Of all the companies to miss revenue expectations, in this environment, Amazon... Hmm... Its stock price this morning (off nearly 7%) says traders were caught a bit off guard.
Of course it's not that Amazon is suffering in the least, it's that the operative word above is "expectations." And human nature being what it is, there's that "recency bias" (always anticipating more of the latest) that forever rocks markets as economic and market regimes begin to change... More on that in our upcoming macro update...
Asian equities had a rough night last night, with all but 2 of the 16 markets we track closing lower.
Europe's leaning red this morning, with 11 of the 19 bourses we follow trading down as I type.
US stocks mixed (but trending lower): Dow down 105 points (0.30%), SP500 down 0.46%, SP500 Equal Weight down 0.11%, Nasdaq 100 down 0.63%, Nasdaq Comp down 0.58%, Russell 2000 up 0.12%.
The VIX (SP500 implied volatility) is up 2.49%, NDX (Nasdaq 100 i.v.) is up 2.38%
Oil futures are up 0.14%, gold's down 0.31%, silver's down 0.36%, copper futures are down 0.86% and the ag complex (thanks to coffee coming off the boil) is down 1.93%.
The 10-year treasury is up (yield down) and the dollar is up 0.21%.
Led by solar stocks, ALB (lithium miner), wind stocks, consumer staples and materials stocks -- but dragged by ag commodities, energy stocks, Latin American equities, uranium miners and KRBN (carbon credits), our core mix is off 0.50% to start the day.
“What we need to do is always lean into the future; when the world changes around you and when it changes against you – what used to be a tail wind is now a head wind – you have to lean into that and figure out what to do because complaining isn’t a strategy.” – Jeff Bezos
Marty
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