YoY +4.03% unch.: CPI YoY +3.82% unch.
  
• 10-Year TIPS Spread 2.33 +2.0 basis points
  
• Highest target rate probability for Nov. 1st FOMC meeting: 53.6%(+.5 percentage point) chance of 5.25%-5.5%. Highest target rate probability for Dec. 13th meeting: 53.3%(+.6 percentage point) chance of 5.25%-5.5%.
  

Overseas Futures:

• Nikkei 225 Futures: Indicating -19 open in Japan 
• China A50 Futures: Indicating -37 open in China

• DAX Futures: Indicating +21 open in Germany

Portfolio:

• Slightly Higher:  On gains in my tech/commodity sector longs
  

• Disclosed Trades: None
  

• Market Exposure: 75% Net Long
  

Bear Radar

Style Underperformer:

• Small-Cap Value -1.8%
  

Sector Underperformers:

• 1) Alt Energy -1.4% 2) Steel -1.1% 3) Telecom -.9%

Stocks Falling on Unusual Volume: 

• BOWL, SUM, SQ, VFS, PHR, ZUMZ and RH
  

Stocks With Unusual Put Option Activity:

• 1) RH 2) KR 3) WBD 4) IAU 5) GSK
  

Stocks With Most Negative News Mentions:

• 1) ZUMZ 2) RH 3) GME 4) HOFT 5) RENT
  

Charts:

• ETFs Falling on Unusual Volume
• Stocks Falling on Unusual Volume

Bull Radar

Style Outperformer:

• Large-Cap Growth +.3%
  

Sector Outperformers:

• 1) Energy +1.9% 2) Oil Service +1.3% 3) Regional Banks +1.3%

Stocks Rising on Unusual Volume:

• BUR, CBAY, SWBI, GWRE, GCT, SMAR, IONQ, DK, TNP, HP, PBF, GSK, PTEN, ROIV, STAA, DINO, VLO, YY, KR, BROS, TRMD, LMB, OFC, TARS, HSAI, ACDC, PSX, HEP and SNOW
  

Stocks With Unusual Call Option Activity:

• 1) CNQ 2) GSK 3) SMAR 4) KR 5) CSX

Stocks With Most Positive News Mentions:

• 1) LTRX 2) CBAY 3) SWBI 4) GWRE 5) SMAR
  

Charts:

• ETFs Rising on Unusual Volume
• Stocks Rising on Unusual Volume