Panic over the potential NASDAQ 100 rebalance and here is what happened.
Following up on the multi-billion dollar lose by Goldman - AppleCard a bust?
The Fed and other important market moving events on the top of out list this week.
Announcing a new Closest to The Pin!
PLUS we are now on Spotify and Amazon Music/Podcasts!
Click HERE for Show Notes and Links
DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar.
Love the Show? Then how about a Donation?
Follow John C. Dvorak on Twitter
Follow Andrew Horowitz on Twitter
Warm Up
- Another big deal - panic ended up a nothingburger
- Summer Travel upended as wildfires heat up Europe
- Biden-omics, this is a thing?
- AI - coders going to be goners
Market Update
- Mega-Cap Tech earnings
- Fed meeting this week - odds favor a hike
- Bull run continues
- Media all abuzz about the DJIA run - most consecutive up days since 2017
- P/E ration on SP500 now at 19.6 (forward) with a negative or zero growth rate
Consumer Confidence
- The Conference Board's Consumer Confidence Index jumped to 117.0 in July (Briefing.com consensus 111.5) from an upwardly revised 110.1 (from 109.7) in June.
- In the same period a year ago, the index stood at 95.3.
- The July reading marks the highest level for the Consumer Confidence Index since July 2021.
- Big jump in UMich last week as well
---- FED HAS TO BE CONCERNED WITH THIS
Consumer Confidence
Fear/Greed
- Extreme Greed
Fear/Greed Index
Fear/Greed History
Microsoft Earnings - Good overall , guides soft for Sept quarter, shares drop 4% AH
Google Earnings - AI big driver, good advert numbers, they like what they see - shares jump 6% AH
Interesting - All of a Sudden
- News that AT&T and Verizon may have lead cable problem
--- Raymond James analysts wrote in a note that they estimate AT&T could spend between $264 million and $1.2 billion to remove lead-covered cables. If the company is required to remove all the lead-clad cables, it could cost AT&T roughly $84 million a year in a 15 to 25-year process, the analysts wrote.
- Pratt & Whitney determined that a rare condition in powder metal used to manufacture certain engine parts will require accelerated fleet inspection (RTX down 15% on news as they premise to compensate airlines for the disruption)
--- Powdered metal had a containment in it and the company started inspecting.
----- There is a concern that fleet needs to be inspected more rapidly.
-------- The company expects to inspect another 1000 units next year and expects a very small fallout rate.
- This will cause distribution to the airlines.
-------------- Decliners: ULCC -5.79% LUV -5.60% JBLU -5.39% HA -5.42% UAL -3.96% DAL -3.14% AAL -2.87% SAVE -2.24
Greece Tourism
- Fires burning since Wednesday on Rhodes forced the evacuation of 19,000 people over the weekend as an inferno reached coastal resorts on the island's southeastern coast.
- Rhodes and Corfu are among Greece's top destinations for tourists mainly from Britain and Germany.
- Tour operators Jet2, TUI and Corendon cancelled flights leaving for Rhodes. Britain's easyJet said on Sunday it was operating two repatriation flights on Monday from Rhodes to London's Gatwick airport in addition to the nine flights already operating between the island and Gatwick.
- - AND: The heatwave engulfing the northern hemisphere is set to intensify this week, causing overnight temperatures to surge and leading to an increased risk of heart attacks and deaths, the World Meteorological Organization said on Tuesday.
- - - - The WMO warned that the heatwave was in its early phases, saying it expected temperatures in North America, Asia, North Africa and the Mediterranean to be above 40 Celsius (104 Fahrenheit) "for a prolonged number of days this week as the heatwave intensifies".
Special Rebalance on Monday
- Not as much volatility on the Mega=cap names with the NAS...
Following up on the multi-billion dollar lose by Goldman - AppleCard a bust?
The Fed and other important market moving events on the top of out list this week.
Announcing a new Closest to The Pin!
PLUS we are now on Spotify and Amazon Music/Podcasts!
Click HERE for Show Notes and Links
DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar.
Love the Show? Then how about a Donation?
Follow John C. Dvorak on Twitter
Follow Andrew Horowitz on Twitter
Warm Up
- Another big deal - panic ended up a nothingburger
- Summer Travel upended as wildfires heat up Europe
- Biden-omics, this is a thing?
- AI - coders going to be goners
Market Update
- Mega-Cap Tech earnings
- Fed meeting this week - odds favor a hike
- Bull run continues
- Media all abuzz about the DJIA run - most consecutive up days since 2017
- P/E ration on SP500 now at 19.6 (forward) with a negative or zero growth rate
Consumer Confidence
- The Conference Board's Consumer Confidence Index jumped to 117.0 in July (Briefing.com consensus 111.5) from an upwardly revised 110.1 (from 109.7) in June.
- In the same period a year ago, the index stood at 95.3.
- The July reading marks the highest level for the Consumer Confidence Index since July 2021.
- Big jump in UMich last week as well
---- FED HAS TO BE CONCERNED WITH THIS
Consumer Confidence
Fear/Greed
- Extreme Greed
Fear/Greed Index
Fear/Greed History
Microsoft Earnings - Good overall , guides soft for Sept quarter, shares drop 4% AH
Google Earnings - AI big driver, good advert numbers, they like what they see - shares jump 6% AH
Interesting - All of a Sudden
- News that AT&T and Verizon may have lead cable problem
--- Raymond James analysts wrote in a note that they estimate AT&T could spend between $264 million and $1.2 billion to remove lead-covered cables. If the company is required to remove all the lead-clad cables, it could cost AT&T roughly $84 million a year in a 15 to 25-year process, the analysts wrote.
- Pratt & Whitney determined that a rare condition in powder metal used to manufacture certain engine parts will require accelerated fleet inspection (RTX down 15% on news as they premise to compensate airlines for the disruption)
--- Powdered metal had a containment in it and the company started inspecting.
----- There is a concern that fleet needs to be inspected more rapidly.
-------- The company expects to inspect another 1000 units next year and expects a very small fallout rate.
- This will cause distribution to the airlines.
-------------- Decliners: ULCC -5.79% LUV -5.60% JBLU -5.39% HA -5.42% UAL -3.96% DAL -3.14% AAL -2.87% SAVE -2.24
Greece Tourism
- Fires burning since Wednesday on Rhodes forced the evacuation of 19,000 people over the weekend as an inferno reached coastal resorts on the island's southeastern coast.
- Rhodes and Corfu are among Greece's top destinations for tourists mainly from Britain and Germany.
- Tour operators Jet2, TUI and Corendon cancelled flights leaving for Rhodes. Britain's easyJet said on Sunday it was operating two repatriation flights on Monday from Rhodes to London's Gatwick airport in addition to the nine flights already operating between the island and Gatwick.
- - AND: The heatwave engulfing the northern hemisphere is set to intensify this week, causing overnight temperatures to surge and leading to an increased risk of heart attacks and deaths, the World Meteorological Organization said on Tuesday.
- - - - The WMO warned that the heatwave was in its early phases, saying it expected temperatures in North America, Asia, North Africa and the Mediterranean to be above 40 Celsius (104 Fahrenheit) "for a prolonged number of days this week as the heatwave intensifies".
Special Rebalance on Monday
- Not as much volatility on the Mega=cap names with the NAS...
Activity