Want to steal 50 million dollars?
Well, the Hawk Tuah girl did.
She launched a coin, rugged it, and then shamelessly went to sleep like nothing happened.
Here's how Hawk Tuah stole $50M from her fans 🧵
Goldman: "We expect that the lending standards measure for C&I loans in the Fed’s April Senior Loan Officer Opinion Survey tightened by 15.4pt to 60.2, reflecting an increase of 33.3pt to 77.0 for small banks and a more modest increase of 10.3pt to 56.0 for large banks."
ISM PMI is hugely important - it's used to forecast all kinds of stuff.
For example, PMI tends to lead corporate earnings growth by about a year.
Below, we shifted the PMI index forward by 12 months and plotted it against SPX trailing 12-months EPS growth.
Based on this relationship, today's PMI reading of 46.3 implies an earnings contraction of about 8% over next 12 months, or an SPX EPS of 204.
Using the current forward PE ratio of 18.7, this leads to an index level of about 3,815. A "recessionary" PE ratio of 15 will see the index at ~3,060, assuming earnings don't fall further.