Critical news and information for the U.S. trading day
After a presentation dogged by muffled audio and then climate-change protesters, Fed Chair Jerome Powell finally got his message across, which was, basically, that he didn’t have one.
“Rising interest rates operate negatively on most assets and the economy at large with a lag. These changes are not temporary, and there will be interesting and painful consequences that naturally befall a world that coasted for over a decade on low rates and free money,” said Jeffrey Bronchick, who runs the Cove Street Capital Small Cap Value Fund, in a recent letter to clients.
Another what he calls an “off spreadsheet” event occurred after the hack at MGM Resorts MGM, +1.01%, which weighed on media conglomerate IAC IAC, +0.53%, the 18% owner. Dotdash Meredith, another IAC holding, “remains mired in an ad recession as it continues its work onboarding the Meredith print properties to its digital monetization machine.” Still, he says IAC is trading at $125 million above its combined cash, MGM and Angi ANGI, positions, and he said he’s added to the position.
The markets The S&P 500 SPX has dropped over 2% the last three sessions, and stock futures ES00, -0.26% NQ00, -0.35% were pointing to more of the same for Friday. The yield on the 10-year Treasury BX:TMUBMUSD10Y has backed away from the very-nearly-almost 5% level. Gold futures GC00, +0.72% rose. SolarEdge Technologies SEDG, -5.63% warned on profits due to a slowdown in solar-power installations in Europe, news that also hurt rivals including Enphase Energy ENPH, -6.41% and SunPower SPWR, -2.28%.Friday will see the expiration of some $2.5 trillion of options contracts.
The chart Whether looking at trailing or forward earnings forecasts, stocks are now more overvalued compared to bonds that they have been in 20 years, says Torsten Slok, chief economist at Apollo Global Management. That conclusions is made using the earnings yield — earnings to price — subtracted by the yield on the 10-year Treasury.
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