"A JPMorgan analysis last month found that more than 60% of data-center capacity planned for completion in 2027 isn’t yet under construction, and another 7% is delayed."
@wsj https://t.co/wN09gqgEc1
Important to remember that these two series don’t have the same industry composition. ISM “services” is really anything that isn’t manufacturing and includes mining and utilities.
The Fed's Beige Book says higher-income households remain resilient, while middle-income households are "squeezing more life out of every dollar before deciding to spend it"
It's June and that means @LizAnnSonders and I are out with our midyear outlook:
"A more sustainable broadening out of market performance...would likely require an end to the war and a "permanent" re-opening of the Strait of Hormuz."
https://t.co/lJQyq6M4oX
Services PMI from @SPGlobalPMI looked quite different from the ISM PMI in May ... revised down from an initial 50.9 to 50.7, with the outlook falling to the lowest since October 2022
From @bespokeinvest:
Tech and Comm services now make up 49.6% of the S&P 500's market cap ... that is one percentage point less than the combined weight of all nine other sectors
Core factory orders +7.3% y/y in April ... March was revised higher as well, underscoring the stronger momentum we've been experiencing in the first half of the year
Fun times at @bloomberg last night speaking at a live event in honor of the new Bloomberg Money tv show launch! Brilliant moderating by @WealthWatch and loved sharing ideas with @KevRGordon & @SteveSosnick on where to invest in AI, experiences, commodities and why younger investors are allocating their portfolios in a way that many older ones don’t recognize. Excited to see @tomkeene & @scarletfu fly with their first episode this Friday!
ISM Services PMI rises to 54.5 in May, with business activity and new orders looking solid. Employment ticked down and remained in contraction while prices paid made a new cycle high
Per a March-April Harvard Youth Poll, Americans between 18 and 29 years old said rising prices and inflation ranked as both as the top crisis requiring action and issue posing the largest risk to their personal lives