ZH: Nike 'permanently' laying off 740 employees at world headquarters
ZERO HEDGE writes: US athletic footwear and apparel company Nike announced late in the cash session on ...
ZERO HEDGE reports:
By Peter Tchir of Academy Securities
We Didn’t Learn a Whole Lot Last Week
Data was mixed. Unemployment claims were lower (a sign of strength), durable goods were weak, and Global PMIs were just above 50 (Goldilocks economy). While I don’t pay much attention to CONsumer CONfidence, it is interesting that one-year inflation expectations jumped from 3.2% to 4.5% in two months. That occurred while oil (often a proxy for CONsumer CONfidence inflation expectations) dropped, some major retailers warned about deflating prices, and as far as I can tell, everyone is having some sort of a sale, which doesn’t seem inflationary to me.
The 10-year Treasury inched higher, finishing at 4.47% (up from 4.44%, and it was as low as 4.39%). Since it was illiquid/holiday-oriented trading, we can probably ignore most of those moves as noise.
We also had NVDA earnings, which tend to serve as a “proxy” for AI. NVDA itself is down a touch since those earnings, but the markets as a whole have not suffered. That, along with the ongoing outperformance of the equal weighted indices and Russell 2000, is worth noting.
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