{"id":209127,"date":"2024-07-12T11:00:00","date_gmt":"2024-07-12T15:00:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=209127"},"modified":"2024-07-25T15:52:16","modified_gmt":"2024-07-25T19:52:16","slug":"today-higher-inflation-lousy-consumer-buy","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/today-higher-inflation-lousy-consumer-buy\/","title":{"rendered":"Today, Higher Inflation + Lousy Consumer = Buy"},"content":{"rendered":"\n<p>We came into today expecting three somewhat important market news items.&nbsp; All disappointed, but investors clearly don\u2019t care.<\/p>\n\n\n\n<p>Bank earnings led the way.&nbsp; The three largest to report, JPMorgan (JPM), Wells Fargo (WFC), and Citibank (C), all beat their consensus EPS targets but all traded lower throughout most of the morning.&nbsp; As we have seen all-too-many times before, when stocks are priced to relative perfection \u2013 JPM fits that bill \u2013 investors look beyond the obvious and dig deeper.&nbsp; It\u2019s sometimes as though they are looking for an excuse to sell.&nbsp; It is something different in each company\u2019s case, but the theme remains the same.<\/p>\n\n\n\n<p>Then came the Producer Price Index report, which featured a series of misses.&nbsp; The headline number rose by 0.2% on a monthly basis, above the 0.1% consensus, and the core was a somewhat stunning 0.4% rise, well above the 0.2% consensus.&nbsp; It would seem as though the CPI giveth and the PPI taketh away, at least in the bond market, but Treasury yield actually fell slightly.&nbsp; The bond market\u2019s momentum remains quite solid, apparently.<\/p>\n\n\n\n<p>Finally, at 10am EDT, we received the latest sentiment report from the University of Michigan.&nbsp; Put simply, they stunk.&nbsp; Sentiment came in at 66.0 (vs. 68.5 consensus), Current Conditions were 64.1 (vs. 66.0 exp), and Expectations were 67.2 (vs. 69.3).&nbsp; Survey data of this type is hardly the most consequential, but it fits in with the recent theme that consumers seem to be getting a bit more nervous and tightening the grip on their wallets.<\/p>\n\n\n\n<p>Yet none of these outweigh the impulse for tech investors to buy the dip.&nbsp; Semiconductor stocks are about 1.7% higher (SOX), leading the Nasdaq 100 (NDX) to a 0.7% gain.&nbsp; It hardly recoups yesterday\u2019s losses, but the combination of a broad based rally along with participation from technology stocks is allowing the S&amp;P 500 (SPX) to recoup most of its prior losses today with its own 0.7% rally.&nbsp; This comes amidst a broad based rally with NYSE advancers leading decliners by about 3:1 and the Russell 2000 (RTY) is up about 1%.<\/p>\n\n\n\n<p>It\u2019s a risk-on day despite the news flow, <a href=\"\/campus\/traders-insight\/securities\/stocks\/has-healthy-rotation-become-potentially-toxic\/\">the flip-side of yesterday\u2019s activity<\/a>.&nbsp; One day did not make a trend yesterday, nor does today\u2019s activity either.&nbsp; That said, today\u2019s activity is much more in line with what we have seen for most of this year.&nbsp; But the bank results raise an important concern as we enter earnings season.&nbsp; We\u2019ve gotten quite accustomed to companies beating their analyst consensus estimates.&nbsp; Roughly 75-80% do so each quarter.&nbsp; If the recent rally has raised expectations so high that even earnings beats are not rewarded, that could pose a problem for investors \u2013 especially if the \u201cwrong\u201d stocks get tripped up trying to jump over a raised bar.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We came into today expecting three somewhat important market news items.\u00a0 All disappointed, but investors clearly don\u2019t care.<\/p>\n","protected":false},"author":4,"featured_media":209129,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14700,18,6,8,9,26,3],"tags":[1156,3762,3224,17369,6988,570,5531,6014,13038,1383],"contributors-categories":[13576],"class_list":{"0":"post-209127","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-market-insights","8":"category-macro","9":"category-north-america","10":"category-region","11":"category-securities","12":"category-text-articles","13":"category-traders-insight","14":"tag-consumer-behavior","15":"tag-consumer-spending","16":"tag-economic-indicators","17":"tag-economic-trends","18":"tag-financial-markets","19":"tag-inflation","20":"tag-investment-strategy","21":"tag-macroeconomics","22":"tag-market-analysis","23":"tag-market-sentiment","24":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Today, Higher Inflation + Lousy Consumer = Buy<\/title>\n<meta name=\"description\" content=\"We came into today expecting three somewhat important market news items. 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