evening wrap, july 15
market vibes
“Start where you are. Use what you have. Do what you can.” Arthur Ashe
In a word the Tuesday equity session was Nvidia, now at a $4.2 trillion market cap and a 55 PE. If it weren’t for Nvidia’s +6% leadership, stocks might have had a bad spill today. Almost everything was red, even JPM fell .75 bps. The Dow spent most of the day down 300. it’s down 490 as I write. MSFT rallied a lonely 2%.
Headline CPI rose 2.7% year-over-year, up from 2.4% in May, and 0.3% month-over-month. Core CPI (excluding food and energy) rose 0.2% MoM, below 0.3% expected, and 2.9% YoY, slightly under 3.0% expected.
Bonds and dollars reacted to “hot” headline data and ignored dovish core data. Gold and silver slumped. Bitcoin too a breath, deservedly. Let’s have look:
