Uncertainty dominates macro headlines, sidelining investors. 162 S&P 500 report this week, biggest week of 3Q23 season.

The video in this report is only accessible to members
The video in this report is only accessible to members

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We discuss: There are widening uncertainties around Israel-Gaza, Washington, rates and EPS season.  This explains why investors are sidelined but we need to be mindful that markets bottom on bad news. This is the day to watch for.  This week is the biggest week for 3Q23 EPS with 162 companies reporting.

Please click below to view our Macro Minute (Duration: 7:06).

The video in this report is only accessible to members
The video in this report is only accessible to members

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Equities fell 1.4% last week, a relatively modest loss but the downturn felt much greater because of the persistence of selling in the final days of last week. If I had to summarize the prevailing issue, it is the growing uncertainty around some key variables:

The litany of "uncertainties" is large but the key items are:- Israel-Gaza war and risks of a widening conflict- Rise in long-term yields that even Fed views with "humility"- Washington political circus (House Speaker) at a time when deficits worry markets- Earnings visibility given hits to consumer from student loan debt resumption- General negative price momentum on risk assets (sentiment) Last year, in the Fall, almost every investor we...

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