A not-great start to the week is setting up for Wall Street, which is still smarting from too-strong jobs data and anxiously looking ahead to a CPI update. A fresh ratcheting up of tensions between Russia and Ukraine is not helping.
That advice may be obvious to some, given the dollar DXY, +0.29% has been a haven of choice in a turbulent 2022, up about 18%. Meanwhile, over at Evercore ISI, senior managing director for research, Julian Emanuel, says the coming reporting quarter is “déjà vu all over again,” with the backdrop looking much like the second quarter in July — a sense of “unrelenting Fed hawkishness weighing on markets,” nonstop policy maker rhetoric and still too-strong data.
That latter group also has the same market cap, but outperformance into that June market low, and underperformance since, with stocks hitting a new lows and downward 2023 EPS revisions.The markets Stock futures ES00, -0.19% YM00, -0.07% are headed south, with bond yields TMUBMUSD10Y, 3.889% steady, as the dollar DXY, +0.29% rises. Oil CL.1, -0.58% is lower and bitcoin BTCUSD, -0.65% is hovering at $19,400. Hong Kong HSI, -2.95% and China stocks 510210, -1.
UBS downgraded auto makers including Ford F, -1.29%, cut to sell, and GM GM, -2.92%, dropped to neutral, saying the industry is headed for oversupply amid rising costs and debt risks. “Typical of a Dickensian plot.” The great, great, great grandson of Charles Dickens on Musk vs. Twitter.
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