GDP Data Revised Upward
Q2 GDP was revised upward to +2.9%, from an earlier forecast of +2.5%, although the consensus was that it would be revised to +3.0%. So basically, this is an in-line report. Of course, this is still a lagging indicator, so don't place too much emphasis on it in terms of what the Fed is going to do.
Oil & gas prices are slighltly lower again this morning, which is weighing further on the energy stock complex. Tech, on the other hand, is getting a nice bid and is up across the board. Most other sectors are positive so far as well.
Bond yields are slightly lower again, with the 10-year at 4.77%. And the dollar is down a touch against the Euro.
It seems that the consensus opinion is for the market to pull back in early September. But the market sure isn't acting like it. Yesterday was another solid day, with slightly higher volume. So far, it's been a quietly solid week. But let's not get ahead of ourselves--
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posted by J. Kahn @ 7:22 AM
2 comments
2 Comments:
At this point, we are seeing a direct correlation between the 10-year yield and anything resembling a consumer staple stock. I think that should continue as each step down in yield just further steepens the inversion.
What did the ADP number look like this morning? I can't seem to find it anywhere.
I'm less sure on that. We took partial profits on PEP yesterday, as I think the rally in consumer staples is getting a little long in the tooth.
As for ADP, their report showed the economy added 107k jobs in August
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