Early Morning with Dave

Early Morning with Dave

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Through All the Market Gyrations, the Asset Manager Stocks Have Headed into an Official Correction
Walmart's comments on the consumer and pricing should help kybosh the “resilience” narrative and incipient inflation concerns.
 • David Rosenberg
War Concerns Trigger Up-Moves in Oil and Gold; U.S. Equity Market Volatility Remains Intact
What does it mean when consumers stop eating wings and drinking suds?
 • David Rosenberg
The AI Scare Trade Cools Down... For Now
Identifying the winners and losers in the AI spending battle.
 • David Rosenberg
Fade the Front Page News
What is the signal from the 10-year T-note yield sliding to a near three-month low of 4.02%?
 • David Rosenberg
All Eyes on the CPI Data But Keep in Mind That Real Estate Inflation Is Falling Fast
Evidence mounts that all the looming income tax refunds will be eaten up by the Trump tariffs.
 • David Rosenberg
Calling Bull on an Allegedly Bullish Payroll Report
The payroll revisions show that the cyclically-exposed sectors of the economy shrank last year — which has never happened outside of a recession.
 • David Rosenberg
Nice Rallies in Asian/EM Equities, Global Bonds, and Both the Yen and Aussie Dollar
Despite the consensus narrative of booming U.S. growth, the Atlanta Fed has taken a knife to its estimate for real final sales. Today's payroll data…
 • David Rosenberg
Nikkei and Yen Extend Their Impressive Post-Election Gains
The book of AI moves to a new chapter: a debt boom
 • David Rosenberg
Takaichi Rolls the Dice, Wins Big, and the Nikkei, JGBs, and the Yen Respond in Kind
Global bond markets feel the heat from the Takaichi victory, chatter of more Chinese selling of Treasuries, and loss of confidence in Starmer.
 • David Rosenberg
A Lesson in Market Gravity
Stepped-up AI capex boom has investors revising their ROI estimates.
 • David Rosenberg
Big Problems Emerge in the Market for Silver and Software
Cracks are surfacing in the Tech trade across stocks, bonds, and loans. But investors are rotating to value in a major way rather than building cash.
 • David Rosenberg
Clouds Swirl Over the AI Trade; WMT Joins the $1 Trillion Club; Gold Stages a Big Revival
After all that, gold is still up an impressive +16% for the year!
 • David Rosenberg
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