Here, Scott shares 7 thoughts on the market this morning 10-4-22.
1. Market indexes point up today after a great day in the markets yesterday.
2. The S&P 500 was up 2.6% yesterday and the Dow was up 2.7%. The Nasdaq was up 2.3%. Futures point up plus 1% today.
3. The overall economy saw some cooling in September. Here this leads to positive movement for the equity markets because it leads people to believe that the Fed will start to soften its tone on interest rates.
4. The market may also be reacting to UN and other calls to slow the rise in interest rates. Perhaps one can argue that Chairman Powell and the Fed have done a pretty good job of ratcheting up rates to soften growth and might take a month or two to see the impact before moving further.
5. Treasury yields dropped yesterday.
6. Oil rose to $84 plus based on news of OPEC looking to reduce supply.
7. Bitcoin rose nearly 4% to close in on $20000 & Cannabis stocks recovered in line with the major indexes.
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