Watch: After the Open | Updated Daily
Sign up for our content
By
CIO | Nadine Terman @SolsteinCapital details what she's seeing in global financial markets.

May 28, 2024

Someone Will Be Right

CTAs/Managed Future strategies are getting shorter the market whereas long/short equity funds are going all-in at the table. This happened back in Nov, and the l/s folks won out, with the market rallying. After such a run, though, CTAs may have the upper hand.Winners and LosersOnly 296 of the S&P 50...

Read more
By
CIO | Nadine Terman @SolsteinCapital details what she's seeing in global financial markets.

May 24, 2024

What Happened Yesterday?

If you’re just catching up…yes, NVDA came in strong, but stronger-than-expected biz data made traders recalc their rate cut expectations by a month. Durable goods are up 0.7% versus and expected decline of -0.8%, so there’s another data point to make them rethink their cut-cut-cut dream. GS ha...

Read more
By
CIO | Nadine Terman @SolsteinCapital details what she's seeing in global financial markets.

May 23, 2024

Tech Time

NVDA met the hurdle, raised guidance, and announced a 10:1 stock split. Fun fact—its stock is almost worth as much as the entire German stock market. On another positive note—NVDA is reducing its dependence for datacenter revs from the biggest cloud co’s (only low 40% now, down from >50% last ...

Read more
By
CIO | Nadine Terman @SolsteinCapital details what she's seeing in global financial markets.

May 21, 2024

Too Expensive

You know it’s frothy when Jamie D says he’s not buying his own stock at JPM. In fact, watch the guy leave his post right before he sees a bigger mountain on the horizon. He delivered an economic warning at the investor day, so he’s watching those delinquency numbers…Razor-Thi...

Read more
By
CIO | Nadine Terman @SolsteinCapital details what she's seeing in global financial markets.

May 20, 2024

Introduction

Hey there, Fellow Investor!I wanted to remind that your special introductory offer to join Wall Street Beats is still valid for 20% off all subscriptions.Wall Street Beats is a new digital investment platform offering all types of investors access to premiere investing ideas and analysis from s...

Read more
By
CIO | Nadine Terman @SolsteinCapital details what she's seeing in global financial markets.

Waving the White Flag

Uber-bear Michael Wilson from Morgan Stanley is projecting the S&P to hit a record 5,400 by June 2025, versus his prior forecast that the market would decline by -15% by Dec. We think he’s flipping at the exact wrong time. Mikey Likes It.Bank BossJPM raised its full-year NII forecast to $91 bn as ...

Read more
By
CIO | Nadine Terman @SolsteinCapital details what she's seeing in global financial markets.

May 16, 2024

Bears on Vacation

Goldilocks is still in the house, with risk assets bid on the back of US soft-landing hopes post yesterday’s CPI data, per Reuters. BBG is reporting that hedge funds are adding exposure to the AI Mag 7’s. But interestingly, Druckenmiller and Tepper have been cashing out. Bondo’s Wildcat also s...

Read more
By
CIO | Nadine Terman @SolsteinCapital details what she's seeing in global financial markets.

May 15, 2024

What We Got

CPI print came in softer. What the Market Did (S&P reaction) and UST are up with yields down. Under the Hood Retail sales slowed, as did core inflation—so investors are back on the "cut soon" bandwagon. But the next CPI print is on the same day the Fed makes its next rate announcement, s...

Read more
By
CIO | Nadine Terman @SolsteinCapital details what she's seeing in global financial markets.

May 14, 2024

Producer Prices

Rose in April more than forecasted. It’s still hot out there, folks. Keep the Party Going Per Reuters, BofA's May fund survey shows that rate cut bets have made investors most bullish since Nov 2021, not earnings. Cash is down to 4%. Stock allocations highest since Jan 2022. More On That Per...

Read more
By
CIO | Nadine Terman @SolsteinCapital details what she's seeing in global financial markets.

May 13, 2024

Holding Pattern

Per BBG, bond traders are in a holding pattern as they wait for key US inflation data coming on Wed with the CPI print. Per the FT, inflation probably softened in Apr for the 1st time in 6 mo. Captain Obvious GS is warning that companies not making profits will be facing rate risk, per BBG. Roari...

Read more
By
CIO | Nadine Terman @SolsteinCapital details what she's seeing in global financial markets.

May 10, 2024

True

The US Space Weather Prediction Center is issuing a warning for a severe solar storm this weekend, which may cause blackouts, disrupt your car's nav system, and take out high-frequency radios. It's a G4 geomagnetic storm watch—the 2nd highest on a 5 step scale. The last time this happened was Oct ...

Read more
By
CIO | Nadine Terman @SolsteinCapital details what she's seeing in global financial markets.

May 9, 2024

Staking Your Claim

Weekly jobless claims hit their highest level since Aug at 231k. Continuing claims are up too. Our team expects this to keep climbing. Risk for the economy is increasing. Equities came back on the print. Short-term yields dropped. Skid Marks The guy in charge of PR for Boeing must be making a mint...

Read more
By
CIO | Nadine Terman @SolsteinCapital details what she's seeing in global financial markets.

May 8, 2024

People Like a Deal

Weekly mortgage refi demand was up 5% in the US, after just a slight dip in rates. Across the global, Chinese iPhone shipments jumped ~12% in Mar after Apple slashed its prices, per BBG. People like a deal. Room to Run JPM is noting that the US consumer’s net worth is up ~$37T, or +33.6%, sinc...

Read more
By
CIO | Nadine Terman @SolsteinCapital details what she's seeing in global financial markets.

May 7, 2024

Majority Rules

Today, we sit with >83% of the S&P 500 market cap having reported. 1Q24 expectations are for revenues to grow 3.9% and EPS by 10.2%. Check out the table by UBS below; earnings are beating estimates by 7.7% overall, with 74% of co’s beating projections. Winner Takes Less Interestingly, win...

Read more
By
CIO | Nadine Terman @SolsteinCapital details what she's seeing in global financial markets.

May 6, 2024

On Track

With 83% of companies reported in the US, BAML highlights how the US is jamming. 1Q is tracking a 2% beat, or +6% y/.y. Guidance is improving too—with their ratio up to 0.8x from 0.5x....

Read more
By
CIO | Nadine Terman @SolsteinCapital details what she's seeing in global financial markets.

May 3, 2024

Cheering for Losers

Labor lost out today, showing only 175k in US nonfarm payrolls in April, versus ~240K expected. The unemployment rate rose to 3.9%, versus an expected 3.8%, per Reuters. So, the market is up hard. The 10-yr yield dropped below 4.5% on the news. Bond traders are getting excited, starting to price in ...

Read more
By
CIO | Nadine Terman @SolsteinCapital details what she's seeing in global financial markets.

May 2, 2024

In Case You Were Without WiFi

Powell ruled out a rate hike and kept a rate cut still on the table, but not on the horizon, per Bloomberg and every media outlet on the planet. So, now concerns are what they’ll do with a US economy that is too strong to cut rates, per the FT. There’s no signal mention for rate cuts, per Reuter...

Read more
By
CIO | Nadine Terman @SolsteinCapital details what she's seeing in global financial markets.

May 1, 2024

Fed Fun

Everyone’s waiting for Powell to release the statement and head awkwardly to the microphone for Q&A. Traders expect the Fed to hold rates steady and signal a delay on rate cuts because of sticky inflation, per Reuters. Just look at the options market—it shows traders are worried about a big mark...

Read more