Daily Market Commentary

Strong earnings out of the Magnificent 7, and a much stronger than expected jobs report, gave us a very mixed day in the TSP funds on Friday. The S&P 500 (C-fund) is heavily weighted in big tech stocks and it benefited, along with the Dow, and of course the Nasdaq, with those Mag 7 earnings on Friday. But the unusually strong jobs report sent yields and the dollar up sharply, and that put a lot pressure on small caps (S-fund), the I-fund, and bonds (F-fund) on Friday.

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The stock market bounced back from Wednesday's post-Fed sell-off, recapturing a large majority of the losses. If that wasn't enough, Amazon and Meta reported after the bell and were each up big in after hours trading. Apple also reported and it was trading down some but the over all equity futures were up a health amount on Thursday evening. If that holds it will be on top of the 1% gains we saw across the board yesterday. Bonds were up as yields fell sharply again.

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The power of the Federal Reserve. After a three month rally that started in late October during earnings season and an FOMC meeting on November 1st, the Fed flipped the switch and may have ended that rally. Either that or it was an excuse for a little profit taking. The losses were steep as saw 1% to more than 2% losses in many of the indices. Interestingly, yields were down as Powell was happy with the progress of fighting inflation, but the dollar rallied late to turn an early loss into a ...

The Dow was up triple digits yesterday, the Nasdaq was down triple digits, the S&P 500 was flat, and small caps were down sharply. What a mess in front of today - one of the busiest days of the year for stocks. Bonds were up with yields falling lower, the dollar was down after a choppy day. It was just a lot of pushing and pulling after Monday's big rally, but here comes some data that may help give some clarity as earnings were released after the bell yesterday, and of course the Fed delivers ...

The new week starts out with new highs in the Dow, S&P 500, and Nasdaq, and small caps came along for the ride leading on the upside. Trading volume was on the light side as we get closer to this week's major earnings announcements and the Fed's decision on interest rates. Bonds did well as yields slipped lower, and the dollar was up holding the I-fund back a bit.

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