ACM Funds

05/20/2021

Jordan Kahn makes the bearish case for ServiceNow, following its 150% rally from March 2020 lows. Its P/E reached 100x, meaning it is now "priced to perfection" with high-valuation software stocks becoming out of favor in today's markets.

08/29/2019

The tale of the ticker tape: Check out the biggest winners and losers of the major US equity indexes this year!

The best performers include Chipotle, AMD, Apple and Visa. The losers comprise Macy’s and Kraft Heinz.

08/15/2019

Investors clamored into the safety of U.S. government bonds, sending the 30-year Treasury bond yield below 2% for the first time ever and the 10-year Treasury note yield below 1.5%, a three-year low.

The historic drop in long-term U.S. bond yields comes shortly after interest rates on the closely watched 10-year and 2-year Treasurys inverted.

08/08/2019

The number of people who applied for unemployment benefits in early August fell back near post 2008 recession lows, signaling the labor market remains quite strong even though the economy has softened.

Initial jobless claims, a rough way to measure layoffs, dropped by 8,000 to a seasonally adjusted 209,000 in the seven days Aug. 3, the government said Thursday.

The number of people who applied for unemployment benefits in early August fell back near post 2008 recession lows, signaling the labor market remains quite...

08/01/2019

President Donald Trump abruptly ratcheted up the trade war with China Thursday, announcing the U.S. is putting 10% tariffs on $300 billion worth of Chinese goods, effective Sept. 1.

Wall Street analysts that cover the industry had feared this development because the new tariffs will apply to a large swath of goods that they sell, raising their costs.

Shares of retailers are tanking as the industry may have the most to lose with the new round of China tariffs covering items such as clothing and TVs.

Shares of retailers are tanking as they are seen as the biggest target in the new China tariffs.

07/18/2019

Market expectations for a half percentage point cut rose to nearly 70% in the fed funds futures market late Thursday, after dovish comments from both New York Fed President John Williams and Vice Chair Richard Clarida spurred speculation the Fed would be more aggressive cutting rates this month.

Even with better economic data, the market is betting the Fed will now cut interest rates by 50 basis points in July, after dovish comments from two Fed officials Thursday.

07/11/2019

Fed Chair Jerome Powell admitted in his testimony to the House Financial Services Committee that the "Phillips Curve", an economic model that describes an inverse relationship between unemployment and inflation, is broken.

Mr. Powell explained that the relationship between unemployment and inflation is not what it was 50 years ago and began to break down at least 20 years ago.

Even with record low unemployment, headline inflation is growing slower than predicted leading to the Fed lowing its 2019 inflation target back in June.

Federal Reserve Chairman Jerome Powell said the relationship between unemployment and inflation has collapsed.

06/27/2019

The price of bitcoin has doubled in the past month causing short speculators to scramble to cover positions, a short squeeze, which could fuel prices going even higher!

(Bloomberg) -- The frenzied relationship between Bitcoin and its skeptics is reaching a boiling point.Speculators who bought futures contracts to bet against the largest digital currency are being forced to close out positions by the parabolic rally of the past two months that has more than doubled....

06/20/2019

Global debt with negative yield has hit its all time high again at $12.3 trillion on the expectation of dovish policy at the Fed & ECB.

Somewhere, SocGen's permabearish strategist Albert Edwards is dancing a jig, as every day that passes bring us every closer to his trademark "Ice Age."

06/13/2019

The Morgan Stanley Business Conditions index made its lowest month-over-month drop since its inception. Sluggish manufacturing and lower hiring numbers combined with trade tensions have increased skepticism about the future health of the US economy.

Morgan Stanley Business Conditions Index fell by 32 points in June, its largest one-month decline on record.