September 28 Update

Stocks went up last week except for the Russell 2000.  Nasdaq Composite now the YTD leader – up 16.46%.

Iran proposal is rejected by President Trump.

U.S. consumer confidence fell to the 2nd lowest in history.  This was offset by the strong PMI last week.  Difficult economy to judge. 

Also, end of the 3rd quarter on Wednesday.  Micron earnings on Wednesday. 

Interest rates continue to climb higher.  On Monday morning – 10-year note at 5.25%, 30-year bond at 5.56%.  Event the 5-year note above 5% at 5.07%.  This is a problem for the capital markets.

This week has inflation report (PCE) and September jobs data on Friday.  Uncertainty on geopolitical.  No big news from U.S. – China meetings last week.  Iran/oil prices could be a factor. 

Nvidia announced an additional $150 billion stock buyback program.  This is the largest one-time announced buyback.  It brings Nvidia’s total to $235 billion.  To put it into perspective, NVDA’s market capitalization (the total value of all outstanding shares) is around $5.4 trillion.  The buyback is approximately 4.3% of the total market cap.