Owen Fitzpatrick
Owen Fitzpatrick
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The drop in productivity was larger than most people were expecting. It may become a factor in today's trading session.
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A healthy Japan is healthy for U.S. companies.
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The GDP figure was kind of a double-edged sword. It points to the fact that the economy is slower but that also takes pressure off of (interest) rates.
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The market is really waiting for a little relief in terms of interest rates moving higher. Once we get that relief of the Fed being done, you'll see the market start to concentrate on fundamentals and the fact that we're still going to see pretty good earnings growth this year.
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The consumer price index was not a bad number at all. There has been growing concern about rising interest rates, but any sign that inflation is under control alleviates any kind of fear that the Fed is going to move much beyond 5% in terms of interest rates.
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Economic growth has been modest but positive, but what does it mean in terms of Fed action? Too strong of data is almost going to be viewed as a negative, especially if it's showing an overheated economy.
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And we're still seeing profit taking in some of the higher-multiple names such Apple. Money is also flowing out of the energy sector once again as it has done throughout the week.
But there is going to be a little skittishness going into tomorrow.