Tom Lee this morning:
*S&P 500 target is $6600 and now feels more reasonable to achieve than in February
*A new bull market started on April 7th because of massive deleveraging and sentiment collapse which created a new opportunity
*Housing and auto insurance was 75% of the reason for inflation, now housing is going negative and core inflation is coming down aggressively so rate cuts feel likely
*S&P 500 target is $6600 and now feels more reasonable to achieve than in February
*A new bull market started on April 7th because of massive deleveraging and sentiment collapse which created a new opportunity
*Housing and auto insurance was 75% of the reason for inflation, now housing is going negative and core inflation is coming down aggressively so rate cuts feel likely
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EU warns it may accelerate retaliatory measures if President Donald Trump follows through on his 50% tariff threats on steel and aluminum [TACO, BTFD!]
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Manufacturing PMI -0.3pt from expectations but still rose +1.8pts from April moving further into expansion which it entered at the start of the year.
*New orders: rose to the strongest degree in three months, demand from within the United States was noted as the primary driver of growth
*Production: Despite the uplift in order books, production volumes were trimmed marginally for a third month in a row.
*Backlogs: fell again, albeit modestly
*Sentiment: growing expectations among the panel that disruption to markets caused by tariffs will dissipate in the months ahead
*Employment: An increase in labor capacity was registered in May, with a net increase in employment signaled for the first time in three months.
*Delivery Times: Supplier delivery delays (due to tariffs) were also noted, linked to growing stock shortages at vendors
*Prices: Latest data showed that raw material price inflation remained high, despite dropping to a three-month low
*New orders: rose to the strongest degree in three months, demand from within the United States was noted as the primary driver of growth
*Production: Despite the uplift in order books, production volumes were trimmed marginally for a third month in a row.
*Backlogs: fell again, albeit modestly
*Sentiment: growing expectations among the panel that disruption to markets caused by tariffs will dissipate in the months ahead
*Employment: An increase in labor capacity was registered in May, with a net increase in employment signaled for the first time in three months.
*Delivery Times: Supplier delivery delays (due to tariffs) were also noted, linked to growing stock shortages at vendors
*Prices: Latest data showed that raw material price inflation remained high, despite dropping to a three-month low
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Why the trade war was always a fake war
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