US manufacturing has officially contracted for the 5th consecutive month, to 47.2 points.
The ISM manufacturing PMI index missed expectations of 47.5 points for last month. New orders fell to 44.6 points from 47.4 in July, experiencing contraction for the 3rd straight month. Manufacturing activity has now shrunk in 21 of the last 22 months, extending the second-longest downturn in history. The worst part? The prices paid index jumped to 54.0 points from 52.9 in July, expanding for the 8th month in a row. Rising prices with falling output is rarely a good combo for stocks >>> to be monitored Source: www.zerohedge. The Kobeissi Letter
BREAKING: Magnificent 7 stocks have now erased $550 BILLION of market cap today.
Nvidia, $NVDA, is on track for its largest daily drop since April 2024. As discussed during our H2 outlook, volatility is coming back with a vengeance ahead ahead of US elections. Source: The Kobeissi Letter, Bloomberg
Recessions are Bad for Stocks...
-but only during the first part -stocks do well in the later stages Basically you need to lighten exposure into recession, then load up in the depths. Source: Schroders thru Callum Thomas
The world's most important stock exchange and the world's most important stock index.
Source: J-C Parets
Sector Heatmap Performance for August 🔥
📈 Consumer Staples were the biggest winners $XLP 📉 Energy was the biggest loser $XLE Source: Trend Spider
World's 10 biggest companies in 2024 vs. 2009
Source: Yahoo Finance
Nestlé CEO departure *not such a bad thing"
Source: CNBC
Will the share buyback effect soon fade?
Since 2000, Share Buybacks have comprised ~100% of net equity purchases. Such has been a huge support for higher asset prices. That is all fine until you run out of cash to execute buybacks. Source: h/t @ISABELNET_SA, BofA, Lance Roberts
