Kevin Gordon

Our latest #SchwabMarketPerspective is published, featuring thoughts from @KevRGordon @CollinMartinCS schwab.com/learn/story/st…

Started off strong, but now the S&P 500's advance-decline spread has flipped into negative territory

This is the current slate of FOMC voting members. With the exception of Williams, those who spoke this week all sounded hawkish (to varying degrees, of course)

Jefferson: "In a scenario where actual inflation does not start to cool down soon, I believe that it could be appropriate to reconsider our current policy stance" Hammack: "There is no conflict in our mandate...inflation is too high"

Williams: rates are "well positioned" Logan: "modestly higher interest rates would better balance the outlook and risks" Schmid: "My primary concern is inflation, which is too hot and has been above target for too long"

Fed officials this week: Warsh: "no tolerance for persistently elevated inflation" Waller: "will need to consider tightening monetary policy in the near term" if core inflation shows broad pressures Cook: "If we do not see signs of disinflation soon, I am prepared to act"

SCOOP: Lettuce supplier Taylor Farms (tied to the ongoing parasite outbreak causing severe diarrhea) plans to initiate a recall, according to a document viewed by Bloomberg. The scope is not immediately clear. bloomberg.com/news/articles/…

Looking forward to joining @CNBC for #TheExchange around 1:15pm ET this afternoon

Brent crude #oil +19.4% so far this month

Apple and NVIDIA market caps crossing for the first time since May 2025

Looks like consumers increasingly think ~3% is the new ~2% when it comes to inflation ... 5-10y inflation expectations unchanged at 3.3% in July per UMich survey

Nice bounce in UMich consumer sentiment in July ... expectations up for the second month (but still quite low overall)

In a Linkedin post on Friday, Beth Hammack of @ClevelandFed says she is hearing from her business contacts in the region that inflation "isn’t coming from only one source—it’s broad based." "For the first time in my tenure, I’m hearing from businesses who say they think we need to take action to curb inflation, and from consumers who can’t make ends meet about a growing sense of despair."

Relative to the MSCI ACWI Ex-US Index, the S&P 500 peaked at the end of 2024 and hasn't been able to sustain a meaningful recovery since

Worth noting that the volatility in housing starts lately is coming from the multifamily sector ... starts were down by 15.2% in May but up by 19% in June (multifamily down by 39.6% in May but up by 76.2% in June) Source: Bloomberg

Diesel gasoline prices are rising sharply again ... back above $5

Korean stock market's max drawdown no -25.2%

7:00pm: Incredible satellite imagery shows a band of dense wildfire smoke stretching from the Upper Midwest and Ontario all the way past NYC and into the Atlantic Ocean.

@WUTangKids This is a wild take

Lmao this a joke?

Fed’s Jefferson says policy is well positioned but rate hikes should be considered if inflation doesn’t cool soon