Personal Income missed, Consumer Spending high, Core PCE on consensus, Pending Home Sales missed very badly, Dallas Fed slight miss.
William Dudley sounded hawkish, while Charles Evans came in later, sounding dovish. This clearly demonstrated the uncertainty surrounding the Fed, and thus exacerbated the risk-off environment in just about every asset class. Nice goin’, Slick. No soup for you, one year.
1) All four major indices took a severe beating today as preservation of capital became the focus. The S&P 500, Russell 2000, and NASDAQ Composite all surrendered more than 2.5%. Only the DJIA, which only represents 30 stocks kept it’s decline under 2%. Trading volume picked up late in the day, at the lows of the session, and ended up quite heavy.
2) Let’s talk S&P sector indices, shall we. Health Care gave up almost 4%. Within that sector, Biotech gave up almost 5%. Energy -3.5%…. Materials -3.2%….. Consumer Discretionary -2.9%. Ok, ok, I give….Were there any winners ??? No.
3) US Treasuries were today’s only safe haven. This gave the Utility sector enough of a boost to keep it’s performance to a -0.6% day. Even Gold was slapped around. Rounding out our circle of doom, Crude and the US Dollar also had really lousy days.
4) “Clubber, what’s your prediction for the fight?”……. “Pain”.