Missing intelligence not helped by arrest of stupidity as Nasdaq soars
First unlikelihood first. The Federal Bureau of Investigation (The Feds) just arrested a 21 year-old part-time Air Guardsman following this massive leak of not-that-highly-classified Amrican intelligence and not-that-intelligent intelligence.
Apparently he was sharing them in an online group chat, so…
In any case, there’s footage going nuts in the States of this kid getting cuffed.
That’s the latest live on telly twist in a real shocker for the US that guys like Donald Trump and V. Putin will be all over because of what it blatantly says about the not-that-secure nature of US government secrets.
Wall Street, oblivious to its own raging case of auditory neuropathy spectrum disorder, marched ahead overnight, ending a bumptious Thursday session at its best since February.
Fairly indifferent inflation data had the effect of great inflation data, inflaming an inexplicable sort of group imagination and reviving Wall Street traders’ hopes of a suddenly squirmish Federal Reserve… A Fed which might abruptly say what the hell and walk away from the brutal work of completing a tightening cycle now the hard work’s been done. Perhaps even call off the big guns now it’s finally somewhere within the vicinity or thereabouts of schooling inflation.
The US CPI on Wednesday was half decent, and on Thursday producer prices side-swiped economists by falling 0.1% last month, which now everyone assumes that’ll get passed on directly to consumers.
Nevertheless, investors jumped in.
In New York city, the blue-chip S&P 500 rose 1.3% – the highest level since just after Valentines Day, which for the love of God is February 15.
Front of the line as ever was the tech-heavy Nasdaq which in the tradition of the early Mycenaeans gorged on itself, growing almost 2%.
Also front of the line as ever were the trio of mega-tech giants – Mssrs Apple Inc (AAPL), Microsoft Corp (MSFT) and Amazon.com (AMZN), who well know the inside of a rate sensitive rally.
Also out Thursday, new jobless claims data happily climbed more than expected to 239,000, with the number of poor bastards filing out unemployment benefits surprising on the upside, which is great for muting inflation and depriving punters of a livelihood.
Investor focus now pours its baleful glare upon the first trio of big banks to front up for Q1 earnings season- Wells Fargo & Co (WFC) , Citigroup (C), and JPMorgan Chase & Co (JPM).
I think JPM would rather be anywhere else.