Inside Markets — The Fed Put
Friday’s Jobs Report was the fourth consecutive January where non-farm payrolls doubled consensus estimates.
Inside Markets — January Jobs Report
As expected, Powell used some of yesterday’s press conference to push back on March rate cut expectations.
Inside Markets — March Rate Cut Expectations
As expected, Powell used some of yesterday’s press conference to push back on March rate cut expectations.
Inside Markets — High Bar
US equities are lower after overnight earnings failed to meet a very high bar, with post-earnings downside in MSFT and GOOGL pressuring the market cap weighted SPX and Nasdaq 100 (NDX) with the two stocks accounting for 11.5% and 14.1% respectively.
Inside Markets — Resistance
The SPX is currently butting up against trendline resistance near 4925. From a technical perspective only, the SPX needs to maintain levels above ~4800 to stay intact with a break below likely coinciding with easy-to identify bearish momentum divergence.
Inside Markets — Earnings
The SPX has held up well due in large part to the outperformance of large cap Tech, which will be tested this week with earnings from five of the ‘Magnificent 7’ plus AMD.
Inside Markets — March Rate Cut
The logic behind pricing in a March rate cut originally came from Fed officials’ repeated emphasis on the annualized 6-month run rate core PCE.
Inside Markets — Earnings Season
This week’s ramp in CQ4 earnings season will be a test for the momentum-driven rally.
Year End Letter 2023
We are deeply grateful for the the trust and confidence clients have placed in Jackson Square Capital. This coming March will mark our five-year anniversary since we launched Jackson Square Capital (JSC) with our clients’ best interests in mind.
Inside Markets — Soft Landing
Yesterday’s updated Summary of Economic Projections (SEP) clearly supports market expectations for a soft landing, especially when compared to the SEP from last December.