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The Daily Chase: Awaiting tech earnings; Tesla downgraded

The Daily Chase: Awaiting tech earnings; Tesla downgraded

BNN Bloomberg
Monday, July 24, 2023 3:45 PM GMT

Here are five things to know this morning.

Here are five things to know this morning.

Hot streaks: The Dow Jones Industrial Average is looking to make it an 11-sessions in a row of gains. The index climbed for 10th day on Friday, the longest streak since 2017. We are also nine months past the low for the S&P 500 and Bespoke notes that since Second World War, once we get nine months past a major bear market low, the S&P 500 has been higher a year later 12 out of 13 times. Further, if this bull market would be to last as long as historical bull markets (1,011 days) and notch the same average gains (114 per cent) then it can last until July 2025 with an additional 68 per cent upside to go. But beware of seasonality: August and September are historically weak for equities. The TSX is sitting at the same levels it tops out at least two times so far this year. Can it break out?

Little bits floating around: The market is tentatively positive as it sits at the doorstep of major events this week. This morning European data flashed aggressive recession signals as the composite PMI contracted more than expected and put in the lowest reading since November. Against this backdrop, the European Central Bank will make a rate decision on Thursday. They are expected to hike and we will watch for hawkish signals for the rest of the year. Speaking of central banks, the U.S. Federal Reserve also makes its rate decision this week. On Wednesday the Fed is expected to hike rates for an 11th time in the cycle, but we will watch for signs that this is the final one. The market is pricing in a 33 per cent chance of a rate hike in September, up from 22 per cent last week. And then we have earnings, 30 per cent of the S&P 500 reports this week featuring reports from Microsoft, Alphabet and Meta which make up 12 per cent of the S&P 500’s market cap.

Read full story on BNN Bloomberg
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