Ya, I know... it's just another swing of information equivalent to us, HT yappers, though I receive Seeking Alpha, and Earning Whispers emails each day. Anyone catch the FedX earnings conference? I missed it though if there's an indication of a possible rough patch moving in, sure seems the CEO made no qualms about it. Bold Red portion:
Weekend Bite, a Seeking Alpha original series: This week, we're joined by Susannah Streeter, Senior Investment and Markets Analyst at Hargreaves Lansdown. She shares her thoughts on the European energy crisis, if Bitcoin and Ethereum are still in play, and a reminder that investors need to hear from time to time. Kim Khan also shares the Catalyst Watch for next week on what is certain to move markets.
Stock index futures point to another decline this morning following a tough past four sessions, with the market set to record its fourth down week out of the last five. The benchmark S&P 500 (SP500) is 4% lower going into the last trading day of the week, while the Nasdaq (COMP.IND) and Dow (DJI) are off 4.6% and 3.7%, respectively. It's also quadruple witching day, which refers to the simultaneous expiration of market index futures, stock futures, market index options and stock options. The event can lead to higher volatility, which is not the greatest recipe in the current environment.
Bad news: FedEx (FDX) sent shudders down traders' spines late Thursday after sounding the alarm on macro weakness and withdrawing its full-year guidance. CEO Raj Subramaniam said he expects the economy to enter a worldwide recession, and would have to implement cost-cutting initiatives (closing 90 offices and five corporate locations, freezing hiring, reducing flights, etc.) to deal with softer global shipment volumes. FDX shares tumbled nearly 20% in response, and the sentiment was seen elsewhere, with the company serving as a barometer for "everybody else's business."
"The [Federal Reserve] might have a hard choice to make," noted Anastasia Amoroso, Chief Investment Strategist at iCapital. "Before they were saying, we're going to try to have a soft landing and bring down inflation. Now they may have to make a choice. It's either a soft landing or bringing down inflation. In other words, they may have to engineer more of a crackdown on economic growth to bring down inflation."
Next up: Bulls defended the important S&P support level of 3,900 again on Thursday, but a close below that level today could open the gates for further drawdowns - especially in the traditionally weak second half of September. Meanwhile, the University of Michigan is set to release its preliminary measure of September consumer sentiment at 10:00 a.m. ET, which could shift direction shortly after the start of trading. Economists expect the index to rise to 59.7 from 58, and inflation expectations will be watched to see if they drop from 4.8%.
Weekend Bite, a Seeking Alpha original series: This week, we're joined by Susannah Streeter, Senior Investment and Markets Analyst at Hargreaves Lansdown. She shares her thoughts on the European energy crisis, if Bitcoin and Ethereum are still in play, and a reminder that investors need to hear from time to time. Kim Khan also shares the Catalyst Watch for next week on what is certain to move markets.
Stock index futures point to another decline this morning following a tough past four sessions, with the market set to record its fourth down week out of the last five. The benchmark S&P 500 (SP500) is 4% lower going into the last trading day of the week, while the Nasdaq (COMP.IND) and Dow (DJI) are off 4.6% and 3.7%, respectively. It's also quadruple witching day, which refers to the simultaneous expiration of market index futures, stock futures, market index options and stock options. The event can lead to higher volatility, which is not the greatest recipe in the current environment.
Bad news: FedEx (FDX) sent shudders down traders' spines late Thursday after sounding the alarm on macro weakness and withdrawing its full-year guidance. CEO Raj Subramaniam said he expects the economy to enter a worldwide recession, and would have to implement cost-cutting initiatives (closing 90 offices and five corporate locations, freezing hiring, reducing flights, etc.) to deal with softer global shipment volumes. FDX shares tumbled nearly 20% in response, and the sentiment was seen elsewhere, with the company serving as a barometer for "everybody else's business."
"The [Federal Reserve] might have a hard choice to make," noted Anastasia Amoroso, Chief Investment Strategist at iCapital. "Before they were saying, we're going to try to have a soft landing and bring down inflation. Now they may have to make a choice. It's either a soft landing or bringing down inflation. In other words, they may have to engineer more of a crackdown on economic growth to bring down inflation."
Next up: Bulls defended the important S&P support level of 3,900 again on Thursday, but a close below that level today could open the gates for further drawdowns - especially in the traditionally weak second half of September. Meanwhile, the University of Michigan is set to release its preliminary measure of September consumer sentiment at 10:00 a.m. ET, which could shift direction shortly after the start of trading. Economists expect the index to rise to 59.7 from 58, and inflation expectations will be watched to see if they drop from 4.8%.
