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Expectations for persistently higher interest rates has led companies to alter plans as they eye 2024 warily. "EV demand next year could be lower than expectations," Lee Chang-sil, chief financial officer at South Korean battery maker LG Energy Solution (373220.KS) said on Wednesday, due to global economic uncertainty. GM on Tuesday said it would focus near-term EV efforts on meeting demand rather than hitting specific volume targets. If interest rates remain high or if they go even higher, it's that much harder for people to buy the car." Like many other industrial firms, carmakers hedge against commodity price swings, and with EV demand slowing, raw material prices have softened, including those used heavily in batteries.
Persons: Tesla, Aly, Lee Chang, Mary Barra, Elon Musk, Nidec, China's CATL, Ben Klayman, David Gaffen, Eric Onstad, Jonathan Oatis Organizations: REUTERS, Honda, EV, sil, South, LG Energy, General Motors, GM, Investors, Tech, Cox Automotive, European Union, Volkswagen, Fastmarkets, CME, U.S, Ford, EVs, Victoria Waldersee, Thomson Locations: Tesla China, Shanghai, China, KS, United States, Mexico, Detroit, New York, London, Berlin
When 2023 began, a single bitcoin could be had for less than $17,000 after losing more than 75% of its value. Now, bitcoin is getting another boost on the prospects of creating a much larger pool of investors. IShares Bitcoin Trust appeared to be temporarily removed Tuesday, but was back online as of Wednesday. Still, the most recent surge bitcoin goes beyond single developments or participants, Kaiko research analyst Riyad Carey notes — crediting “more of a broad market rally" around spot bitcoin ETF prospects. Despite the recent excitement around bitcoin, crypto is still a risky bet.
Persons: Bitcoin, hasn't, Edward Moya, IShares Bitcoin, iShares, Moya, Riyad Carey, , , “ We’re, it’s, , it's, ” Moya, bitcoin Organizations: Federal Reserve, Industry, Columbia, Securities and Exchange Commission, Grayscale's, SEC, Depository Trust, Clearing Corporation, Associated Press Locations: Silicon, bitcoin, cryptocurrencies
Market volatility looks here to stay: Yields are still rising, a war is raging, and it's uncertain whether interest rates will stay higher for longer. Go for bonds Though volatility in the bond market has led to losses, some fund managers are saying that it's time to get back into this asset class, given that yields are high. Money market funds typically include short-term Treasurys. Bond yields move inversely to prices — that means a peak in interest rates may signal that bond prices have bottomed. When interest rates rise, bond prices typically fall as existing bonds with lower yields become less attractive.
Persons: Investors, David Katz, Katz, Bryn Jones, there's, Jones, Hide, Paul Meeks, Meeks, Steven Glass, Glass, Marsh McLennan, he's, they're, — CNBC's Michael Bloom Organizations: Treasury, Bank of America, Matrix Asset, CNBC Pro, gilts, U.S . Federal, Treasury Bond ETF, Pella Funds, Group, ASM, Taiwan's Locations: Israel, United States, China, U.S, Pella, Germany, Netherlands
Growth will wilt under the pressure of perpetually high interest rates, Chiavarone said, though he added that rolling recessions across industries are more likely than a sudden, 2008-style downturn. Higher-for-longer interest rates are the biggest threat to the US economy, Chiavarone said. Goldman SachsEighteen months of tightening financial conditions will have a profound impact on the economy, Chiavarone said. The multi-asset solutions head is watching how corporations respond next year when they're forced to refinance debt at much higher rates. Since they have plenty of cash on hand, these companies aren't reliant on external financing and can avoid exposure to lofty interest rates.
Persons: Goldman Sachs, Steve Chiavarone, Hermes, Chiavarone, it's, they're Organizations: Federated Hermes, Treasury, Federated, Federal, Fed, Companies, Consumer, Vanguard Consumer, ETF, Healthcare, Utilities, Vanguard Utilities
Bitcoin leaps to 2023 high on ETF bets
  + stars: | 2023-10-24 | by ( ) www.reuters.com   time to read: +3 min
Bitcoin rose more than 6% to $35,198, its highest since May 2022. It had surged 10% on Monday in its best session for almost a year and its price has doubled in 2023. Crypto-linked shares such as Coinbase Global (COIN.O) or bitcoin owner MicroStrategy (MSTR.O) rose in after-hours trade. An exchange-traded fund (ETF) owning bitcoin on behalf of fund investors is seen as a driver of demand because it would allow anyone reluctant to trade crypto markets a means of buying exposure to bitcoin through the stockmarket. So the ETF would make a large audience and increase liquidity," said Steen Jakobsen, CIO at Saxo.
Persons: Dado Ruvic, MicroStrategy, Steen Jakobsen, Kyle Rodda, Capital.com, Javier Milei, Tom Westbrook, Rae Wee, Brigid Riley, Shri Navaratnam Organizations: REUTERS, BTC, Investment, BlacRock's, Reuters, U.S . Securities, Exchange Commission, Saxo, BlackRock, SEC, Hamas, Thomson Locations: Asia, SINGAPORE, BlackRock, U.S, Singapore, Tokyo
One place in the world stands as a beacon for investors in bank stocks: Japan. Japanese banks have outperformed in a year when U.S. banks have come under pressure both from rapidly rising interest rates and the regional banking crisis last spring. "We've been bullish on Japanese banks for a long time," said Chen Zhao, chief global strategist at Alpine Macro. Part of what's driving the bull case for Japanese banks is the country's yield curve. While the U.S. and other developed economies contend with an inverted yield curve that's weighing on financial profit margins, Japan continues to have a positive yield curve.
Persons: We've, Chen Zhao, Zhao, JPMorgan's Marko Kolanovic, Japan's, Kolanovic, — CNBC's Michael Bloom Organizations: JPMorgan, Regional Banking, Treasury, Japan Post Bank, Chiba Bank, JPMorgan BetaBuilders Japan, Resona Holdings Locations: Japan, U.S, EWJ
The BlackRock logo is pictured outside their headquarters in the Manhattan borough of New York City, New York, U.S., May 25, 2021. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsSummaryCompanies Potential ETFs added to DTCC file as 'standard practice'-DTCCBlackRock iShares Bitcoin Trust ETF added in August-DTCCMove is not indicative of regulatory approval-DTCCBitcoin holds gains made on ETF approval speculationSINGAPORE, Oct 25 (Reuters) - BlackRock's (BLK.N) proposed bitcoin exchange-traded fund (ETF) was added to a clearing-house eligibility file in August, but the move is not indicative of any regulatory approval, clearing house DTCC said. Speculation that BlackRock or a number of other pending bitcoin ETF applicants would succeed has sent bitcoin on its biggest two-day rally for seven months. The clearing house said the list was its eligibility file, which includes active and potential ETFs and that Blackrock's iShares Bitcoin Trust ETF was added in August as "standard practice...in preparation for the launch of a new ETF". Bitcoin touched an 18-month high of $35,198 on Tuesday and was last at $33,802 in Asia trade on Wednesday.
Persons: Carlo Allegri, Bitcoin, DTCC, Rae Wee, Tom Westbrook, Muralikumar Anantharaman, Jamie Freed Organizations: REUTERS, BlackRock, Traders, U.S . Securities, Exchange Commission, SEC, Thomson Locations: BlackRock, Manhattan, New York City , New York, U.S, SINGAPORE, Asia, Singapore
Physical representations of the bitcoin cryptocurrency are seen in this illustration taken October 24, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsOct 24 (Reuters) - The ProShares Short Bitcoin Strategy ETF , which allows traders to bet on a fall in bitcoin futures, hit a record low on Tuesday as the cryptocurrency surged on growing optimism that the launch of an exchange-traded fund tracking bitcoin is imminent. Bitcoin, the world's largest cryptocurrency, hit an 18-month high on Tuesday, extending Monday's 10% surge, on speculation over the likely approval of a spot bitcoin ETF that was fueled by BlackRock's iShares ETF listing on the website of clearing house DTCC. Meanwhile, other bitcoin-linked ETFs, like the ProShares Bitcoin Strategy ETF that tracks bitcoin futures, and Valkyrie Bitcoin Miners ETF (WGMI.O), gained more than 9% each. The Valkyrie Bitcoin and Ether Strategy ETF (BTF.O) was up 9.4%, leading gains among recently launched funds that track Ether futures.
Persons: Dado Ruvic, Bitcoin, Lucas Kiely, " Kiely, Bansari Mayur, David Holmes Organizations: REUTERS, BlackRock's, BTC, Strategy, Thomson Locations: Bengaluru
Oct 23 (Reuters) - Outflows from exchange-traded funds (ETFs) tracking Israeli stocks accelerated in the last two weeks, tracking a sharp slide in share prices as the conflict between Israel and Palestinian group Hamas widens to other fronts. The iShares MSCI Israel ETF posted net outflows of $2.5 million between Oct. 9 and Oct. 20, leaving it with assets of $111.62 million, according to Lipper data. "The market doesn't like uncertainties," said Sammy Suzuki, head of emerging market equities at AllianceBernstein. Israel ETFs were underperforming most of their peers prior to Hamas' attack, said Steven Schoenfeld, CEO of Market Vector Indexes, who created the index behind the $78.4 million BlueStar Israel Technology . ETFs tracking Israeli technology stocks such as the BlueStar Israel Technology ETF and the $75.4 million ARK Israel Innovative Technology ETF recorded net outflows of $1.9 million and $7.2 million, respectively, in the last two weeks.
Persons: Sammy Suzuki, Steven Schoenfeld, Israel's shekel, Bansari Mayur, Mark Potter Organizations: Health, Israel Technology, Israel Innovative Technology, Thomson Locations: Israel, Palestinian, Gaza, Lebanon, Iran, Bengaluru
Even the market's most serious risks likely won't derail the economy, according to the brain trust at $1.3 trillion Ameriprise Financial. The S&P 500 should score a mid- to high-single-digit gain next year, Saglimbene told Insider, if earnings grow as expected. So there's some risk that valuations are going to have to come in, and that path for interest rates is very important." Popular small-cap ETFs include the iShares Core S&P Small-Cap ETF (IJR) and the Schwab US Small-Cap ETF (SCHA) while the Vanguard European Stock Index Fund ETF (VGK) and WisdomTree Europe Small-Cap Dividend ETF (DFE) also might fit with Ameriprise's projections. "At the same time, we'll have yields that are at some of the highest levels we've seen since the financial crisis.
Persons: Russell Price, Price, he's, Ameriprise's Anthony Saglimbene, Justin Burgin, Saglimbene, Burgin, There's, we've, Russell, Ameriprise, weren't Organizations: Bank of America, Nvidia, Saglimbene, Schwab, Vanguard, Index Fund, Fed Locations: Israel, Europe
A bronze seal for the Department of the Treasury is shown at the U.S. Treasury building in Washington, U.S., January 20, 2023. Treasury yields, which move inversely to prices, hovered near their highest levels since 2007 on Thursday, continuing a bond market selloff that has pushed yields up by more than 40 basis points since the start of October. At close to 5%, 10-year Treasury yields are significantly above their fair value of 4.2% to 4.3%, Goldman Sachs noted. Treasuries will likely rally as the economy hits a "pothole" in the fourth quarter, Goldman Sachs said. "The key risk to this trade is that U.S. data is stronger than expected leading yields to fall less than our strategist expects," Goldman Sachs wrote.
Persons: Kevin Lamarque, Goldman Sachs, Treasuries, Scott Wren, Wren, David Randall, Will Dunham Organizations: Department of, U.S . Treasury, REUTERS, Treasury Bond ETF, Treasury, Wells, Investment Institute, Thomson Locations: Washington , U.S, U.S, Wells Fargo
The biggest bond ETF hit a new low since July 2007 as the bond market meltdown continues. The iShares 20+ Year Treasury Bond ETF (TLT) has shed over 50% since its closing high in 2020. Unlike the conventional bond market, bond ETFs are traded on an exchange, like any other stock. Other bond ETFs like the iShares 1-3 Year and iShares 7-10 Year Treasury Bond ETFs have also been trading lower amid the bond market meltdown. Like any other ETF, one bond ETF can offer exposure to large numbers of bonds, giving investors an opportunity to diversify their portfolio.
Persons: , Jerome Powell Organizations: Treasury Bond ETF, Bond, Service, Treasury
People often turn to index funds or exchange-traded funds to simplify investing while getting exposure to diverse assets. According to an expense ratio calculator, the same setup would cost $8,278 with an expense ratio of 0.04%. It was money he would decide to scatter across nine index funds to diversify his portfolio. In 2019, he started the Personal Finance Club, which offers free and paid content about index fund investing. She sticks to one fund: the Vanguard 500 Index Fund ETF (VOO), which tracks the S&P 500 and is rebalanced quarterly to include the top 500 domestic companies.
Persons: Michael Quan, Quan, Jeremy Schneider, Treasuries, Schneider, Vivian Tu, she's, Rich, Tu Organizations: Investment Company Institute, Vanguard FTSE, Market, Fund, Finance Club, Fidelity, Street, JPMorgan Locations: Canada, Europe, Japan, New York City
The Janus Henderson AAA CLO ETF (JAAA) , which buys highly rated collateralized loan obligations, has grown rapidly this year and outperformed many popular bond ETFs. The fund has a 30-day SEC yield of 6.66%, putting it above the yield of U.S. Treasuries. JAAA YTD mountain The JAAA ETF has held up this year despite rising interest rates. There are other CLO ETFs on the market, including the BlackRock AAA CLO ETF (CLOA) that launched earlier this year, but JAAA is the largest. Given the size and depth of the AAA CLO market, the fund should have no problems operating until it is about $20 billion in assets, at least, he estimated.
Persons: Janus Henderson, John Kerschner, Kerschner, JAAA Organizations: Janus Henderson AAA CLO, SEC, CLOs, Treasury, Treasury Bond ETF, CNBC, JPMorgan AAA CLO, BlackRock AAA, AAA Locations: JAAA
Investors took note and scrambled to get exposure to AI stocks, many of which are among this year's top performers. Top investment firms like Bank of America, Morgan Stanley, and UBS told clients this summer that AI is worth the hype. 11 high-upside AI stocks with dividendsThere's no shortage of ideas about how to profit from AI, as Insider has noted throughout 2023. Bank of America recently put together a list of 164 buy-rated stocks across industries that are tied to AI. Below are those 11 high-upside, stable-dividend stocks with AI exposure and a buy rating from Bank of America along with the ticker, market capitalization, previous close, sector, industry, and country for each.
Persons: Morgan Stanley, Goldman Sachs, Alkesh Shah, Shah Organizations: Bank of America, UBS, Robotics, Intelligence, Technology, US
What the Israel-Hamas war means for defense stocks
  + stars: | 2023-10-18 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
New York CNN —When war breaks out, defense companies tend to make money. That means aerospace and defense stocks tend to rise during geopolitical unrest. Defense stocks typically rise after military conflicts but soon lose those gains. Following Russia’s invasion of Ukraine, the iShares defense ETF surged by 5%, with Lockheed Martin and Northrop Grumman’s shares jumping about 20%. Goldman Sachs announced third-quarter results on Tuesday morning, reporting earnings of $5.47 per share, which beat the $5.31 expected by analysts.
Persons: Lockheed Martin, Northrop Grumman, , Jim Taiclet, “ That’s, JPMorgan Chase, Jamie Dimon, , ” Sam Stovall, Joe Biden’s, Northrop Grumman’s, Raffi Boyadjian, Goldman Sachs, David Solomon, “ David, Goldman, Tony Fratto, Solomon, DJ, ” Solomon, it’s, Lloyd Blankfein, they’re, Elon Musk’s, Elon Musk, X, Clare Duffy Organizations: CNN Business, Bell, New York CNN, U.S . Aerospace & Defense ETF, Raytheon, Lockheed, Boeing, General Dynamics, Northrop, , Lockheed Martin Corporation, titans, Hamas, JPMorgan, Defense, XM, Treasury, CNN, Revenue, Twitter Locations: New York, Israel, U.S, Ukraine, Kippur, Kuwait, South Beach, New Zealand, Philippines
New York CNN —Growing unrest in the Middle East has cast a shadow on global financial markets. Israeli stocks listed in New York and Tel Aviv have sunk to recent lows, underscoring the growing economic uncertainties in the war-torn region and leaving investors unsure of where markets go from here. Funds in the US hold more than $43 billion in Israeli stocks and bonds, according to a Bloomberg tracker. Big names, big exposure: As the war continues, businesses with headquarters, factories and inventory in Israel appear increasingly at risk to geopolitical turmoil. “If the war remains confined between Israel and Palestinians, it’s likely that the markets will forget about it after a few days,” he wrote.
Persons: , Steven Schoenfeld, Jamie Dimon, , Benjamin Netanyahu, Raffi Boyadjian, Sam Stovall, Nathaniel Meyersohn, drugstores, David Silverman, Bill Ford, Vanessa Yurkevich, Ford, Jim Farley, Shawn Fain Organizations: CNN Business, Bell, New York CNN, Nasdaq, Funds, Bloomberg, Hamas, Bank of Israel, JPMorgan, Israel Innovative Technology, Mobileye, Tower Semiconductor, Teva Pharmaceutical, XM, CVS, Walgreens, Walmart, Fitch, Ford Motor Company, United Auto Workers, Big Three, UAW, Monday, Ford Locations: New York, Tel Aviv, New Jersey, Israel, United States, Canada, China, Ukraine, Kippur, Kuwait, Kansas City, drugstores, Rouge, Dearborn , Michigan
Small-cap stocks were on investors' radar last week. The Russell 2000 index turned in five straight days of gains for the first time since mid-July, according to CNBC analysis. "We're in consumer staples stocks and Russell 2000 stocks," said Niles, adding that Pepsi is the fourth-largest holding in his Satori Fund's consumer staples basket. Both Citi and Morningstar said small-cap stocks now look cheaper than the broader market. How to play small-caps One of the more popular ways to invest in small-cap stocks is through the iShares Russell 2000 ETF (IWM).
Persons: Russell, Dan Niles, CNBC's, Niles, David Bailin, Morningstar, Davidson, — CNBC's Michelle Fox, Fred Imbert Organizations: CNBC, Russell, Pepsi, Citi, Citi Global Wealth's, Morningstar Equity Research, Ionis Pharmaceuticals, Screen CNBC Pro Locations: Israel, Gaza
At one point Monday morning, bitcoin surged above $30,000 in a sudden spike on an unconfirmed report that the iShares spot bitcoin ETF had been formally approved by the Securities and Exchange Commission. Cryptocurrencies briefly soared to start the week as hopeful investors weighed the likelihood that the U.S. will finally see a bitcoin ETF in the coming months. Last week, bitcoin had jumped on Friday on news that the SEC would not appeal a ruling in Grayscale's lawsuit against regulators. In June of 2022, Grayscale sued the SEC over its denial of the company's application to convert the popular Grayscale Bitcoin Trust (GBTC) to an ETF. To be sure, bitcoin is coming off its worst week since Aug. 18 and first negative week in six.
Persons: bitcoin, Cryptocurrencies, rehearing, Paul Tudor Jones, Bernstein, Ripple's, , Jesse Pound, Nick Wells, John Melloy Organizations: Securities and Exchange Commission, BlackRock, CNBC, SEC, Metrics, Appeals, Smart Locations: U.S
But bitcoin fell sharply after a Fox Business reporter said on the social media platform X that BlackRock denied the report. loadingBlackRock later confirmed to Reuters that "the iShares Bitcoin ETP application is still under review by the SEC." "Crypto markets have just shown how sensitive they are to any potential good news, with their premature rally today on rumors of the approval of a spot bitcoin ETF," said Ben Laidler, global markets strategist at eToro. Crypto markets have been awaiting news on several pending spot bitcoin ETF applications, which, if approved, are widely expected to drive investment in the sector. The SEC has denied all spot bitcoin ETF applications on the grounds applicants have not shown they can protect investors from market manipulation.
Persons: Dado Ruvic, bitcoin, Ben Laidler, Joseph Edwards, Lucas Kiely, Tom Wilson, Elizabeth Howcroft, Hannah Lang, Suzanne McGee, Tommy Reggiori Wilkes, Sharon Singleton, Josie Kao Organizations: REUTERS, BlackRock, U.S . Securities, Exchange Commission, Fox Business, Reuters, SEC, Securities, Columbia, Thomson Locations: WASHINGTON, London, Washington
After the data, the S&P 500 spent the morning zig-zagging between red and green. U.S. benchmark 10-year yields rose after the inflation data and rose further to hit a session high after the auction. The rise in yields particularly pressured rate-sensitive sectors such as utilities (.SPLRCU) and real estate (.SPLRCR), often viewed as bond proxies. Homebuilding stocks fell after the data and came under more pressure after the afternoon increase in bond yields. Traders now expect a stronger chance the Fed will end up delivering another interest-rate hike this year, and keep rates higher for longer next year.
Persons: Brendan McDermid, Treasuries, Michael James, James, Susan Collins, Israel, Sinéad Carew, Amruta, Shashwat Chauhan, Ankika Biswas, Johann M Cherian, Arun Koyyur, Shounak Dasgupta, Maju Samuel, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, U.S, Treasury, Wedbush Securities, Nasdaq, Dow Jones, Traders, Boston, Market, JPMorgan Chase, Citigroup, Ford, United Auto Workers, UAW, Thomson Locations: New York City, U.S, Los Angeles, Gaza, Wells Fargo, New York, Bengaluru
Israel and Hamas at war: Latest News
  + stars: | 2023-10-12 | by ( ) www.reuters.com   time to read: +8 min
Scores of Israeli and foreign hostages were taken back to Gaza; Israel says it has identified 97 of them. [1/6]Israeli soldiers patrol following a mass-infiltration by Hamas gunmen from the Gaza Strip, in Sderot, in southern Israel, October 11, 2023. * The war falls under a complex international system of justice that has emerged since World War Two. * International airlines have suspended hundreds of flights to and from Tel Aviv following the attack by Hamas militants on Israel. * Israel has raised $200 million in diaspora bonds since the war with Hamas began, Israel Bonds said.
Persons: Israel, Antony Blinken, Kan, Mahmoud Abbas, Wafa, Donald Trump, Netanyahu, Tayyip Erdogan, Violeta Santos Moura, Wang Yi, Mohammed Deif, upends, Kazuo Ueda, Frida, Israel Bonds, Kristalina Georgieva, Georgieva, Stephen Farrell Organizations: United Nations, Food, Palestinian, El Al Airlines, Britain, Royal Navy, U.S, REUTERS, Bank of Japan, * Airlines, Carriers, Dutch KLM, Air France, U.S . State Department, Cyprus Airways, Hamas, Monetary Fund, Thomson Locations: Gaza, Washington, Israel, Egypt, Sinai, United States, Asia, Israeli, Palestinian, Sderot, Paris, Jerusalem, Saudi, Europe, Larnaca, Tel Aviv
Bonds are starting to make a lot of sense for investors, Forrest said. Even after pulling back somewhat from those levels, the benchmark yield remains within striking distance of the key 5% threshold. The potential unwinding of what BofA recently called the "greatest bond bear market in history" has more investors trying to lock in higher yields ahead of potential rate cuts next year from the Federal Reserve. 'A lot for us to love bonds' Other investors are building out their bond exposure. The Vanguard Total Bond Market ETF (BND) is off by more than 2% in 2023, but greater than 1% on the week.
Persons: Kim Forrest, she's, Forrest, Bonds, Treasurys, Forrest isn't, Nancy Tengler, She's, , Tengler, Bryce Doty, Emily Roland, CNBC's, I've, Roland, we've, Lawrence Gillum, Bokeh Capital's Forrest, Sit Investment's Doty, LPL Financial's Gillum, Gillum, Sit's Doty, Doty Organizations: Bokeh Capital Partners, Bank of America, Treasury, Federal Reserve, Laffer, Sit Investment, John Hancock Investment Management, LPL, Bloomberg, Bond, Aggregate Bond, Bond Market, Corporations Locations: U.S, Israel
Tax-exempt income and relative safety are on sale for investors who are sniffing around municipal bonds. Tax-exempt income Interest income from municipal bonds is exempt from federal income tax — and can avoid state and local levies, too, if an investor and the bond issuer are in the same jurisdiction. This feature makes munis especially attractive to high-income investors in the 32% marginal federal income tax bracket and higher. Investors weighing a tax-exempt municipal bond against a corporate bond would do well to check out the tax equivalent yield. Schwab's Howard noted that the 5- to 7-year part of the municipal bond curve is favorable.
Persons: MUB, Nathan Will, Will, it's, Cooper Howard, Schwab's Howard, Shannon Saccocia Organizations: Federal Reserve, Muni Bond ETF, Vanguard, AAA, Bond, ., New York Life Investments, Schwab Center, Financial Research Locations: munis, muni
A Monday evening note from Almanac editor Jeffrey Hirsch said that the stock market appears to be in the early stages of an end-of-year rally. SPY YTD mountain The S & P 500 is up since May, but did suffer a late-summer swoon. The buy signal could help offset the multiple negatives working against the stock market, including bond yield volatility and the conflict in the Middle East. The Almanac's portfolio changes show an expectation of a broad market rally. The moves include buying the SPDR Dow Jones Industrial Average ETF Trust (DIA) , SPDR S & P 500 ETF Trust (SPY) , and the Invesco QQQ Trust (QQQ) as well as the iShares Russell 2000 ETF (IWM) .
Persons: Jeffrey Hirsch, SPDR, Russell Organizations: Dow Jones, ETF Trust, Trust, P Biotech, Consumer, Vanguard, Index
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