High Beta Merge Ideas
Data Dump
Last week, we discussed the market’s positive reaction to the deluge of negative economic data. Despite a continued murky economic outlook, risk assets performed well. This was an encouraging sign that gave us confidence that we have seen the market put in this year’s lows.
We also mentioned that this past week would be another crucial week of data, with an expected negative real GDP report, a consequential FOMC meeting, and a slate of critical tech earnings.
On Wednesday, Chairman Powell took to the podium and announced that the Fed was raising rates by 75 bps. The market reacted positively and perhaps even interpreted the FOMC press release and subsequent press conference as dovish, given the sustained rally the following day.
On Thursday, GDP came in negative for the 2nd consecutive quarter, which was unsurprising. However, like the action around rate hikes, markets took this in stride.
The other critical risk heading into the week was a slate of big tech earnings. While Facebook had its metaverse-driven woes, other large-cap names, including Amazon, Microsoft, and Apple, all had relatively positive earnings compared to market expectations.
We think this is a good sign that implies a more robust consumer than GDP would suggest and removes t...Unlock this article by joining our Community!
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