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☆ China's true military spending in 2022 was likely worth $711 billion, or 'nearly equal' to the US military budget that year: US think tank
▼ + stars: | 2024-05-03 | by ( Matthew Loh | ) www.businessinsider.com time to read: +6 min

A new report says China's $229 billion military budget in 2022 was actually equivalent to $711 billion. AdvertisementIn June 2023, Sen. Dan Sullivan of Alaska warned Congress that China's military was catching up to America's faster than previously imagined. That makes Beijing's spending in 2022 "nearly equal" to the US defense budget of about $740 billion that year, wrote Eaglen, a senior fellow at AEI. Using that factor, Eaglen wrote that it's highly likely China's spending on personnel that year was worth $293 billion of US military spending. US military spending is also often cited as higher than the actual defense budget.

Persons: —, Sen, Dan Sullivan, Mackenzie Eaglen, Sullivan, Eaglen, haven't Organizations: AEI, Service, Republican, American Enterprise Institute, Pentagon, Beijing, United Nations, Labor, US Army, People's Armed Police, Liberation Army's, Publishing, Getty, China's, Guard Locations: Alaska, Beijing, Washington, China, Nanning, South, Guangxi Zhuang Autonomous, United States

☆ Women have specific exercise and nutritional needs. Dr. Stacy Sims explains
▼ + stars: | 2024-05-02 | by ( Melanie Radzicki Mcmanus | ) edition.cnn.com time to read: +9 min

“If we work with our physiology knowing that women are women and men are men, knowing that women are not small men, then imagine the (health) outcomes,” she said at a 2019 TED talk. Women of all ages should focus on strength training to help reduce risk of dementia, said exercise physiologist and nutrition scientist Dr. Stacy Sims (not shown). Dr. Stacy Sims said women should prioritize eating more protein to support building muscle, especially as bodies age. But if we have that lean mass from strength training, it really helps calm down that rate of change. Drinking something cold right after exercise helps bring that blood back centrally, reduces metabolites and starts the reparation process.

Persons: Joe Biden, —, Stacy Sims, ”, MoMo, Sims, Darwin, that’s, Alzheimer’s, haven’t, It’s, “, Melanie Radzicki McManus Organizations: CNN’s, CNN, TED, National Institutes of Health, Women’s, US National Institutes of Health Locations: Mount Maunganui , New Zealand

☆ Nvidia is in a bubble, stocks will disappoint for a decade, and a recession will strike this year, markets guru warns
▼ + stars: | 2024-04-12 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Nvidia is in a bubble, stocks will falter, and a recession will hit this year, Jesse Felder said. The markets guru said the microchip frenzy would fade, and stock-market returns would drop off. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementNvidia hype is a bubble that will burst, stocks will disappoint for the next decade or longer, and a recession will strike this year, Jesse Felder said.

Persons: Jesse Felder, —, outsize, Felder, Jeff Bezos, Meta's Mark Zuckerberg, Jamie Dimon Organizations: Nvidia, Service, Micron

☆ Buy these top tech stocks before it's too late, Morgan Stanley says
▼ + stars: | 2024-02-03 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Palo Alto Networks Analyst Hamza Fodderwala said the firm's recent security checks show cyber threats remain a top priority for IT. That bodes well for Palo Alto in 2024 and beyond, according to Fodderwala. Further, Palo Alto is better positioned for AI than investors believe, Fodderwala added. Palo Alto is scheduled to report earnings in late February. But investor skepticism remains leaving Hettenbach to pound the table for RCM shares.

Persons: Morgan Stanley, James Faucette, Faucette, Hamza Fodderwala, Fodderwala, Craig Hettenbach, Hettenbach, Docebo Organizations: CNBC, Palo Alto Locations: Palo Alto, Docebo, Tenable, Palo, Hettenbach

☆ America's economy should be 'thrilled' billionaires like Jeff Bezos and Warren Buffett exist, think-tank director says
▼ + stars: | 2024-01-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Billionaires are actually great for the economy, a director at the American Enterprise Institute argues. That's because billionaire innovators produce trillions of dollars of value for the US. The center-right think tank's Michael Strain argues that billionaires produce many times their net worth in value for the economy through their innovations. But billionaire innovators — not billionaire heirs and heiresses — may be the exception to that, Strain said. AdvertisementIn fact, billionaire innovators should be considered "worthy of emulation" for children, Strain added, praising an array of business icons.

Persons: —, Elon Musk, Jeff Bezos, Michael Strain, heiresses, Strain, Bezos, Mark Zuckerberg, Bernard Arnault — Organizations: American Enterprise Institute, Service, Amazon, Syndicate, Economic

☆ Stocks end 2023 with a 4th-quarter rally and many soft landing converts. Breaking down the '24 outlook
▼ + stars: | 2023-12-30 | by ( Michael Santoli | ) www.cnbc.com time to read: +9 min

.SPX YTD mountain S & P 500, YTD As for the "too far, too fast" argument, it's worth recalling that all the S & P 500 has done is nearly complete an almost-symmetrical two-year round trip. Ned Davis Research U.S. strategist Ed Clissold looked back at prior times the S & P 500 has gone more than a year without making a record high. This is always a tricky proposition – cash that leaves money markets to buy stocks leaves the seller of the stocks with cash. For one thing, $6 trillion is only about 12% of total U.S. equity market cap, near the lower end of its historical range. At the 2009 market low money markets were 50% of equity market cap.

Persons: —, we've, Jason Goepfert, Jeff deGraaf, Ned Davis, Ed Clissold, Jerome Powell, it's, Cash Organizations: Federal Reserve, Fed, Timely, National Association of Active Investment, Ned Davis Research, Investment, of

☆ An Alabama mom is pregnant in each of her two uteruses in an extremely rare case of twins
▼ + stars: | 2023-11-22 | by ( Brenda Goodman | ) edition.cnn.com time to read: +8 min

She was born with two uteruses, a condition called uterine didelphys. Hatcher’s condition is rare, too: About 1 in 2,000 women is born with uterine didelphys. Like most women, Hatcher has two ovaries, the glands that store and release eggs. One thing that’s different with this pregnancy, Hatcher says, is that in certain positions, she has not just one baby bump but two. Friends have started a GoFundMe page to help with unexpected expenses, including home renovations, child care and missed income after the twins are born.

Persons: CNN — Kelsey Hatcher’s, Caleb, “, ”, Hatcher, don’t, ‘, ’ “ Caleb, Kelsey Hatcher, Caleb Shaver, ‘ I’m, ’ ” Hatcher, Hyperovulation hasn’t, Shweta Patel, ” Patel, we’ve, Kelsey, it’s, I’ve moreso, Kelsey Hatcher's, She's, Dr, Sanjay Gupta, ” Hatcher, We’re Organizations: CNN, US Centers for Disease Control, CDC, University of Alabama, CNN Health Locations: Dora , Alabama, Birmingham

Ten-year Treasury yields hit a 16-year high of 5.021% in late October, but have fallen back to 4.414%. Some big investors and advisers believe, however, that reasons to cheer are short-lived and growing concerns over the economy will start weighting on asset prices early next year. His focus now is more on earnings, credit markets and broader economic data for signs of a potential slowdown. The U.S. presidential race next year is also a concern because it could be a source of more market instability. For a new boost in market performance, tech stocks will depend more on showing how AI can lift results, investors said.

Persons: We've, Ryan Israel, Bill Ackman's, Mohamed El, Peter van Dooijeweert, Max Gokhman, Franklin Templeton, Bill Gross, van Dooijeweert, Carolina Mandl, David Randall, Svea, Bayliss, Megan Davies, Leslie Adler Organizations: Nasdaq, Bill Ackman's Pershing, Capital Management, Allianz, Group's Solutions, U.S, Reuters, Microsoft, Wall, Svea Herbst, Thomson Locations: extrapolating, U.S, China

☆ Here are Thursday's biggest analyst calls: Nvidia, Amazon, Target, DoorDash, Intel, Plug Power & more
▼ + stars: | 2023-11-16 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Bank of America reiterates Roblox as buy Bank of America said the stock is becoming "more investable." Deutsche Bank initiates Wayfair as buy Deutsche said in its initiation of the stock that it's a "pure-play e-commerce leader." Deutsche Bank initiates DoorDash as buy Deutsche said in its initiation of the company that it has "superior unit economics." Bank of America initiates Gen Digital as buy Bank of America said it likes the cyber safety vendor. Goldman Sachs reiterates Amazon as buy Goldman said it sees an "underappreciated secular growth opportunity" for Amazon shares into next year. "

Persons: it's, Goldman Sachs, Goldman, 1QFY, Roblox, Price, Stifel, Baird, Catalent, 1HCY24, Piper Sandler, Piper, Philip Morris, Guggenheim, Wells, TD Cowen downgrades Organizations: UBS, Nvidia, Qs, Networks, Palo Alto Networks, 1QFY billings, billings, Bank of America, Products, Deutsche Bank, Deutsche, HSBC downgrades Altice, HSBC, Goodyear Tire, Goodyear, " Bank of America, ITT, of America, Aerospace & Defense, Digital, JPMorgan, Entertainment, Mizuho, Intel, AMD, Amazon, Citi, EV, TD Cowen downgrades Target Locations: HSBC downgrades Altice USA, China

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Nov 8 (Reuters) - If the notorious 'term premium' is evaporating again, then last month's bond rout may just have been a nightmare. "If that's coming from term premium and it's tightening, then we have got to take that into account." As Summers estimated this week, a term premium just back at 60-year averages would put it at 150bps - 130bps above current levels. Morgan Stanley estimates an additional near $1 trillion in gross debt sales from G7 governments are coming down the pike next year. Morgan Stanley chart on G7 debt sales in 2024Reuters GraphicsThe opinions expressed here are those of the author, a columnist for Reuters.

Persons: Dado Ruvic, Christopher Waller, Larry Summers, selloff, York Fed's, Jerome Powell, Austan Goolsbee, Lisa Cook, Summers, Morgan Stanley, Mike Dolan, Josie Kao Organizations: REUTERS, Federal Reserve, Treasury, Fed, ., The, NY, Reuters Graphics Reuters, Reuters, Chicago Fed, Congress, Thomson Locations: York, midyear, 150bps

A 0.25 mg injection pen of Novo Nordisk's weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, September 1, 2023. REUTERS/Victoria Klesty/Illustration/File Photo Acquire Licensing RightsLONDON/NEW YORK, Oct 23 (Reuters) - The growth in demand for appetite suppressing anti-obesity drugs like Novo Nordisk's (NOVOb.CO) Wegovy presents opportunities for food manufacturers and the market's initially downbeat reaction may be overdone, investors say. Still, the stock market impact left some food manufacturers "trembling," said John Plassard, senior investment specialist at Nestle investor Mirabaud Group. The uptake in appetite suppressing drugs seems to be a U.S.-led dynamic, said My Nguyen, research analyst at Legal & General Investment Management America. "Elsewhere, trends such as wealthier, more mobile middle classes in emerging countries can support shifts towards snacking and convenience foods."

Persons: Victoria Klesty, Richard Saldanha, Wegovy, Kiran Aziz, Mark Schneider, John Plassard, Brian Frank, Frank, Nguyen, Richa Naidu, Matt Scuffham, Kirsten Donovan Organizations: REUTERS, Walmart, Nestle, Aviva, Novo Nordisk, EY, Industry, Health Sciences, Wellness, Mirabaud, Tyson Foods, Arcos Dorados, Legal, General Investment Management America, Germany's, Investments, Unilever, Coca Cola, Thomson Locations: Oslo, Norway, Victoria, United States, Denmark, Germany, Arda, Ural, U.S

☆ Pro Take: Making Medicines Greener
▼ + stars: | 2023-10-19 | by ( Cecilia Butini | ) www.wsj.com time to read: +6 min

Photo: mohamed hossam/ShutterstockMaking and supplying medicines generates roughly a third of the global healthcare industry’s greenhouse-gas emissions. Photo: Carlos Jasso/Bloomberg NewsBritish drugmaker GSK , for instance, plans to run on 100% renewable electricity by 2025 and to reach net-zero emissions across its value chain by 2045. GSK partnered with AstraZeneca , Merck KGaA, Novo Nordisk , Roche Holding , Samsung Biologics and Sanofi to form the SMI Health Systems Task Force in 2021. Last year, the partnership decided to strengthen their collaboration by focusing on cutting emissions in the near term and transitioning faster toward net-zero health systems. Novartis aims to achieve net-zero emissions across its value chain by 2040.

Persons: mohamed hossam, Carlos Jasso, “ We’ve, ”, Mike Peirce, Aurelio Arias, Arias, Claire Lund, Sanofi, Annabelle Harreguy, IQVIA’s Arias, “ It’s, ” Arias, Cecilia Butini Organizations: Pharmaceutical, Pharma, GSK, Bloomberg News British, Climate Group, Climate, Business, Sustainable Markets, Health Systems, Force, AstraZeneca, Merck KGaA, Novo Nordisk, Roche Holding, Samsung Biologics, Sanofi, SMI, Systems, Novartis, World Health Organization, cecilia.butini@wsj.com Locations: GSK’s, China, India, Novo

☆ Middle East analysts dispute accusations that Netanyahu 'propped Hamas up'
▼ + stars: | 2023-10-15 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +5 min

Middle East analysts have disputed suggestions that Netanyahu helped "prop up" Hamas. Netanyahu's policy toward Hamas was "a seasonal mowing of the grass rather than scorched earth." AdvertisementAdvertisementMiddle East analysts have disputed charges that Israeli Prime Minister Benjamin Netanyahu "propped up" Palestinian militant group Hamas. A Times of Israel opinion column by political correspondent Tal Schneider argued that Netanyahu "propped up" Hamas for years. "Most of the time, Israeli policy was to treat the Palestinian Authority as a burden and Hamas as an asset."

Persons: Netanyahu, —, Benjamin Netanyahu, Tal Schneider, Israel's, Israel, Dmitry Shumsky, Laura Blumenfeld, Jonathan Spyer, Spyer, Blumenfeld, Yohanan, Plesner, Netanyahu's, Hatem Ali Organizations: Service, Hamas, Palestinian Authority, Johns Hopkins University, Middle, The Times, West Bank, Israel Democracy Institute, Wall Street, Kfar, Likud Locations: Israel, Laura Blumenfeld , Middle East, Palestinian, Gaza, Tehran, Syria, Lebanon, Jerusalem, Kfar Azza

☆ Investing in Space: A reality check on SPAC frenzy revenue projections
▼ + stars: | 2023-10-12 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +13 min

Overview: Forecast or fantasyWe're now at least two years on from when a slew of space companies went public during the SPAC frenzy, and, look, none of them look great. Now a bit further down the road, I want to look at a different financial metric: 2023 revenue projections. I ran an informal series for a while to mark when a space company announced it was going public. The rest of the pack isn't as on the mark: A few companies are roughly halfway to their earlier 2023 revenue projections, or performing even better. Spire forecast 2023 revenue of $227 million and is closing in on about $107 million.

Persons: Angela Weiss, CNBC's Michael Sheetz, it's, I'd, Here's, Derek Tournear, Ron Rosano, Trevor Beattie, Namira Salim, –, REx, Christopher Povak, Lisa Watson, Morgan, – Watson, Morgan Starliner, General, NASA Astrobotic, Andy Lapsa Organizations: New York Stock Exchange, AFP, Getty, Terran, Galactic Astra, CNBC, Pentagon, Space Development Agency, LinkedIn, Galactic, NASA, NASA NRO, Soyuz, – Reuters, Reuters SpaceX, FAA, Federal Aviation Administration, IAC, Lunar Research, SpaceX, Boeing NASA, Moonshots Capital, Lavrock Ventures, Veteran Fund, Mana Ventures, AIN Ventures, Capital Factory, Astra, – Bloomberg, ViaSat, Viasat Locations: Russian, Azerbaijan, Russia, Venezuela, South Africa, Florida, Washington, CNBC Los Angeles

☆ The Queen’s question returns with a vengeance
▼ + stars: | 2023-10-06 | by ( Felix Martin | ) www.reuters.com time to read: +7 min

The world’s leading central banks had spent the previous two decades focusing on low inflation, neglecting risks to financial stability. Central bankers counter correctly that predictive accuracy is not the same as explanatory power. Yet it is far from clear how today’s independent central banks should respond to these overtly political struggles. In 2021, when the Phillips Curve was asleep at the wheel, the growth in the money supply was flashing red. The unfortunate truth is that there are many answers to the Queen’s question this time round – but no single magic solution.

Persons: Elizabeth, Prince Andrew , Duke, York, Prince Philip , Duke of Edinburgh, Tom Nicholson, Queen Elizabeth, Ben Bernanke, don’t, Phillips, Isabella Weber, Guido Lorenzoni, Andrew Bailey, monetarism, Milton Friedman, Anna Schwartz, Winston Churchill, Bernanke, Peter Thal Larsen, Oliver Taslic, Thomas Shum 私, 「 Organizations: Westminster Abbey, REUTERS, Reuters, Bank of England, U.S . Federal, Phillips, University of Massachusetts Amherst, University of Chicago, MIT, United, 「 Reuters Locations: Westminster, London, Britain, British, Central, Ukraine, Paris, United States

☆ Goldman says iPhone demand outpacing supply, sees more than 20% upside for Apple shares
▼ + stars: | 2023-09-18 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

The strong demand for the newly released iPhone 15 family of devices is encouraging for Apple , according to Goldman Sachs. Apple launched its new range of iPhone 15 devices last Tuesday , and began opening pre-orders on Friday across more than 40 regions. Major carriers such as Verizon are holding promotions for the iPhone 15, which will support demand. Regionally, mainland China is experiencing some of the longest lead times for the iPhone 15 Pro and the Pro Max, according to Ng. The Pro currently has lead times around 4.5 weeks, while the Pro Max has lead times from six to eight weeks spending on the color.

Persons: Goldman Sachs, There's, Goldman, Max, Pro Max, Michael Ng, we're, Ng, — CNBC's Michael Bloom Organizations: Apple, Pro, Verizon, Huawei Locations: China

☆ Global Warming Is Bringing More Change Than Just Heat
▼ + stars: | 2023-07-19 | by ( Amanda Taub | ) www.nytimes.com time to read: +1 min

The problem with fears about ‘climate refugees’Climate-related mass migration, and the political consequences it produces, may have profound consequences in addition to rising temperatures themselves. Refugees, under international law, are people who have been forced to flee their own countries because of persecution. That means that a lot of refugee policy debates are essentially about countries’ obligations to vulnerable foreigners. But climate change is most likely to displace people within their own countries, and drive them to seek protection from their own governments. And climate disasters can also exacerbate other causes of cross-border migration, such as violence or weak labor markets.

Persons: ”, Stephanie Schwartz, it’s Organizations: London School of Economics Locations: United States

Seventy percent of Million Dollar Baby's demand is on the U.S. East Coast, executives said. During the first three months of 2023, West Coast ports handled 40% of U.S. container import volume. Extrapolating that first-quarter data over 12 months would show that more than 1 million twenty-foot equivalent units (TEU) moved away from the West Coast ports annually, starting in 2021, said Chris Jones, an executive vice president at Descartes Systems Group. Colgate-Palmolive (CL.N) routed 25% of containers away from West Coast ports and has already begun reversing some of that, said Francisco Rodriguez, Colgate toothpaste maker's director of global logistics. Importing to Mexico opens a legal loophole that enables Million Dollar Baby to sell those products to U.S. customers without a 25% tariff.

PANW YTD mountain Palo Alto Networks YTD About half of the funds raised from this Lilly sale will go into building up our position in Palo Alto Networks . But here is our problem with reading too much into the conference calls of Tenable and Cloudfare and extrapolating that to Palo Alto. While it is highly likely that deal uncertainty increased out of the regional banking crisis, Palo Alto Networks is in a special class within the industry because it is taking share from the little guys. As a market leader in thirteen categories within security, Palo Alto is a winner from what is happening in the market. And with a management team committed to profitable growth and accelerating leverage in the business, we think Palo Alto Networks will continue to surprise to the upside.

☆ Premarket stocks: JPMorgan steals the show as banks lift curtain on earnings
▼ + stars: | 2023-04-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

All beat estimates: PNC (PNC) and Wells Fargo (WFM) by about 9%, Citi by around 13% and JPMorgan (JPM) by nearly 21%. PNC stock also felt the pressure. Before the Bell spoke with Steve Sosnick, chief strategist at Interactive Brokers, to discuss Friday’s big bank earnings and explain that stock discrepancy. I’ve always complained about banks reporting their quarterly earnings first because they’re extraordinarily idiosyncratic. Why did JPMorgan stock outperform its competitors?

☆ Three Years Into Covid, We Still Don’t Know How to Talk About It
▼ + stars: | 2023-02-22 | by ( Jon Mooallem | Photographs Ashley Gilbertson | ) www.nytimes.com time to read: +53 min

It will play out and reverberate for years or decades, Hagen told me. “The pathological normal,” Hagen calls it: a patchwork of homespun, bespoke realities, each one invested in a different story about what exactly happened when Covid ruptured the story of our lives. garb.”More than once, life seemed to be attaining “an uncanny resemblance to normal life,” as one man put it. But because we don’t totally understand where that experience has delivered us, we don’t know the right gloss to give it. “The days are strange,” one public-school teacher told Milstein toward the end of his first interview, in May 2020.

☆ Morning Bid: Powell confesses 'This time it's different'
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +5 min

Any fear of a radical Fed rethink on the back of the jobs numbers seemed wide of the mark. "This cycle is different from other cycles...it has just confounded all sorts of attempts to predict," Powell admitted. And many think last week's jobs report should similarly be treated with care. They included a minimum tax for billionaires and a quadrupling of the tax on corporate stock buybacks. Brands, Eaton Corp, etcUS terminal rateReuters GraphicsReuters GraphicsReuters GraphicsBy Mike Dolan, Editing by Raissa Kasolowsky <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.

☆ Russian c.bank sees record $74 bln deposit auction as budget deficit widens
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

The central bank set the auction limit at 5.95 trillion roubles. "Since December, we have observed a peak liquidity surplus in the system," said Denis Popov, chief macroeconomic analyst at Promsvyazbank. Russia's structural liquidity surplus has increased to 3.38 trillion roubles as of Feb. 7, from 0.57 trillion roubles at the start of the year. "In our view, the likelihood that they turn out higher than the 29 trillion roubles that is budgeted for is quite high." Extrapolating from current dynamics until the end of the year and assuming that non-oil and gas revenue targets are achievable, Belenkaya estimated that the budget deficit could reach 6.5 trillion roubles, well above the planned 2.9 trillion roubles.

☆ U.S. job openings increase to five-month high as labor market stays tight
▼ + stars: | 2023-02-01 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

There were 1.9 job openings for every unemployed person in December, the Labor Department's monthly Job Openings and Labor Turnover Survey, or JOLTS report, showed on Wednesday. Job openings, a measure of labor demand, increased by 572,000 to a five-month high of 11.0 million on the last day of December. Others speculated that job openings had been overstated because of difficulties adjusting the data for seasonal fluctuations. "A jump in job openings in the retail sector is also at odds with a lower pace of seasonal hiring around the holidays." The job openings rate up shot to 6.7% from 6.4% in November.

☆ On the eve of the Fed’s decision, the case for stocks’ year-end strength is solidifying
▼ + stars: | 2022-12-13 | by ( Michael Santoli | ) www.cnbc.com time to read: +4 min

This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics. Though after the late-day Monday levitation, with the Fed decision Wednesday and the nearby presence of the S & P 500 resistance line just overhead, the rally has backed off. Inflation declining from high levels has historically been a very positive dynamic for equity performance, and investors remain in a bit of a defensive stance, so the case for year-end strength is solidifying. Of course, there is the Fed decision to get through. The crowd is arguably over-extrapolating near-term recession and earnings-decline hazards in calling for a run toward or below the October S & P 500 lows before a round trip higher.

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