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EV Automaker's Shares Jump 4% Despite Weaker Earnings
Nio for Q3 FY23 reported revenue of 19.07 billion yuan ($2.7 billion) compared to 13.002 billion yuan in the same period last year up by 46.67% on a YoY basis. The increase in sales was attributed to the increased sales mix for higher-priced models, decreased parts costs, and improved economies of scale enabled by more deliveries combined with the refined management of sales policies the vehicle margin in the third quarter reached 11%. (Source: NIO)

Topic: Industrials , Technology

Publication Type: ETP and Industry

EV Automaker's Shares Jump 4% Despite Weaker Earnings
06 December, 2023 | GraniteShares
Nio for Q3 FY23 reported revenue of 19.07 billion yuan ($2.7 billion) compared to 13.002 billion yuan in the same period last year up by 46.67% on a YoY basis. The increase in sales was attributed to the increased sales mix for higher-priced models, decreased parts costs, and improved economies of scale enabled by more deliveries combined with the refined management of sales policies the vehicle margin in the third quarter reached 11%. (Source: NIO)
The Long and Short of it, week ending 02 June 2023
The 3 major stock market indexes recorded gains for the week, rising higher on increased expectations of a Fed pause, the resolution of the debt ceiling impasse and the strong performance of tech stocks. Comments from Fed officials espousing a wait-and-see approach regarding future rate hikes limited losses Wednesday (following a stronger-than-expected JOLTS report) and then helped move markets higher the remainder of the week despite continued historically low initial jobless claims and a strong (in certain regards) jobs report. The passage of the debt ceiling bill by both houses of congress also strongly contributed to last week’s gains. 10-year Treasury yields fell last week, reacting not only to increased expectations of a Fed pause but also to seemingly waning wage pressures (as shown in Friday’s jobs report). The U.S dollar, however, finished the week only slight weaker, strengthening ½ percent Friday following the jobs report. For the week, the S&P 500 Index increased 1.8% to 4,282.37, the Nasdaq Composite Index gained 2.0% reaching 13,240.77, the Dow Jones Industrial Average rose 2.0% to 33,762.76, the 10-year U.S. Treasury rate fell 11bps to 3.70% and the U.S. dollar (as measured by the ICE U.S. Dollar index – DXY) weakened 0.2%.

Topic: Telecoms , Financials , Basic Materials , Energy , Industrials , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 02 June 2023
06 June, 2023 | GraniteShares
The 3 major stock market indexes recorded gains for the week, rising higher on increased expectations of a Fed pause, the resolution of the debt ceiling impasse and the strong performance of tech stocks. Comments from Fed officials espousing a wait-and-see approach regarding future rate hikes limited losses Wednesday (following a stronger-than-expected JOLTS report) and then helped move markets higher the remainder of the week despite continued historically low initial jobless claims and a strong (in certain regards) jobs report. The passage of the debt ceiling bill by both houses of congress also strongly contributed to last week’s gains. 10-year Treasury yields fell last week, reacting not only to increased expectations of a Fed pause but also to seemingly waning wage pressures (as shown in Friday’s jobs report). The U.S dollar, however, finished the week only slight weaker, strengthening ½ percent Friday following the jobs report. For the week, the S&P 500 Index increased 1.8% to 4,282.37, the Nasdaq Composite Index gained 2.0% reaching 13,240.77, the Dow Jones Industrial Average rose 2.0% to 33,762.76, the 10-year U.S. Treasury rate fell 11bps to 3.70% and the U.S. dollar (as measured by the ICE U.S. Dollar index – DXY) weakened 0.2%.
The Long and Short of it, week ending 28 April 2023
Major stock-market indexes moved slightly higher last week powered mainly by better-than-expected big-tech earnings reports. Markets struggled early in the week, however, following First Republic Bank’s earnings report detailing extremely large ($100 billion) deposit outflows as well as on consumer confidence falling to a 9-month low. Renewed concerns of systemic banking problems drove stock markets lower while increasing safe-haven demand for the U.S. dollar and U.S. Treasuries. Better-than-expected earnings reports from Meta Platforms and Microsoft boosted stock prices while weak guidance from Amazon helped to pressure prices lower. Thursday’s smaller-than-expected GDP release, overshadowed by META’s earnings report, worked to lower expectations of a Fed rate hike at next week’s FOMC meeting, supporting markets as well. Friday’s PCE Price Index release while revealing cooling inflation overall still showed somewhat resilient inflation with the core PCE Price Index level coming in as expected MoM but slightly higher on YoY basis, helped move stock indexes higher as well. First Republic Bank moved sharply lower Friday with growing expectations of FDIC involvement, mitigating broader market fallout. For the week, the S&P 500 Index increased 0.9% to 4,170.20, the Nasdaq Composite Index rose 1.1% to 12,200.07, the Dow Jones Industrial Average gained 0.9% to 34,098.95, the 10-year U.S. Treasury rate fell 14bps to 3.43% and the U.S. dollar (as measured by the ICE U.S. Dollar index – DXY) weakened 0.2%.

Topic: Telecoms , Financials , Basic Materials , Energy , Industrials , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 28 April 2023
02 May, 2023 | GraniteShares
Major stock-market indexes moved slightly higher last week powered mainly by better-than-expected big-tech earnings reports. Markets struggled early in the week, however, following First Republic Bank’s earnings report detailing extremely large ($100 billion) deposit outflows as well as on consumer confidence falling to a 9-month low. Renewed concerns of systemic banking problems drove stock markets lower while increasing safe-haven demand for the U.S. dollar and U.S. Treasuries. Better-than-expected earnings reports from Meta Platforms and Microsoft boosted stock prices while weak guidance from Amazon helped to pressure prices lower. Thursday’s smaller-than-expected GDP release, overshadowed by META’s earnings report, worked to lower expectations of a Fed rate hike at next week’s FOMC meeting, supporting markets as well. Friday’s PCE Price Index release while revealing cooling inflation overall still showed somewhat resilient inflation with the core PCE Price Index level coming in as expected MoM but slightly higher on YoY basis, helped move stock indexes higher as well. First Republic Bank moved sharply lower Friday with growing expectations of FDIC involvement, mitigating broader market fallout. For the week, the S&P 500 Index increased 0.9% to 4,170.20, the Nasdaq Composite Index rose 1.1% to 12,200.07, the Dow Jones Industrial Average gained 0.9% to 34,098.95, the 10-year U.S. Treasury rate fell 14bps to 3.43% and the U.S. dollar (as measured by the ICE U.S. Dollar index – DXY) weakened 0.2%.
The Long and Short of it, week ending 21 April 2023
Major stock-market indexes moved slightly lower last week with investors attempting to divine the market direction amongst mixed economic/earnings reports and Fed rate-hike concerns. Monday’s much better-thanexpected Empire State Manufacturing Index release was countered by Thursday’s unexpectedly sharply weaker Philadelphia Fed Manufacturing Index which in turn was countered by Friday’s S&P Global US Composite PMI release showing much stronger-than-expected manufacturing and services activity throughout the U.S. Initial jobless claims came in higher than expected, adding to concerns of a slowing economy. Earnings reports added to market uncertainty with mixed bank and retailer results. Fed rate-hike concerns and expectations, muddled by the week’s seemingly conflicting data points, added to market uncertainty. For the week, the S&P 500 Index decreased 0.1% to 4,133.52, the Nasdaq Composite Index dropped 0.4% to 12,072.46, the Dow Jones Industrial Average fell 0.2% to 33,809.33, the 10-year U.S. Treasury rate increased 6bps to 3.57% and the U.S. dollar (as measured by the ICE U.S. Dollar index – DXY) strengthened 0.2%.

Topic: Telecoms , Financials , Basic Materials , Energy , Industrials , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 21 April 2023
25 April, 2023 | GraniteShares
Major stock-market indexes moved slightly lower last week with investors attempting to divine the market direction amongst mixed economic/earnings reports and Fed rate-hike concerns. Monday’s much better-thanexpected Empire State Manufacturing Index release was countered by Thursday’s unexpectedly sharply weaker Philadelphia Fed Manufacturing Index which in turn was countered by Friday’s S&P Global US Composite PMI release showing much stronger-than-expected manufacturing and services activity throughout the U.S. Initial jobless claims came in higher than expected, adding to concerns of a slowing economy. Earnings reports added to market uncertainty with mixed bank and retailer results. Fed rate-hike concerns and expectations, muddled by the week’s seemingly conflicting data points, added to market uncertainty. For the week, the S&P 500 Index decreased 0.1% to 4,133.52, the Nasdaq Composite Index dropped 0.4% to 12,072.46, the Dow Jones Industrial Average fell 0.2% to 33,809.33, the 10-year U.S. Treasury rate increased 6bps to 3.57% and the U.S. dollar (as measured by the ICE U.S. Dollar index – DXY) strengthened 0.2%.
The Long and Short of it, week ending 14 April 2023
Stock markets rose last week with value stocks outperforming growth stocks as expectations of further Fed tightening increased as the week progressed. The previous Friday’s robust job report helped boost cyclical/value stock prices while adding to expectations Fed rate hikes would continue through at least May, hurting growth/tech stock prices. This sentiment was reinforced by Wednesday’s CPI release showing cooling-but-still-stubbornly-high inflation with value stock prices benefiting over growth stock prices. FOMC minutes, also released Wednesday, did the same. While Thursday’s lower-than-expected PPI release moved all 3-major indexes higher (with the Nasdaq Composite increasing the most), Friday’s comments from Fed officials calling for higher rates mitigated those moves, sending index levels lower. Changes in Treasury rates reflected growing expectations of more Fed rate hikes with the 10-year Treasury rate increasing 21bps. 10-year real rates were the primary reason for the increase, rising 15bps. The U.S. dollar, weaker 0.8% through Thursday, strengthened 0.6% Friday (following comments from Fed officials). For the week, the S&P 500 Index increased 0.8% to 4,137.64 the Nasdaq Composite Index rose 0.3% to 12,123.46, the Dow Jones Industrial Average gained 1.2% to 33,885.31, the 10-year U.S. Treasury rate increased 21bps to 3.51% and the U.S. dollar (as measured by the ICE U.S. Dollar index – DXY) weakened 0.3%.

Topic: Telecoms , Financials , Basic Materials , Energy , Industrials , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 14 April 2023
18 April, 2023 | GraniteShares
Stock markets rose last week with value stocks outperforming growth stocks as expectations of further Fed tightening increased as the week progressed. The previous Friday’s robust job report helped boost cyclical/value stock prices while adding to expectations Fed rate hikes would continue through at least May, hurting growth/tech stock prices. This sentiment was reinforced by Wednesday’s CPI release showing cooling-but-still-stubbornly-high inflation with value stock prices benefiting over growth stock prices. FOMC minutes, also released Wednesday, did the same. While Thursday’s lower-than-expected PPI release moved all 3-major indexes higher (with the Nasdaq Composite increasing the most), Friday’s comments from Fed officials calling for higher rates mitigated those moves, sending index levels lower. Changes in Treasury rates reflected growing expectations of more Fed rate hikes with the 10-year Treasury rate increasing 21bps. 10-year real rates were the primary reason for the increase, rising 15bps. The U.S. dollar, weaker 0.8% through Thursday, strengthened 0.6% Friday (following comments from Fed officials). For the week, the S&P 500 Index increased 0.8% to 4,137.64 the Nasdaq Composite Index rose 0.3% to 12,123.46, the Dow Jones Industrial Average gained 1.2% to 33,885.31, the 10-year U.S. Treasury rate increased 21bps to 3.51% and the U.S. dollar (as measured by the ICE U.S. Dollar index – DXY) weakened 0.3%.
The Long and Short of it, week ending 06 April 2023
A mixed week for stocks with the Nasdaq Composite Index ending lower on the week, the S&P 500 Index basically unchanged and the Dow Jones Industrial Average finishing the week slightly higher. Monday opened to news of OPEC+’s surprise 1.2 million bpd production cutback, sending oil prices sharply higher and, as a result, pushing oil stocks and the Dow Jones Industrial Average and S&P 500 Index higher as well. Weak economic data throughout the week while increasing expectations of less aggressive Fed monetary also raised the spectre of recession, resulting in mixed effects on stock prices. Weaker-than-expected ISM Manufacturing and Services Index releases, a pronounced drop in job openings and higher-than-expected initial jobless claims all helped to move Treasury rates lower while arousing concerns regarding earnings (especially for growth stocks) and economic growth. Higher oil prices – up almost 7% on the week – added to economic growth and inflation concerns, capping stock price gains. Reflecting growth concerns and expectations of easier Fed monetary police, 10-year Treasury rates fell 18bps (with real rates and inflation expectation falling equally) and the U.S. dollar weakened. For the week, the S&P 500 Index decreased 0.1% to 4,105.02 the Nasdaq Composite Index dropped 1.1% to 12,087.96, the Dow Jones Industrial Average increased 0.6% to 33,485.35, the 10-year U.S. Treasury rate fell 18bps to 3.30% and the U.S. dollar (as measured by the ICE U.S. Dollar index – DXY) weakened 0.6%.

Topic: Telecoms , Financials , Basic Materials , Energy , Industrials , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 06 April 2023
12 April, 2023 | GraniteShares
A mixed week for stocks with the Nasdaq Composite Index ending lower on the week, the S&P 500 Index basically unchanged and the Dow Jones Industrial Average finishing the week slightly higher. Monday opened to news of OPEC+’s surprise 1.2 million bpd production cutback, sending oil prices sharply higher and, as a result, pushing oil stocks and the Dow Jones Industrial Average and S&P 500 Index higher as well. Weak economic data throughout the week while increasing expectations of less aggressive Fed monetary also raised the spectre of recession, resulting in mixed effects on stock prices. Weaker-than-expected ISM Manufacturing and Services Index releases, a pronounced drop in job openings and higher-than-expected initial jobless claims all helped to move Treasury rates lower while arousing concerns regarding earnings (especially for growth stocks) and economic growth. Higher oil prices – up almost 7% on the week – added to economic growth and inflation concerns, capping stock price gains. Reflecting growth concerns and expectations of easier Fed monetary police, 10-year Treasury rates fell 18bps (with real rates and inflation expectation falling equally) and the U.S. dollar weakened. For the week, the S&P 500 Index decreased 0.1% to 4,105.02 the Nasdaq Composite Index dropped 1.1% to 12,087.96, the Dow Jones Industrial Average increased 0.6% to 33,485.35, the 10-year U.S. Treasury rate fell 18bps to 3.30% and the U.S. dollar (as measured by the ICE U.S. Dollar index – DXY) weakened 0.6%.
3LNI - 1st security holder notice of consolidation
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG NIO DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF CONSOLIDATION OF SECURITIES 20230329

Topic: Financials

Publication Type: Regulatory News

3LNI - 1st security holder notice of consolidation
12 April, 2023 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG NIO DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF CONSOLIDATION OF SECURITIES 20230329
The Long and Short of it, week ending 31 March 2023
Except for Tuesday, major stock market indexes moved higher each day last week with the S&P 500 Index, Nasdaq Composite Index and the Dow Jones Industrial Average registering almost identical performances. Last week’s move higher mainly centered on lessened banking-sector concerns (with the week starting on news First Citizens Bank purchased Silicon Valley Bank) and on increased expectations the Fed would pause rate increases (and perhaps even ease this year). Continued low initial jobless claims, greater-than-expected pending home sales and a better-than-expected PCE Price Index release (Friday) added to risk-on sentiment as well. 10-year Treasury rates moved 11bps higher last week, reflecting diminished safe-haven demand as rates moved off their recent lows while the U.S. dollar continued to weaken. For the week, the S&P 500 Index increased 3.4% to 4,105.80 the Nasdaq Composite Index also increased 3.4% to 12,221.91, the Dow Jones Industrial Average increased 3.2% to 33,273.10, the 10-year U.S. Treasury rate rose 11bps to 3.48% and the U.S. dollar (as measured by the ICE U.S. Dollar index – DXY) weakened 0.5%.

Topic: Telecoms , Financials , Basic Materials , Energy , Industrials , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 31 March 2023
04 April, 2023 | GraniteShares
Except for Tuesday, major stock market indexes moved higher each day last week with the S&P 500 Index, Nasdaq Composite Index and the Dow Jones Industrial Average registering almost identical performances. Last week’s move higher mainly centered on lessened banking-sector concerns (with the week starting on news First Citizens Bank purchased Silicon Valley Bank) and on increased expectations the Fed would pause rate increases (and perhaps even ease this year). Continued low initial jobless claims, greater-than-expected pending home sales and a better-than-expected PCE Price Index release (Friday) added to risk-on sentiment as well. 10-year Treasury rates moved 11bps higher last week, reflecting diminished safe-haven demand as rates moved off their recent lows while the U.S. dollar continued to weaken. For the week, the S&P 500 Index increased 3.4% to 4,105.80 the Nasdaq Composite Index also increased 3.4% to 12,221.91, the Dow Jones Industrial Average increased 3.2% to 33,273.10, the 10-year U.S. Treasury rate rose 11bps to 3.48% and the U.S. dollar (as measured by the ICE U.S. Dollar index – DXY) weakened 0.5%.
3LNI - NOTICE OF AMENDMENT OF MRA 20230331
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG NIO DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT 20230331

Topic: Industrials

Publication Type: Regulatory News

3LNI - NOTICE OF AMENDMENT OF MRA 20230331
31 March, 2023 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG NIO DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT 20230331
How Short & Leveraged ETPs Work
Exchange-traded products (ETPs) are a popular way for investors to gain exposure to various asset classes, such as stocks, bonds, commodities, and currencies. Within the ETP universe, there are two types of products that have gained increasing attention in recent years: short and leveraged ETPs. These products offer the potential for higher returns but come with higher risks.

Topic: Industrials , Technology , Single Stocks

Publication Type: Articles , ETP and Industry

How Short & Leveraged ETPs Work
07 March, 2023 | GraniteShares
Exchange-traded products (ETPs) are a popular way for investors to gain exposure to various asset classes, such as stocks, bonds, commodities, and currencies. Within the ETP universe, there are two types of products that have gained increasing attention in recent years: short and leveraged ETPs. These products offer the potential for higher returns but come with higher risks.
3LNI - NOTICE OF AMENDMENT OF MRA 20221109
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG NIO DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT

Topic: Energy , Industrials , Technology

Publication Type: Regulatory News

3LNI - NOTICE OF AMENDMENT OF MRA 20221109
09 November, 2022 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG NIO DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT
Nio Stock: Bottom Fishing or not?
Nio (NYSE: NIO) the electric vehicle manufacturer had a roller coaster ride this year with all the hassle and external factors affecting the sales and revenue. The company develops and manufactures autonomous driving technology, digital technology, electric power trains, and batteries. Nio also innovates and offers industry-leading battery swapping technology in the vehicle, Battery-as-a-service, or BaaS also their proprietary autonomous driving technology, and Autonomous Driving as a Service ADaS. The company has launched various electric vehicles supporting the technology.

Topic: Energy

Publication Type: ETP and Industry , Single stock research

Nio Stock: Bottom Fishing or not?
25 May, 2022 | GraniteShares
Nio (NYSE: NIO) the electric vehicle manufacturer had a roller coaster ride this year with all the hassle and external factors affecting the sales and revenue. The company develops and manufactures autonomous driving technology, digital technology, electric power trains, and batteries. Nio also innovates and offers industry-leading battery swapping technology in the vehicle, Battery-as-a-service, or BaaS also their proprietary autonomous driving technology, and Autonomous Driving as a Service ADaS. The company has launched various electric vehicles supporting the technology.
3LNI - NOTICE OF AMENDMENT OF MRA 20220519
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG NIO DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT 20220519

Topic: Industrials

Publication Type: Regulatory News

3LNI - NOTICE OF AMENDMENT OF MRA 20220519
19 May, 2022 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG NIO DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT 20220519
3LNI - NOTICE OF AMENDMENT OF MRA 20220310
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser.

Topic: Industrials

Publication Type: Regulatory News

3LNI - NOTICE OF AMENDMENT OF MRA 20220310
10 March, 2022 | GraniteShares
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser.
The Long and Short of it, week ending 05 Nov 2021
U.S. stock markets powered higher again last week with all 3 major indexes setting record highs. While strong earnings and economic reports helped move stock markets higher, Wednesday’s FOMC announcement also contributed to this week’s increase. The Fed, as expected, announced it would begin reducing its $120 billion/month bond buyback program by $15 billion/month beginning this month (subject to changes if needed) but also indicated the timing of rate increases was uncertain given the Fed’s view its full-employment goals have not been reached, increasing sentiment the Fed would maintain its easy-money policies longer than expected. Friday’s October Non-Farm Payroll report, stronger than expected with respect to jobs and the unemployment rate, seemingly had little effect on markets with investor uncertainty regarding the strength of future job gains and an unchanged labour participation rate overriding the headline strength of the report. The 10-year U.S. Treasury rate, reflecting this sentiment, ended the week 11bps lower with almost all the decrease coming from falling 10-year real rates (down 8bps over the week). The U.S. dollar, stronger on the week, rose on the back of Thursday’s BoE announcement leaving rates unchanged. At week’s end, the S&P 500 Index rose 2.0% to 4,697.53, the Nasdaq Composite Index gained 3.0% to 15,971.60, the Dow Jones Industrial Average increased 1.4% to 36,329.07, the 10-year U.S. Treasury rate fell 11bps to 1.45% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.2%

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 05 Nov 2021
09 November, 2021 | GraniteShares
U.S. stock markets powered higher again last week with all 3 major indexes setting record highs. While strong earnings and economic reports helped move stock markets higher, Wednesday’s FOMC announcement also contributed to this week’s increase. The Fed, as expected, announced it would begin reducing its $120 billion/month bond buyback program by $15 billion/month beginning this month (subject to changes if needed) but also indicated the timing of rate increases was uncertain given the Fed’s view its full-employment goals have not been reached, increasing sentiment the Fed would maintain its easy-money policies longer than expected. Friday’s October Non-Farm Payroll report, stronger than expected with respect to jobs and the unemployment rate, seemingly had little effect on markets with investor uncertainty regarding the strength of future job gains and an unchanged labour participation rate overriding the headline strength of the report. The 10-year U.S. Treasury rate, reflecting this sentiment, ended the week 11bps lower with almost all the decrease coming from falling 10-year real rates (down 8bps over the week). The U.S. dollar, stronger on the week, rose on the back of Thursday’s BoE announcement leaving rates unchanged. At week’s end, the S&P 500 Index rose 2.0% to 4,697.53, the Nasdaq Composite Index gained 3.0% to 15,971.60, the Dow Jones Industrial Average increased 1.4% to 36,329.07, the 10-year U.S. Treasury rate fell 11bps to 1.45% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.2%
The Long and Short of it, week ending 29 Oct 2021
Another strong week for U.S. stock markets with all three major indexes posting record levels. Strong earnings reports again were the primary factor moving markets higher despite disappointing Apple and Amazon earning releases and a weaker-than-expected increase in GDP. All three major stock indexes moved higher almost every day last week, only pausing Wednesday. Thursday’s weaker-than-expected GDP release (along with Apple’s and Amazon’s disappointing earnings reports) and Friday’s as-expected PCE price index release highlighted concerns surrounding persistently high inflation caused by input/labor shortages and production and shipping bottlenecks and slowing economic activity. 10-year U.S. Treasury rates fell 8bps over the week, perhaps reflecting the growing conviction the Fed will begin moderately tightening monetary policy resulting in slowing economic growth. The U.S dollar, weaker by 0.3% through Thursday, strengthened over 0.8% Friday following the release of the Employment Cost Index and Personal Income and Outlays reports, perhaps reflecting the same conviction. At week’s end, the S&P 500 Index climbed 1.3% to 4,605.38, the Nasdaq Composite Index gained 2.7% to 15,498.40, the Dow Jones Industrial Average increased 0.4% to 35,819.59, the 10-year U.S. Treasury rate fell 8bps to 1.56% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.5%.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 29 Oct 2021
01 November, 2021 | GraniteShares
Another strong week for U.S. stock markets with all three major indexes posting record levels. Strong earnings reports again were the primary factor moving markets higher despite disappointing Apple and Amazon earning releases and a weaker-than-expected increase in GDP. All three major stock indexes moved higher almost every day last week, only pausing Wednesday. Thursday’s weaker-than-expected GDP release (along with Apple’s and Amazon’s disappointing earnings reports) and Friday’s as-expected PCE price index release highlighted concerns surrounding persistently high inflation caused by input/labor shortages and production and shipping bottlenecks and slowing economic activity. 10-year U.S. Treasury rates fell 8bps over the week, perhaps reflecting the growing conviction the Fed will begin moderately tightening monetary policy resulting in slowing economic growth. The U.S dollar, weaker by 0.3% through Thursday, strengthened over 0.8% Friday following the release of the Employment Cost Index and Personal Income and Outlays reports, perhaps reflecting the same conviction. At week’s end, the S&P 500 Index climbed 1.3% to 4,605.38, the Nasdaq Composite Index gained 2.7% to 15,498.40, the Dow Jones Industrial Average increased 0.4% to 35,819.59, the 10-year U.S. Treasury rate fell 8bps to 1.56% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.5%.
The Long and Short of it, week ending 22 Oct 2021
U.S. stock markets moved higher last week with the Dow Jones Industrial Average closing at a record high and the S&P 500 Index finishing slightly off its record high set Thursday. Strong earnings reports were the primary driver behind last week’s gains, overcoming concerns of lower profits due to rising input and labour costs and production and shipping bottlenecks. Lower-than-expected jobless claims, reported Thursday, also helped move markets higher. Three notable earnings misses – Intel, Snap and IBM – helped push the Nasdaq Composite Index and the S&P 500 Index lower Friday though analysts mostly considered these misses as outliers either because they were considered exceptions (IBM) or because of the unique, specific nature of the misses (Snap, Intel). Better-than-expected earnings reports, however, did not alleviate concerns of persistent inflation, driving the 10-year U.S.Treasury rate 12bps higher through Thursday. The rate fell almost 6bps Friday, likely reacting to weaker-than-expected earnings reports. At week’s end, the S&P 500 Index rose 1.6% to 4,544.90, the Nasdaq Composite Index increased 1.3% to 15,090.20, the Dow Jones Industrial Average gained 1.1% to 35,677.02, the 10-year U.S. Treasury rate rose 7bps to 1.64% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.3%.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 22 Oct 2021
26 October, 2021 | GraniteShares
U.S. stock markets moved higher last week with the Dow Jones Industrial Average closing at a record high and the S&P 500 Index finishing slightly off its record high set Thursday. Strong earnings reports were the primary driver behind last week’s gains, overcoming concerns of lower profits due to rising input and labour costs and production and shipping bottlenecks. Lower-than-expected jobless claims, reported Thursday, also helped move markets higher. Three notable earnings misses – Intel, Snap and IBM – helped push the Nasdaq Composite Index and the S&P 500 Index lower Friday though analysts mostly considered these misses as outliers either because they were considered exceptions (IBM) or because of the unique, specific nature of the misses (Snap, Intel). Better-than-expected earnings reports, however, did not alleviate concerns of persistent inflation, driving the 10-year U.S.Treasury rate 12bps higher through Thursday. The rate fell almost 6bps Friday, likely reacting to weaker-than-expected earnings reports. At week’s end, the S&P 500 Index rose 1.6% to 4,544.90, the Nasdaq Composite Index increased 1.3% to 15,090.20, the Dow Jones Industrial Average gained 1.1% to 35,677.02, the 10-year U.S. Treasury rate rose 7bps to 1.64% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.3%.
The Long and Short of it, week ending 15 Oct 2021
U.S. stock markets moved lower early last week pressured by inflation concerns arising from surging oil prices and continued shipping and production bottlenecks as well as by the advent of 3rd quarter earnings reports (the IMF’s lower global growth forecast Tuesday also pressured markets). Down close to 1% through Tuesday, U.S stock markets rallied the remainder of the week powered by better-than-expected bank earnings and stronger-than-expected retail sales and jobless claims. A record high CPI release Wednesday, while increasing expectations of Fed tapering sooner than later (confirmed by the FOMC minutes released Wednesday), seemingly had little effect on markets. Thursday’s lower-than-expected PPI release may have eased those expectations perhaps helping U.S stock markets to power 1.5% to 1.7% higher. The 10-year U.S. Treasury rate, reacting conversely to Fed tapering expectations, fell 10bps through Thursday but rose 6bps Friday to finish the week lower by 4bps. Interestingly the U.S dollar (as measured by the DXY Index), stronger by ½ percent through Tuesday, weakened almost ½ percent Wednesday and finished the week lower by 0.1%. For the week, the S&P 500 Index rose 1.8% to 4,471.37, the Nasdaq Composite Index jumped 2.2% to 14,897.30, the Dow Jones Industrial Average gained 1.6% to 35,295.48, the 10-year U.S. Treasury rate fell 4bps to 1.57% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.1%.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 15 Oct 2021
19 October, 2021 | GraniteShares
U.S. stock markets moved lower early last week pressured by inflation concerns arising from surging oil prices and continued shipping and production bottlenecks as well as by the advent of 3rd quarter earnings reports (the IMF’s lower global growth forecast Tuesday also pressured markets). Down close to 1% through Tuesday, U.S stock markets rallied the remainder of the week powered by better-than-expected bank earnings and stronger-than-expected retail sales and jobless claims. A record high CPI release Wednesday, while increasing expectations of Fed tapering sooner than later (confirmed by the FOMC minutes released Wednesday), seemingly had little effect on markets. Thursday’s lower-than-expected PPI release may have eased those expectations perhaps helping U.S stock markets to power 1.5% to 1.7% higher. The 10-year U.S. Treasury rate, reacting conversely to Fed tapering expectations, fell 10bps through Thursday but rose 6bps Friday to finish the week lower by 4bps. Interestingly the U.S dollar (as measured by the DXY Index), stronger by ½ percent through Tuesday, weakened almost ½ percent Wednesday and finished the week lower by 0.1%. For the week, the S&P 500 Index rose 1.8% to 4,471.37, the Nasdaq Composite Index jumped 2.2% to 14,897.30, the Dow Jones Industrial Average gained 1.6% to 35,295.48, the 10-year U.S. Treasury rate fell 4bps to 1.57% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.1%.
The Long and Short of it, week ending 08 Oct 2021
A bumpy start last week with major U.S. stock indexes falling sharply and with the Nasdaq Composite Index faring the worst by far. Increasing inflation and Fed-tapering concerns, spurred by Friday’s PCE price index release, combined with a debt-ceiling overhang, pushed 10-year U.S. Treasury rates higher and stock prices – especially tech stock prices – lower (Facebook’s unprecedented outage Monday also affected the tech-heavy Nasdaq Composite Index). Stock markets rebounded sharply Tuesday and then continued higher through Thursday buoyed by a better-than-expected ISM services index release, falling weekly and continued jobless claims and substantive progress on a short-term debt ceiling extension. Friday’s much weaker-than-expected payroll report moved stock markets slightly lower while at the same time pulling the 10-year U.S. Treasury rate above 1.6%. For the week, the S&P 500 Index rose 0.8% to 4,392.36, the Nasdaq Composite Index increased 0.1% to 14,579.50, the Dow Jones Industrial Average gained 1.2% to 34,746.71, the 10-year U.S. Treasury rate jumped 15bp to 1.61% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) was practically unchanged.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 08 Oct 2021
11 October, 2021 | GraniteShares
A bumpy start last week with major U.S. stock indexes falling sharply and with the Nasdaq Composite Index faring the worst by far. Increasing inflation and Fed-tapering concerns, spurred by Friday’s PCE price index release, combined with a debt-ceiling overhang, pushed 10-year U.S. Treasury rates higher and stock prices – especially tech stock prices – lower (Facebook’s unprecedented outage Monday also affected the tech-heavy Nasdaq Composite Index). Stock markets rebounded sharply Tuesday and then continued higher through Thursday buoyed by a better-than-expected ISM services index release, falling weekly and continued jobless claims and substantive progress on a short-term debt ceiling extension. Friday’s much weaker-than-expected payroll report moved stock markets slightly lower while at the same time pulling the 10-year U.S. Treasury rate above 1.6%. For the week, the S&P 500 Index rose 0.8% to 4,392.36, the Nasdaq Composite Index increased 0.1% to 14,579.50, the Dow Jones Industrial Average gained 1.2% to 34,746.71, the 10-year U.S. Treasury rate jumped 15bp to 1.61% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) was practically unchanged.
The Long and Short of it, week ending 01 Oct 2021
Concerns of central bank tightening and growing inflation concerns precipitated steep declines in U.S. stock markets with all three major U.S. stock indexes falling 3% or more through Thursday. Fed Chairman Powell’s prepared remarks before Congress on Tuesday reiterated remarks made after the most recent FOMC meeting, saying the Fed could begin tapering in November and that higher inflation could last longer than initially anticipated before moderating toward the Fed’s 2% goal, uneased stock and bond markets with the 10-year U.S. Treasury rate increasing over 9bps through Tuesday, and U.S. stock markets dropping between 1.5% and 3%. Debt ceiling and government shutdown concerns and President Biden’s $3.5 trillion spending bill also unnerved markets with Congress at a debt-ceiling impasse leading to warnings of default and credit rating downgrades. Stock markets rebounded Friday with investor risk-on appetite apparently returning with Congress approving a stopgap, government-funding bill and as the U.S dollar fell from its almost 1-year high and the 10-year U.S. Treasury rate finished the week only slightly higher. The PCE price index, released Friday, increased an as-expected 3.5%, perhaps helping to reduce inflation concerns. For the week, the S&P 500 Index fell 2.2% to 4,357.05, the Nasdaq Composite Index dropped 3.2% to 14,566.70, the Dow Jones Industrial Average decreased 1.4% to 34,327.45, the 10-year U.S. Treasury rate increased 1bp to 1.46% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.8% percent.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 01 Oct 2021
05 October, 2021 | GraniteShares
Concerns of central bank tightening and growing inflation concerns precipitated steep declines in U.S. stock markets with all three major U.S. stock indexes falling 3% or more through Thursday. Fed Chairman Powell’s prepared remarks before Congress on Tuesday reiterated remarks made after the most recent FOMC meeting, saying the Fed could begin tapering in November and that higher inflation could last longer than initially anticipated before moderating toward the Fed’s 2% goal, uneased stock and bond markets with the 10-year U.S. Treasury rate increasing over 9bps through Tuesday, and U.S. stock markets dropping between 1.5% and 3%. Debt ceiling and government shutdown concerns and President Biden’s $3.5 trillion spending bill also unnerved markets with Congress at a debt-ceiling impasse leading to warnings of default and credit rating downgrades. Stock markets rebounded Friday with investor risk-on appetite apparently returning with Congress approving a stopgap, government-funding bill and as the U.S dollar fell from its almost 1-year high and the 10-year U.S. Treasury rate finished the week only slightly higher. The PCE price index, released Friday, increased an as-expected 3.5%, perhaps helping to reduce inflation concerns. For the week, the S&P 500 Index fell 2.2% to 4,357.05, the Nasdaq Composite Index dropped 3.2% to 14,566.70, the Dow Jones Industrial Average decreased 1.4% to 34,327.45, the 10-year U.S. Treasury rate increased 1bp to 1.46% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.8% percent.
The Long and Short of it, week ending 27 Aug 2021
U.S. stock markets moved higher last week buoyed by strong earnings reports, as- or better-thanexpected economic data and by temperate comments from Fed Chairman Jerome Powell. All three major U.S. stock indexes rose every day but Thursday last week, faltering on Thursday in anticipation of Jerome Powell’s Jackson Hole speech Friday morning and on news of the Kabul airport attack. Both the S&P 500 Index and Dow Jones Industrial Average closed the week at record highs. Fed Chairman Jerome Powell’s prepared remarks on Friday confirmed the Fed wanted to begin tapering its Treasury note and mortgage-backed bond buyback program before year end but also qualified those comments with a need for careful and moderate implementation citing concerns of “temporary fluctuations in inflation”. The 10-year U.S. Treasury rate finished the week higher but well off its Thursday’s high of 1.36%, falling over 4bps after Jerome Powell’s comments. Similarly, the U.S. dollar, weaker by ½ percent through Thursday, weakened almost another ½ percent Friday. For the week, the S&P 500 Index increased 1.5% to 4,509.37, the Nasdaq Composite Index rose 2.8% to 15,129.50, the Dow Jones Industrial Average gained 1.0% closing at 35,454.81, the 10-year U.S. Treasury rate increased 5bps to 1.31% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.9% percent.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 27 Aug 2021
30 August, 2021 | GraniteShares
U.S. stock markets moved higher last week buoyed by strong earnings reports, as- or better-thanexpected economic data and by temperate comments from Fed Chairman Jerome Powell. All three major U.S. stock indexes rose every day but Thursday last week, faltering on Thursday in anticipation of Jerome Powell’s Jackson Hole speech Friday morning and on news of the Kabul airport attack. Both the S&P 500 Index and Dow Jones Industrial Average closed the week at record highs. Fed Chairman Jerome Powell’s prepared remarks on Friday confirmed the Fed wanted to begin tapering its Treasury note and mortgage-backed bond buyback program before year end but also qualified those comments with a need for careful and moderate implementation citing concerns of “temporary fluctuations in inflation”. The 10-year U.S. Treasury rate finished the week higher but well off its Thursday’s high of 1.36%, falling over 4bps after Jerome Powell’s comments. Similarly, the U.S. dollar, weaker by ½ percent through Thursday, weakened almost another ½ percent Friday. For the week, the S&P 500 Index increased 1.5% to 4,509.37, the Nasdaq Composite Index rose 2.8% to 15,129.50, the Dow Jones Industrial Average gained 1.0% closing at 35,454.81, the 10-year U.S. Treasury rate increased 5bps to 1.31% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.9% percent.
The Long and Short of it, week ending 20 Aug 2021
Slowing U.S and Chinese growth fears, Afghanistan-related geopolitical and Delta variant concerns and Fed minutes increasing expectations the Fed may taper asset purchases before the end of this year pushed U.S. stock markets lower last week. All three major stock indexes moved higher Friday, gaining between ¾ percent and over 1 percent, buoyed by strong earnings reports and amid investor re-thinking of Fed taper timing. The U.S. dollar strengthened over 1 percent while the 10- year U.S. Treasury rate fell 4bps, perhaps reflecting expectations the Fed will tighten monetary policy sooner than later resulting in slower economic growth going forward. For the week, the S&P 500 Index decreased 0.6% to 4,441.67, the Nasdaq Composite Index decreased 0.7% to 14,714.66, the Dow Jones Industrial Average fell 1.1% to 35,120.08, the 10-year U.S. Treasury rate decreased 4bps to 1.26% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 1.1% percent.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

The Long and Short of it, week ending 20 Aug 2021
23 August, 2021 | GraniteShares
Slowing U.S and Chinese growth fears, Afghanistan-related geopolitical and Delta variant concerns and Fed minutes increasing expectations the Fed may taper asset purchases before the end of this year pushed U.S. stock markets lower last week. All three major stock indexes moved higher Friday, gaining between ¾ percent and over 1 percent, buoyed by strong earnings reports and amid investor re-thinking of Fed taper timing. The U.S. dollar strengthened over 1 percent while the 10- year U.S. Treasury rate fell 4bps, perhaps reflecting expectations the Fed will tighten monetary policy sooner than later resulting in slower economic growth going forward. For the week, the S&P 500 Index decreased 0.6% to 4,441.67, the Nasdaq Composite Index decreased 0.7% to 14,714.66, the Dow Jones Industrial Average fell 1.1% to 35,120.08, the 10-year U.S. Treasury rate decreased 4bps to 1.26% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 1.1% percent.
The Long and Short of it, week ending 13 Aug 2021
U.S. stock markets moved higher again last week with both the Dow Jones Industrial Average and the S&P 500 Index posting another set of record highs. Senate passage of a $1 trillion infrastructure bill Tuesday and Wednesday’s CPI release showing high YoY gains but slowing MoM gains helped move stock prices higher. Markets all but ignored Thursday’s record high PPI release and Friday’s much lower-than-expected consumer sentiment reading with all three major indexes moving higher the last two days of the week. The U.S. dollar, stronger through Thursday, weakened substantially Friday following the much lower-than-expected Michigan University consumer sentiment release. U.S. 10-year Treasury rates performed similarly, falling 7bps Friday after being up 8bps through Thursday. For the week, the S&P 500 Index increased 0.7% to 4,468.00, the Nasdaq Composite Index decreased 0.1% to 14,822.90, the Dow Jones Industrial Average rose 0.9% to 35,515.38, the 10-year U.S. Treasury rate increased 1bps to 1.30% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.3% percent.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 13 Aug 2021
16 August, 2021 | GraniteShares
U.S. stock markets moved higher again last week with both the Dow Jones Industrial Average and the S&P 500 Index posting another set of record highs. Senate passage of a $1 trillion infrastructure bill Tuesday and Wednesday’s CPI release showing high YoY gains but slowing MoM gains helped move stock prices higher. Markets all but ignored Thursday’s record high PPI release and Friday’s much lower-than-expected consumer sentiment reading with all three major indexes moving higher the last two days of the week. The U.S. dollar, stronger through Thursday, weakened substantially Friday following the much lower-than-expected Michigan University consumer sentiment release. U.S. 10-year Treasury rates performed similarly, falling 7bps Friday after being up 8bps through Thursday. For the week, the S&P 500 Index increased 0.7% to 4,468.00, the Nasdaq Composite Index decreased 0.1% to 14,822.90, the Dow Jones Industrial Average rose 0.9% to 35,515.38, the 10-year U.S. Treasury rate increased 1bps to 1.30% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.3% percent.
The Long and Short of it, week ending 06 Aug 2021
A volatile week for U.S. stock markets with stock prices pushed and pulled by strong earnings and economic reports on the one hand and the Delta variant and “peak” economy concerns on the other. Still, all three major U.S. stock indexes ended higher on the week with both the Dow Jones Industrial Average and the S&P 500 Index setting new highs. As-expected jobless claims with declining continuing claims, strong service purchasing manager index releases and a much betterthan-expected non-farm payroll report supported stock prices while growing Covid infections, a weak ADP report and peak-growth concerns restrained price gains. The U.S. dollar strengthened and the 10-year U.S. Treasury rate rose, both reacting mainly to the non-farm payroll report, recouping most or all of their previous week’s losses. At week’s end, the S&P 500 Index increased 0.9% to 4,436.52, the Nasdaq Composite Index rose 1.1% to 14,835.76, the Dow Jones Industrial Average increased 0.8% to 35,208.51, the 10-year U.S. Treasury rate increased 5bps to 1.29% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.7% percent.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 06 Aug 2021
09 August, 2021 | GraniteShares
A volatile week for U.S. stock markets with stock prices pushed and pulled by strong earnings and economic reports on the one hand and the Delta variant and “peak” economy concerns on the other. Still, all three major U.S. stock indexes ended higher on the week with both the Dow Jones Industrial Average and the S&P 500 Index setting new highs. As-expected jobless claims with declining continuing claims, strong service purchasing manager index releases and a much betterthan-expected non-farm payroll report supported stock prices while growing Covid infections, a weak ADP report and peak-growth concerns restrained price gains. The U.S. dollar strengthened and the 10-year U.S. Treasury rate rose, both reacting mainly to the non-farm payroll report, recouping most or all of their previous week’s losses. At week’s end, the S&P 500 Index increased 0.9% to 4,436.52, the Nasdaq Composite Index rose 1.1% to 14,835.76, the Dow Jones Industrial Average increased 0.8% to 35,208.51, the 10-year U.S. Treasury rate increased 5bps to 1.29% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.7% percent.
The Long and Short of it, week ending 30 July 2021
U.S. stock markets fell last week reacting to a myriad of inputs including GDP and PCE releases, the FOMC announcement and earnings reprots. Markets struggled despite strong tech-company earnings reports Monday and Tuesday from Alphabet, Microsoft, Apple and Tesla with investors cautious before the FOMC announcement and the release of the first-estimate of Q2 GDP. Wednesday’s FOMC announcement, reporting no changes to monetary policy and slightly upgrading the assessment of the U.S. economy saying economic activity had strengthened and improved but not fully recovered, had little effect on stock prices. A worse-than-expected GDP release Thursday actually supported stock prices with all three major indexes ending the day higher. The first estimate of Q2 GDP growth came in at 6.5% economic growth versus expectations of 8.4%. The lower-than-expected number was attributed to production and transportation bottlenecks and to labor constraints. Friday’s higher-than-expected core PCE release and Amazon’s weaker-thanexpected earnings report and slowing sales growth guidance pushed U.S. stock markets ½ to ¾ percent lower on the day. The U.S. dollar weakened significantly over the week, influenced by the combination of the Fed’s no-action mantra and growing inflation concerns. At week’s end, the S&P 500 Index decreased 0.4% to 4,395.26, the Nasdaq Composite Index fell 1.1% to 14,672.68, the Dow Jones Industrial Average decreased 0.4% to 34,935.47, the 10-year U.S. Treasury rate fell 5bps to 1.24% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.8% percent.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 30 July 2021
02 August, 2021 | GraniteShares
U.S. stock markets fell last week reacting to a myriad of inputs including GDP and PCE releases, the FOMC announcement and earnings reprots. Markets struggled despite strong tech-company earnings reports Monday and Tuesday from Alphabet, Microsoft, Apple and Tesla with investors cautious before the FOMC announcement and the release of the first-estimate of Q2 GDP. Wednesday’s FOMC announcement, reporting no changes to monetary policy and slightly upgrading the assessment of the U.S. economy saying economic activity had strengthened and improved but not fully recovered, had little effect on stock prices. A worse-than-expected GDP release Thursday actually supported stock prices with all three major indexes ending the day higher. The first estimate of Q2 GDP growth came in at 6.5% economic growth versus expectations of 8.4%. The lower-than-expected number was attributed to production and transportation bottlenecks and to labor constraints. Friday’s higher-than-expected core PCE release and Amazon’s weaker-thanexpected earnings report and slowing sales growth guidance pushed U.S. stock markets ½ to ¾ percent lower on the day. The U.S. dollar weakened significantly over the week, influenced by the combination of the Fed’s no-action mantra and growing inflation concerns. At week’s end, the S&P 500 Index decreased 0.4% to 4,395.26, the Nasdaq Composite Index fell 1.1% to 14,672.68, the Dow Jones Industrial Average decreased 0.4% to 34,935.47, the 10-year U.S. Treasury rate fell 5bps to 1.24% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.8% percent.
The Long and Short of it, week ending 23 July 2021
Rocked by fears of a Covid-19 resurgence, driven by the spread of the Delta variant, U.S. stock markets declined sharply Monday, with the Dow Jones Industrial average falling over 2% and the 10- year U.S. Treasury rate, reflecting investor flight to quality, fell 12bps to 1.18%. Markets, however, rebounded strongly Tuesday and continued to recover the remainder of the week with receding Covid fears and strong earnings reports. All three major U.S. stock indexes finished the week at record highs and the Dow Jones Industrial Average closed above 35,000 for the first time. The 10-year U.S. Treasury rate rebounded as well, rising to almost unchanged on the week. At week’s end, the S&P 500 Index increased 2.0% to 4,411.79, the Nasdaq Composite Index rose 2.8% to 14,836.99, the Dow Jones Industrial Average gained 1.1% to 35,061.55, the 10-year U.S. Treasury rate fell 1bps to 1.29% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.2% percent

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 23 July 2021
26 July, 2021 | GraniteShares
Rocked by fears of a Covid-19 resurgence, driven by the spread of the Delta variant, U.S. stock markets declined sharply Monday, with the Dow Jones Industrial average falling over 2% and the 10- year U.S. Treasury rate, reflecting investor flight to quality, fell 12bps to 1.18%. Markets, however, rebounded strongly Tuesday and continued to recover the remainder of the week with receding Covid fears and strong earnings reports. All three major U.S. stock indexes finished the week at record highs and the Dow Jones Industrial Average closed above 35,000 for the first time. The 10-year U.S. Treasury rate rebounded as well, rising to almost unchanged on the week. At week’s end, the S&P 500 Index increased 2.0% to 4,411.79, the Nasdaq Composite Index rose 2.8% to 14,836.99, the Dow Jones Industrial Average gained 1.1% to 35,061.55, the 10-year U.S. Treasury rate fell 1bps to 1.29% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.2% percent
The Long and Short of it, week ending 16 July 2021
U.S. stock markets ended the week lower pressured by increasing concerns of fallout from rising inflation and of climbing Delta-variant Covid-19 infections. Tuesday’s CPI and Wednesday’s PPI releases surprised markets coming in at much higher-than-expected levels but intially had little effect on stock market levels while mixed earnings reports seemed to cap market increases. Fed Chairman Powell’s testimony before congress held true to the Fed’s ongoing message that rising inflation was transient, the economy, while growing, had further room for improvement and that interest rates would remain near zero for the foreseeable future. Friday’s lower-than-expected consumer sentiment report and China’s slightly lower-than-expected Q2 GDP growth tipped markets over the edge with all three major U.S. stock markets falling around ¾ percent. The 10-year U.S. Treasury rate fell 6bps over the week, driven by growing expectations the Fed would need to raise rates sooner than later resulting in slower economic growth and, as a result, lower longer-term rates. The U.S. dollar strengthened last week, reflecting similar views. For the week, the S&P 500 Index decreased 1.0% to 4,327.16, the Nasdaq Composite Index fell 1.9% to 14,427.24, the Dow Jones Industrial Average decreased 0.5% to 34,897.02, the 10-year U.S. Treasury rate fell 6bps to 1.30% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.6% percent.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 16 July 2021
20 July, 2021 | GraniteShares
U.S. stock markets ended the week lower pressured by increasing concerns of fallout from rising inflation and of climbing Delta-variant Covid-19 infections. Tuesday’s CPI and Wednesday’s PPI releases surprised markets coming in at much higher-than-expected levels but intially had little effect on stock market levels while mixed earnings reports seemed to cap market increases. Fed Chairman Powell’s testimony before congress held true to the Fed’s ongoing message that rising inflation was transient, the economy, while growing, had further room for improvement and that interest rates would remain near zero for the foreseeable future. Friday’s lower-than-expected consumer sentiment report and China’s slightly lower-than-expected Q2 GDP growth tipped markets over the edge with all three major U.S. stock markets falling around ¾ percent. The 10-year U.S. Treasury rate fell 6bps over the week, driven by growing expectations the Fed would need to raise rates sooner than later resulting in slower economic growth and, as a result, lower longer-term rates. The U.S. dollar strengthened last week, reflecting similar views. For the week, the S&P 500 Index decreased 1.0% to 4,327.16, the Nasdaq Composite Index fell 1.9% to 14,427.24, the Dow Jones Industrial Average decreased 0.5% to 34,897.02, the 10-year U.S. Treasury rate fell 6bps to 1.30% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.6% percent.
The Long and Short of it, week ending 12 July 2021
Despite an up-and-down week for U.S. stock markets, all three major U.S. stock indexes once again reached record highs. Increasing concerns regarding the spread of the Delta Covid-19 variant and the resulting effect on economic growth as well as larger-than-expected jobless claims drove both U.S stock markets and the U.S. 10-year Treasury rate lower through Thursday. The S&P 500 Index, for example was down almost ¾ percent through Thursday while the 10-year U.S Treasury rate was 14bps lower. Stock markets rallied strongly and 10-year U.S. Treasury rates rose Friday on no real news but perhaps as coronavirus fears retreated and possibly as a result of the ECB’s decision to raise their inflation target while maintaining their current historically accommodative monetary policy At week’s end, the S&P 500 Index increased 0.4% to 4,369.55, the Nasdaq Composite Index rose 0.4% to 14,701.92, the Dow Jones Industrial Average gained 0.2% to 34,870.16, the 10-year U.S. Treasury rate fell 7bps to 1.36% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.1% percent.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 12 July 2021
13 July, 2021 | GraniteShares
Despite an up-and-down week for U.S. stock markets, all three major U.S. stock indexes once again reached record highs. Increasing concerns regarding the spread of the Delta Covid-19 variant and the resulting effect on economic growth as well as larger-than-expected jobless claims drove both U.S stock markets and the U.S. 10-year Treasury rate lower through Thursday. The S&P 500 Index, for example was down almost ¾ percent through Thursday while the 10-year U.S Treasury rate was 14bps lower. Stock markets rallied strongly and 10-year U.S. Treasury rates rose Friday on no real news but perhaps as coronavirus fears retreated and possibly as a result of the ECB’s decision to raise their inflation target while maintaining their current historically accommodative monetary policy At week’s end, the S&P 500 Index increased 0.4% to 4,369.55, the Nasdaq Composite Index rose 0.4% to 14,701.92, the Dow Jones Industrial Average gained 0.2% to 34,870.16, the 10-year U.S. Treasury rate fell 7bps to 1.36% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.1% percent.
The Long and Short of it, week ending 2 July 2021
U.S stock markets rallied to all-time highs with all three major stock indexes reaching record levels. Strong economic data as represented by Friday’s mostly better-than-expected payroll report, Thursday’s post-pandemic low in jobless claims, climbing consumer confidence and surging home prices combined to push stock markets higher. Also helping stock prices was President Biden’s announcement he would sign the almost $1 trillion bipartisan infrastructure bill if it reached his desk. Ten-year U.S. Treasury rates fell 11bps last week pushed lower by diminished inflation concerns (the payroll report showed decreasing wages) and increasing expectations the Fed would not need to raise rates sooner than later. At week’s end, the S&P 500 Index increased 1.7% to 4,352.34, the Nasdaq Composite Index rose 1.9% to 14,639.33, the Dow Jones Industrial Average gained 1.0% to 34,786.35, the 10-year U.S. Treasury rate fell 11bps to 1.43% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.5% percent.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 2 July 2021
07 July, 2021 | GraniteShares
U.S stock markets rallied to all-time highs with all three major stock indexes reaching record levels. Strong economic data as represented by Friday’s mostly better-than-expected payroll report, Thursday’s post-pandemic low in jobless claims, climbing consumer confidence and surging home prices combined to push stock markets higher. Also helping stock prices was President Biden’s announcement he would sign the almost $1 trillion bipartisan infrastructure bill if it reached his desk. Ten-year U.S. Treasury rates fell 11bps last week pushed lower by diminished inflation concerns (the payroll report showed decreasing wages) and increasing expectations the Fed would not need to raise rates sooner than later. At week’s end, the S&P 500 Index increased 1.7% to 4,352.34, the Nasdaq Composite Index rose 1.9% to 14,639.33, the Dow Jones Industrial Average gained 1.0% to 34,786.35, the 10-year U.S. Treasury rate fell 11bps to 1.43% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.5% percent.
The Long and Short of it, week ending 25 June 2021
U.S. stock markets rebounded strongly from the previous week’s downturn with the S&P 500 Index closing at record highs and the Nasdaq Composite Index closing slightly lower than the record highs it set Friday. Fed Chairman Jerome Powell’s testimony Tuesday insisting current high levels of inflation would be temporary added to NY Fed President John Williams’ comments Monday asserting the current state of the economy did not warrant a change in Fed policy, pushed all three major stock indexes 1.5% to 2% higher through Tuesday. President Biden’s announcement of a bipartisan infrastructure agreement moved markets higher Thursday and Friday, with a record YoY increase in PCE having little effect on stock prices. 10-year U.S. Treasury rates increased 9bps reversing last week’s declines reflecting strong economic growth with resulting inflationary pressures. At week’s end, the S&P 500 Index increased 2.7% to 4,280.70, the Nasdaq Composite Index rose 2.4% to 14,360.39, the Dow Jones Industrial Average gained 3.4% to 34,433.84, the 10- year U.S. Treasury rate rose 9bps to 1.54% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.5% percent.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 25 June 2021
29 June, 2021 | GraniteShares
U.S. stock markets rebounded strongly from the previous week’s downturn with the S&P 500 Index closing at record highs and the Nasdaq Composite Index closing slightly lower than the record highs it set Friday. Fed Chairman Jerome Powell’s testimony Tuesday insisting current high levels of inflation would be temporary added to NY Fed President John Williams’ comments Monday asserting the current state of the economy did not warrant a change in Fed policy, pushed all three major stock indexes 1.5% to 2% higher through Tuesday. President Biden’s announcement of a bipartisan infrastructure agreement moved markets higher Thursday and Friday, with a record YoY increase in PCE having little effect on stock prices. 10-year U.S. Treasury rates increased 9bps reversing last week’s declines reflecting strong economic growth with resulting inflationary pressures. At week’s end, the S&P 500 Index increased 2.7% to 4,280.70, the Nasdaq Composite Index rose 2.4% to 14,360.39, the Dow Jones Industrial Average gained 3.4% to 34,433.84, the 10- year U.S. Treasury rate rose 9bps to 1.54% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.5% percent.
The Long and Short of it, week ending 18 June 2021
U.S. stock markets reacted negatively to the FOMC announcement Wednesday afternoon, with all three major indexes ending lower on the week. Monday, however, saw both the S&P 500 and Nasdaq Composite Indexes reach record highs with these levels gradually deteriorating into Wednesday’s announcement. The big news from the Fed was its shift forward in the timing of expected rate increases (on the heels of a record YoY PPI release Tuesday) as well as an increase in its inflation expectations. Interestingly, the Fed gave no guidance regarding its buyback program. Markets rebounded on Thursday but then sold off sharply Friday after St. Louis Fed President Jim Bullard opined that the first rate increase would occur in 2022. The Dow Jones Industrial Average fared the worst, falling each day of the week. The Treasury yield curve flattened, with 10-year U.S. Treasury rates declining slightly and 2-year U.S. Treasury rates rising 10bps, reflecting increased expectations of rate increases along with growing concerns of slowing economic growth. In addition, the U.S. dollar sharply strengthened. For the week, the S&P 500 decreased 1.9% to 4,166.45, the Nasdaq Composite Index fell 0.3% to 14,030.38, the Dow Jones industrial average dropped 3.5% to 33,290.08, the 10-year U.S. Treasury rate fell 1bps to 1.45% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 1.8% percent.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 18 June 2021
21 June, 2021 | GraniteShares
U.S. stock markets reacted negatively to the FOMC announcement Wednesday afternoon, with all three major indexes ending lower on the week. Monday, however, saw both the S&P 500 and Nasdaq Composite Indexes reach record highs with these levels gradually deteriorating into Wednesday’s announcement. The big news from the Fed was its shift forward in the timing of expected rate increases (on the heels of a record YoY PPI release Tuesday) as well as an increase in its inflation expectations. Interestingly, the Fed gave no guidance regarding its buyback program. Markets rebounded on Thursday but then sold off sharply Friday after St. Louis Fed President Jim Bullard opined that the first rate increase would occur in 2022. The Dow Jones Industrial Average fared the worst, falling each day of the week. The Treasury yield curve flattened, with 10-year U.S. Treasury rates declining slightly and 2-year U.S. Treasury rates rising 10bps, reflecting increased expectations of rate increases along with growing concerns of slowing economic growth. In addition, the U.S. dollar sharply strengthened. For the week, the S&P 500 decreased 1.9% to 4,166.45, the Nasdaq Composite Index fell 0.3% to 14,030.38, the Dow Jones industrial average dropped 3.5% to 33,290.08, the 10-year U.S. Treasury rate fell 1bps to 1.45% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 1.8% percent.
The Long and Short of it, week ending 11 June 2021
U.S stock markets moved lower prior to Thursday’s CPI release, reflecting the possibility the Fed may need to scale back its easy-money policies sooner than later. Despite CPI coming in above expectations, jumping 5% YoY and 0.6% MoM, stock prices generally moved higher with the S&P 500 Index hitting a record high and the Nasdaq Composite Index increasing 0.8%. Stock prices continued their move higher on Friday, though the Dow Jones Industrial Average ended the week lower while the S&P 500 and Nasdaq Composite Indexes moved higher. Interestingly, 10-year U.S. Treasury rates moved lower throughout the week, falling 8bps before the CPI release. For the week, the S&P 500 Index increased 0.4% to 4,247.44, the Nasdaq Composite Index increased 1.9% to 14,069.42, the Dow Jones Industrial Average fell 0.8% to 34,479.6, the 10-year U.S. Treasury rate fell 10bps to 1.46% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened ½ percent

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 11 June 2021
14 June, 2021 | GraniteShares
U.S stock markets moved lower prior to Thursday’s CPI release, reflecting the possibility the Fed may need to scale back its easy-money policies sooner than later. Despite CPI coming in above expectations, jumping 5% YoY and 0.6% MoM, stock prices generally moved higher with the S&P 500 Index hitting a record high and the Nasdaq Composite Index increasing 0.8%. Stock prices continued their move higher on Friday, though the Dow Jones Industrial Average ended the week lower while the S&P 500 and Nasdaq Composite Indexes moved higher. Interestingly, 10-year U.S. Treasury rates moved lower throughout the week, falling 8bps before the CPI release. For the week, the S&P 500 Index increased 0.4% to 4,247.44, the Nasdaq Composite Index increased 1.9% to 14,069.42, the Dow Jones Industrial Average fell 0.8% to 34,479.6, the 10-year U.S. Treasury rate fell 10bps to 1.46% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened ½ percent
The Long and Short of it, week ending 4 June 2021
U.S. stock markets moved higher again last week with gains mainly coming Friday on a holiday-shortened trading week. Thursday’s better-than-expected jobless claims and President Biden’s retraction of his proposed corporate tax hike increased expectations of strong economic growth, higher inflation and, as a result, increased concerns the Fed may act sooner than later to pare its accommodative monetary policy, pushing all three major stock indexes lower. Those losses, however, were recouped Friday following a payroll report showing good but below-expectations job growth and an unchanged labor participation rate. 10-year U.S. Treasury rates were little changed on the week but experienced increased volatility moving higher one day and then lower the next throughout the week. At week’s end, the S&P 500 Index increased 0.6% to 4,229.89, the Nasdaq Composite Index increased 0.5% to 13,814.49, the Dow Jones Industrial Average rose 0.7% to 34,756.39, the 10-year U.S. Treasury rate fell 2bps to 1.56% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.1%.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 4 June 2021
07 June, 2021 | GraniteShares
U.S. stock markets moved higher again last week with gains mainly coming Friday on a holiday-shortened trading week. Thursday’s better-than-expected jobless claims and President Biden’s retraction of his proposed corporate tax hike increased expectations of strong economic growth, higher inflation and, as a result, increased concerns the Fed may act sooner than later to pare its accommodative monetary policy, pushing all three major stock indexes lower. Those losses, however, were recouped Friday following a payroll report showing good but below-expectations job growth and an unchanged labor participation rate. 10-year U.S. Treasury rates were little changed on the week but experienced increased volatility moving higher one day and then lower the next throughout the week. At week’s end, the S&P 500 Index increased 0.6% to 4,229.89, the Nasdaq Composite Index increased 0.5% to 13,814.49, the Dow Jones Industrial Average rose 0.7% to 34,756.39, the 10-year U.S. Treasury rate fell 2bps to 1.56% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.1%.
The Long and Short of it, week ending 28 May 2021
All three major indexes moved higher last week, downplaying inflation concerns and instead focusing on continued post-Covid economic growth. An as-expected GDP release, soaring house prices and a historically high PCE release had little negative effect on stock markets and actually resulted in 10-year U.S. Treasury rates falling 5bps on the week. President Biden’s $6 trillion budget proposal released Friday also had little effect on markets. At week’s end, the S&P 500 Index increased 1.2% to 4,204.11, the Nasdaq Composite Index increased 2.1% to 13,748.74, the Dow Jones Industrial Average rose 0.9% to 34,529.45, the 10-year U.S. Treasury rate fell 5bps to 1.58% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) was unchanged.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 28 May 2021
01 June, 2021 | GraniteShares
All three major indexes moved higher last week, downplaying inflation concerns and instead focusing on continued post-Covid economic growth. An as-expected GDP release, soaring house prices and a historically high PCE release had little negative effect on stock markets and actually resulted in 10-year U.S. Treasury rates falling 5bps on the week. President Biden’s $6 trillion budget proposal released Friday also had little effect on markets. At week’s end, the S&P 500 Index increased 1.2% to 4,204.11, the Nasdaq Composite Index increased 2.1% to 13,748.74, the Dow Jones Industrial Average rose 0.9% to 34,529.45, the 10-year U.S. Treasury rate fell 5bps to 1.58% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) was unchanged.
The Long and Short of it, week ending 21 May 2021
U.S stock markets struggled last week with growing inflation concerns unsettling investors and pressuring stock prices lower. FOMC minutes, released Wednesday, revealed some members thought it may be necessary in the near future to discuss scaling back asset purchases, adding to concerns the Fed may act to reduce its accommodative monetary policy sooner than expected. Increased cryptocurrency volatility also added to stock markets’ malaise contributing to investor concerns regarding asset valuations vis a vis a less accommodative Fed. Thursday’s post-pandemic low jobless claims release supported stock prices pushing the S&P 500 Index up 1% and the Nasdaq Composite Index higher by just under 2%. Friday’s much better-than-expected PMI Composite Flash seemingly had little effect on markets. The 10-year U.S. Treasury rate, up 4bps through Wednesday, closed the week unchanged. At week’s end, the S&P 500 Index decreased 0.4% to 4,155.86, the Nasdaq Composite Index increased 0.3% to 13,470.99, the Dow Jones Industrial Average fell 0.5% to 34,207.84, the 10-year U.S. Treasury rate was unchanged at 1.63% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.3%.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 21 May 2021
25 May, 2021 | GraniteShares
U.S stock markets struggled last week with growing inflation concerns unsettling investors and pressuring stock prices lower. FOMC minutes, released Wednesday, revealed some members thought it may be necessary in the near future to discuss scaling back asset purchases, adding to concerns the Fed may act to reduce its accommodative monetary policy sooner than expected. Increased cryptocurrency volatility also added to stock markets’ malaise contributing to investor concerns regarding asset valuations vis a vis a less accommodative Fed. Thursday’s post-pandemic low jobless claims release supported stock prices pushing the S&P 500 Index up 1% and the Nasdaq Composite Index higher by just under 2%. Friday’s much better-than-expected PMI Composite Flash seemingly had little effect on markets. The 10-year U.S. Treasury rate, up 4bps through Wednesday, closed the week unchanged. At week’s end, the S&P 500 Index decreased 0.4% to 4,155.86, the Nasdaq Composite Index increased 0.3% to 13,470.99, the Dow Jones Industrial Average fell 0.5% to 34,207.84, the 10-year U.S. Treasury rate was unchanged at 1.63% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.3%.
The Long and Short of it, week ending 14 May 2021
A tale of two halves last week with stock markets selling off steeply through Wednesday and then rallying strongly Thursday and Friday to finish the week lower but well off of Wednesday’s lows. Rotation from growth to value stocks continued early last week as investors continued to be concerned about growth stock valuations in the face of inflation and increasing interest rates. Wednesday’s much greater-than-expected CPI release pushed both growth and value stocks lower with growing expectations the Fed would act to scale back its massive accommodative monetary policy sooner than later. A lower-than-expected jobless claims number and the CDC advising that those fully vaccinated no longer need to wear masks in most situations helped push stock markets significantly higher. The increase came despite a much greater-than-expected increase in the PPI release. Inflation concerns again were ameliorated by the Fed, stating inflation increases will be transitory and that more data would be needed to cause changes in policy. The 10-year U.S. rate rose to almost 1.7% following the CPI release but moved lower the remainder of the week. At week’s end, the S&P 500 Index decreased 1.4% to 4,173.85, the Nasdaq Composite Index fell 2.3% to 13,429.98, the Dow Jones Industrial Average decreased 1.1% to 34,832.13, the 10-year U.S. Treasury rate rose 6bps to 1.64% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.1%.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 14 May 2021
17 May, 2021 | GraniteShares
A tale of two halves last week with stock markets selling off steeply through Wednesday and then rallying strongly Thursday and Friday to finish the week lower but well off of Wednesday’s lows. Rotation from growth to value stocks continued early last week as investors continued to be concerned about growth stock valuations in the face of inflation and increasing interest rates. Wednesday’s much greater-than-expected CPI release pushed both growth and value stocks lower with growing expectations the Fed would act to scale back its massive accommodative monetary policy sooner than later. A lower-than-expected jobless claims number and the CDC advising that those fully vaccinated no longer need to wear masks in most situations helped push stock markets significantly higher. The increase came despite a much greater-than-expected increase in the PPI release. Inflation concerns again were ameliorated by the Fed, stating inflation increases will be transitory and that more data would be needed to cause changes in policy. The 10-year U.S. rate rose to almost 1.7% following the CPI release but moved lower the remainder of the week. At week’s end, the S&P 500 Index decreased 1.4% to 4,173.85, the Nasdaq Composite Index fell 2.3% to 13,429.98, the Dow Jones Industrial Average decreased 1.1% to 34,832.13, the 10-year U.S. Treasury rate rose 6bps to 1.64% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.1%.
Poor Dividend Yields in FTSE 100 & 250: Analysis
Analysis of industry data by ETF provider GraniteShares reveals that 16 FTSE 100 companies have annual dividend yields – these are based on the current share price and the total dividends declared in the previous 12 months - of 0%.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Investment Cases , Investments

Poor Dividend Yields in FTSE 100 & 250: Analysis
13 May, 2021 | GraniteShares
Analysis of industry data by ETF provider GraniteShares reveals that 16 FTSE 100 companies have annual dividend yields – these are based on the current share price and the total dividends declared in the previous 12 months - of 0%.
The Long and Short of it, week ending 07 May 2021
The value versus growth trade continued last week with both the S&P 500 Index and the Dow Jones Industrial Average ending the week at record highs while the Nasdaq Composite Index finished the week lower. Strong earnings reports, continued expectations of a strong post-pandemic economic recovery along with growing inflation concerns - exacerbated by Treasury Secretary Yellen’s comments on Tuesday and emphasized by Monday’s ISM Manufacturing Index release - helped push cyclical stock prices higher while hindering tech stock prices last week. Friday’s much weaker-thanexpected payroll report had limited negative effect on stock prices with some analysts attributing the weakness to labor shortages resulting from high unemployment benefits and a dearth of childcare facilities (benefiting value stocks) while others believed the weak report showed a need for continued fiscal and monetary stimulus (benefiting growth stocks). For the week, the S&P 500 Index increased 1.2% to 4,232.60, the Dow Jones Industrial Average increased 2.7% to 34,777.76, the Nasdaq Composite Index decreased 1.5% to 13,752.24, the 10-year U.S. Treasury rate fell 5bps to 1.58% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 1.2%.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 07 May 2021
10 May, 2021 | GraniteShares
The value versus growth trade continued last week with both the S&P 500 Index and the Dow Jones Industrial Average ending the week at record highs while the Nasdaq Composite Index finished the week lower. Strong earnings reports, continued expectations of a strong post-pandemic economic recovery along with growing inflation concerns - exacerbated by Treasury Secretary Yellen’s comments on Tuesday and emphasized by Monday’s ISM Manufacturing Index release - helped push cyclical stock prices higher while hindering tech stock prices last week. Friday’s much weaker-thanexpected payroll report had limited negative effect on stock prices with some analysts attributing the weakness to labor shortages resulting from high unemployment benefits and a dearth of childcare facilities (benefiting value stocks) while others believed the weak report showed a need for continued fiscal and monetary stimulus (benefiting growth stocks). For the week, the S&P 500 Index increased 1.2% to 4,232.60, the Dow Jones Industrial Average increased 2.7% to 34,777.76, the Nasdaq Composite Index decreased 1.5% to 13,752.24, the 10-year U.S. Treasury rate fell 5bps to 1.58% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 1.2%.
The Top Electric Car (EV) Stocks 2021
While many people think of electric cars as a modern-day invention, electric vehicles have actually been around since the Civil War, long before gas cars were invented. In fact, Thomas Davenport developed the first electric motor in 1834. While gas cars are more popular than electric cars, over the past few years, more and more people have switched to electric vehicles in an effort to help the environment and alleviate fuel costs.

Topic: Technology

Publication Type: ETP and Industry , Single stock research

The Top Electric Car (EV) Stocks 2021
27 April, 2021 | GraniteShares
While many people think of electric cars as a modern-day invention, electric vehicles have actually been around since the Civil War, long before gas cars were invented. In fact, Thomas Davenport developed the first electric motor in 1834. While gas cars are more popular than electric cars, over the past few years, more and more people have switched to electric vehicles in an effort to help the environment and alleviate fuel costs.
The Long and Short of it, week ending 23 Apr 2021
A volatile week for US stock markets buffeted by concerns of potential upside from last week’s highs, President Biden’s seeking to raise capital gains tax rates and increased Covid-19 infections in Asia on the one hand and strong economic reports, decent earnings releases and continued optimism regarding global post-pandemic growth on the other. US stock markets fell sharply Monday and Tuesday on no real news but coming off record highs from the previous week. Betterthan-expected earnings reports moved markets higher on Wednesday only to see those gains reversed Thursday following President Biden’s announcement of his plan to raise capital gains tax rates and to work to sharply lower emissions over the next few years and despite lower-thanexpected jobless claims. Markets bounced back Friday following much stronger-than-expected new home sales and decreased concerns over the possible effects of higher capital gains tax rates. At week’s end, the S&P 500 Index decreased 0.1% to 4,180.17, the Dow Jones Industrial Average decreased 0.5% to 34,043.49, the Nasdaq Composite Index decreased 0.3% to 14,016.81, the 10-year U.S. Treasury rate was unchanged at 1.57% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.8%.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 23 Apr 2021
26 April, 2021 | GraniteShares
A volatile week for US stock markets buffeted by concerns of potential upside from last week’s highs, President Biden’s seeking to raise capital gains tax rates and increased Covid-19 infections in Asia on the one hand and strong economic reports, decent earnings releases and continued optimism regarding global post-pandemic growth on the other. US stock markets fell sharply Monday and Tuesday on no real news but coming off record highs from the previous week. Betterthan-expected earnings reports moved markets higher on Wednesday only to see those gains reversed Thursday following President Biden’s announcement of his plan to raise capital gains tax rates and to work to sharply lower emissions over the next few years and despite lower-thanexpected jobless claims. Markets bounced back Friday following much stronger-than-expected new home sales and decreased concerns over the possible effects of higher capital gains tax rates. At week’s end, the S&P 500 Index decreased 0.1% to 4,180.17, the Dow Jones Industrial Average decreased 0.5% to 34,043.49, the Nasdaq Composite Index decreased 0.3% to 14,016.81, the 10-year U.S. Treasury rate was unchanged at 1.57% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.8%.
How to Invest in NIO
The buzz around electric vehicles in the past several years has excited investors about the industry. Nio, a Chinese electric vehicle designer, manufacturer, and seller, is no exception. The company's share price movement has had its ups and downs however some market commentators indicate that the company’s fundamentals have remained the same and that the recent share price volatility has resulted from other market forces, particularly the performance of the U.S. 10-year Treasury Bond i.e. rising interest rates.

Topic: Energy

Publication Type: ETP and Industry , Single stock research

How to Invest in NIO
21 April, 2021 | GraniteShares
The buzz around electric vehicles in the past several years has excited investors about the industry. Nio, a Chinese electric vehicle designer, manufacturer, and seller, is no exception. The company's share price movement has had its ups and downs however some market commentators indicate that the company’s fundamentals have remained the same and that the recent share price volatility has resulted from other market forces, particularly the performance of the U.S. 10-year Treasury Bond i.e. rising interest rates.
The Long and Short of it, week ending 16 Apr 2021
The FDA suspension of J&J’s vaccine and uncertainty regarding earnings releases left U.S. stock markets directionless and slightly lower through Wednesday last week. Very strong bank earnings reports, lower-than-expected jobless claims and much stronger-than-expected retail sales and housing starts and permits powered U.S. stock markets higher with both the S&P 500 Index and Dow Jones Industrial Average reaching new highs. 10-year U.S. Treasury rates fell 9bps on the week boistered by strong auction demand for U.S. Treasury notes and despite stronger-than-expected economic data and Fed Chair Powell’s comments the Fed would likely scale back bond purchases well before increasing rates. For the week, the S&P 500 Index increased 1.4% to 4,185.47, the Dow Jones Industrial Average increased 1.2% to 34,200.67, the Nasdaq Composite Index increased 1.1% to 14,052.34, the 10-year U.S. Treasury rate fell 9bp to 1.57% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.7%.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 16 Apr 2021
20 April, 2021 | GraniteShares
The FDA suspension of J&J’s vaccine and uncertainty regarding earnings releases left U.S. stock markets directionless and slightly lower through Wednesday last week. Very strong bank earnings reports, lower-than-expected jobless claims and much stronger-than-expected retail sales and housing starts and permits powered U.S. stock markets higher with both the S&P 500 Index and Dow Jones Industrial Average reaching new highs. 10-year U.S. Treasury rates fell 9bps on the week boistered by strong auction demand for U.S. Treasury notes and despite stronger-than-expected economic data and Fed Chair Powell’s comments the Fed would likely scale back bond purchases well before increasing rates. For the week, the S&P 500 Index increased 1.4% to 4,185.47, the Dow Jones Industrial Average increased 1.2% to 34,200.67, the Nasdaq Composite Index increased 1.1% to 14,052.34, the 10-year U.S. Treasury rate fell 9bp to 1.57% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.7%.
The Long and Short of it, week ending 09 Apr 2021
U.S. stock markets moved higher last week, powered by a stronger-than-expected payroll report (released the previous Friday while markets were closed), FOMC minutes affirming the Fed’s continued accommodative approach and a much better-than-expected ISM Non-Manufacturing Index release. Both the S&P 500 Index and Dow Jones Industrial Average closed the week at record highs while the Nasdaq Composite Index climbed out of correction territory. A higher-than expected PPI release had limited effect on longer-term interest rates and helped pushed stock markets higher on Friday. For the week, the S&P 500 Index increased 2.7% to 4,128.80, the Dow Jones Industrial Average increased 2.0% to 33,800.60, the Nasdaq Composite Index increased 3.1% to 13,900.19, the 10-year U.S. Treasury rate fell 1bp to 1.67% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.8%.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 09 Apr 2021
13 April, 2021 | GraniteShares
U.S. stock markets moved higher last week, powered by a stronger-than-expected payroll report (released the previous Friday while markets were closed), FOMC minutes affirming the Fed’s continued accommodative approach and a much better-than-expected ISM Non-Manufacturing Index release. Both the S&P 500 Index and Dow Jones Industrial Average closed the week at record highs while the Nasdaq Composite Index climbed out of correction territory. A higher-than expected PPI release had limited effect on longer-term interest rates and helped pushed stock markets higher on Friday. For the week, the S&P 500 Index increased 2.7% to 4,128.80, the Dow Jones Industrial Average increased 2.0% to 33,800.60, the Nasdaq Composite Index increased 3.1% to 13,900.19, the 10-year U.S. Treasury rate fell 1bp to 1.67% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.8%.
The Long and Short of it, week ending 26 Mar 2021
Another volatile week, this time with the S&P 500 and Dow Jones Indexes ending higher and closing the week at record highs. The Nasdaq Composite Index, down almost 2% through Thursday, finished the week down 0.6%. Higher Monday on easing longer-term U.S. Treasury rates, U.S. stock markets dropped Tuesday and Wednesday following Treasury Secretary Yellen’s and Fed Chair Powell’s testimony before Congress, a much weaker-than-expected durable goods report and on global growth concerns spurred by renewed restrictions in Europe. Treasury Secretary Yellen’s comments suggesting the need for higher taxes and Fed Chair Powell’s caution regarding the pace of economic recovery may have helped move markets lower Tuesday and Wednesday. Lower-than-expected jobless claims, a revision higher to 4th quarter GDP and perhaps recovering oil prices moved stocks higher on Thursday and Friday, with major indexes rallying into the close on both days. 10-year U.S. Treasury rates, lower by 11bps through Wednesday, moved higher by almost 7bps the remainder of the week with most of that increase occurring Friday. For the week, the S&P 500 Index increased 1.6% to 3,974.54, the Dow Jones Industrial Average increased 1.4% to 33,072.88, the Nasdaq Composite Index decreased 0.6% to 13,138.74, the 10-year U.S. Treasury rate decreased 4bps to 1.69% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.9%.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 26 Mar 2021
30 March, 2021 | GraniteShares
Another volatile week, this time with the S&P 500 and Dow Jones Indexes ending higher and closing the week at record highs. The Nasdaq Composite Index, down almost 2% through Thursday, finished the week down 0.6%. Higher Monday on easing longer-term U.S. Treasury rates, U.S. stock markets dropped Tuesday and Wednesday following Treasury Secretary Yellen’s and Fed Chair Powell’s testimony before Congress, a much weaker-than-expected durable goods report and on global growth concerns spurred by renewed restrictions in Europe. Treasury Secretary Yellen’s comments suggesting the need for higher taxes and Fed Chair Powell’s caution regarding the pace of economic recovery may have helped move markets lower Tuesday and Wednesday. Lower-than-expected jobless claims, a revision higher to 4th quarter GDP and perhaps recovering oil prices moved stocks higher on Thursday and Friday, with major indexes rallying into the close on both days. 10-year U.S. Treasury rates, lower by 11bps through Wednesday, moved higher by almost 7bps the remainder of the week with most of that increase occurring Friday. For the week, the S&P 500 Index increased 1.6% to 3,974.54, the Dow Jones Industrial Average increased 1.4% to 33,072.88, the Nasdaq Composite Index decreased 0.6% to 13,138.74, the 10-year U.S. Treasury rate decreased 4bps to 1.69% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.9%.
The Long and Short of it, week ending 19 Mar 2021
A somewhat volatile week for with U.S. stock markets reacting to Wednesday’s FOMC announcement and Chairman Powell’s comments and then to rising longer-term U.S. Treasury rates. Higher through Wednesday with all three major U.S. stock indexes reacting positively to the Fed’s decision to continue unchanged its accommodative monetary policy (ie, zero Fed Funds rate and no change to its Treasury and mortgage-backed securities buyback program), markets reversed course on Thursday as 10-year U.S. Treasury rates rose above 1.7%, a level not seen since before the pandemic. The Nasdaq Composite Index fared the worst, falling 3% on Thursday while the S&P 500 Index decreased 1.5% and the Dow Jones Industrial Average lost less than ½ percent. The U.S. dollar also experienced some volatility weakening ½ percent after the FOMC announcement and then strengthening ½ percent after the rise in longer-term Treasury rates on Thursday. At week’s end the S&P 500 and the Nasdaq Composite Index decreased 0.8% to 3,913.10 and 13,215.24, respectively, the Dow Jones Industrial Average fell 0.5% to 36,267.97, the 10-year U.S. Treasury rateincreased 10bps to 1.73% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.3%.

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 19 Mar 2021
23 March, 2021 | GraniteShares
A somewhat volatile week for with U.S. stock markets reacting to Wednesday’s FOMC announcement and Chairman Powell’s comments and then to rising longer-term U.S. Treasury rates. Higher through Wednesday with all three major U.S. stock indexes reacting positively to the Fed’s decision to continue unchanged its accommodative monetary policy (ie, zero Fed Funds rate and no change to its Treasury and mortgage-backed securities buyback program), markets reversed course on Thursday as 10-year U.S. Treasury rates rose above 1.7%, a level not seen since before the pandemic. The Nasdaq Composite Index fared the worst, falling 3% on Thursday while the S&P 500 Index decreased 1.5% and the Dow Jones Industrial Average lost less than ½ percent. The U.S. dollar also experienced some volatility weakening ½ percent after the FOMC announcement and then strengthening ½ percent after the rise in longer-term Treasury rates on Thursday. At week’s end the S&P 500 and the Nasdaq Composite Index decreased 0.8% to 3,913.10 and 13,215.24, respectively, the Dow Jones Industrial Average fell 0.5% to 36,267.97, the 10-year U.S. Treasury rateincreased 10bps to 1.73% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.3%.
The Long and Short of it, week ending 12 Mar 2021
U.S stock markets moved higher last week with the Dow Jones Industrial average continuing to outperform the S&P 500 and Nasdaq Composite Indexes. Declining U.S. Treasury rates, a muted CPI release, lower-than-expected jobless claims, increasing consumer sentiment and passage and signing into law of the $1.9 trillion stimulus package all worked to move stock prices higher. 10-year U.S. Treasury rates jumped 9bps higher Friday to close over 1.63% causing some retracement of gains in the Nasdaq Compositie Index while the Dow Jones Industrial Average moved oppositely, gaining almost 1% and the S&P 500 Index was almost unchanged (the increase in rates may be partly attributable to increasing “risk-on” sentiment causing yields to rise and the U.S. dollar to weaken). At week’s end the S&P 500 Index increased 2.6% to 3,943.34, the Nasdaq Composite Index increased 3.1% to 13,319.86, the Dow Jones Industrial Average rose 4.1% to 32,778.64, the 10-year U.S. Treasury rate increased 6bps to 1.63% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.3%

Topic: Telecoms , Financials , Basic Materials , Energy , Healthcare , Industrials , Consumer Staples , Technology

Publication Type: Market Commentaries

The Long and Short of it, week ending 12 Mar 2021
16 March, 2021 | GraniteShares
U.S stock markets moved higher last week with the Dow Jones Industrial average continuing to outperform the S&P 500 and Nasdaq Composite Indexes. Declining U.S. Treasury rates, a muted CPI release, lower-than-expected jobless claims, increasing consumer sentiment and passage and signing into law of the $1.9 trillion stimulus package all worked to move stock prices higher. 10-year U.S. Treasury rates jumped 9bps higher Friday to close over 1.63% causing some retracement of gains in the Nasdaq Compositie Index while the Dow Jones Industrial Average moved oppositely, gaining almost 1% and the S&P 500 Index was almost unchanged (the increase in rates may be partly attributable to increasing “risk-on” sentiment causing yields to rise and the U.S. dollar to weaken). At week’s end the S&P 500 Index increased 2.6% to 3,943.34, the Nasdaq Composite Index increased 3.1% to 13,319.86, the Dow Jones Industrial Average rose 4.1% to 32,778.64, the 10-year U.S. Treasury rate increased 6bps to 1.63% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) weakened 0.3%
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