Tuesday, August 1, 2023

Morning Note: Weekly Sector, Region, Asset Class Results Update


Asian stocks were mostly red overnight, with 10 of the 16 markets we track closing lower.

Europe's also trading lower so far this morning, with 13 of the 19 bourses we follow trading down as I type.

US equity averages are mostly (save for the Dow) lower to start the session: Dow up 60 points (0.17%), SP500 down 0.24%, SP500 Equal Weight down 0.32%, Nasdaq 100 down 0.48%, Nasdaq Comp down 0.57, Russell 2000 down 0.69%.

As for yesterday’s session, US equity averages closed higher: Dow up 0.3%, SP500 up 0.1%, SP500 Equal Weight up 0.3%, Nasdaq 100 up 0.04%, Nasdaq Comp up 0.2%, Russell 2000 up 1.1%.

This morning the VIX sits at 13.98, up 2.57%.

Oil futures are down 0.62%, gold's down 0.91%, silver's down 1.86%, copper futures are down 1.82% and the ag complex (DBA) is down 0.14%.

The 10-year treasury is down (yield up) and the dollar is up 0.43%.

Among our 34 core positions (excluding options hedges, cash and money market funds), 4 -- XLI (industrial stocks), JNJ, XLP (consumer staples stocks) and XLV (healthcare stocks) -- are in the green so far this morning... The losers are being led lower by Dutch Bros, MP Materials, VNM (Vietnam equities), Albemarle and DBB (base metals futures).

"Invariably, investors who disregard where they stand in cycles are bound to suffer serious consequences.

--Howard Marks 

Have a great day!

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