The front page of most financial websites (Bloomberg, Wall Street Journal, CNBC, etc.) will usually have an article recapping the day’s market action. I don’t read them, because they feel the need to attribute random market movements to unrelated economic or political news. You can go to any of the major finance websites and read a recap for yourself, but here’s how most of them read:
Stocks [Rise / Fall], as [Buyers / Sellers] Outnumber [Sellers / Buyers]
By Wall Street Physician
New York [Today’s Date] – Stocks [rose / fell] for a [consecutive days of gains / losses] consecutive day as investors digested [today’s economic data or political news]. [Big name company] lead the market [higher / lower], as they reported earnings that [met / failed to meet] expectations. Investors were also [comforted / spooked] by [name of daily economic data], which showed that [results of daily economic data]. U.S. stocks [followed / did not follow] the lead of European markets, which were [higher / lower] before the opening bell in New York. Volume was [light / heavy], as traders [were on vacation in the Hamptons / actually did work].
“I think that the [bulls / bears] were really in charge today, as the [buyers / sellers] really outnumbered the [sellers / buyers],” said Joe Salesperson, a wealth manager at High Fees Financial Management. “Traders are definitely in [risk on / risk off] mode, given that the markets have [risen / fallen] over the past few days. Investors should [continue to be / start being] cautious about the market over the next few [days / weeks / years], given the uncertainty associated with [insert today’s scary Trump headline].”
Bonds [rose / fell], with the yield on the benchmark 10-year Treasury [falling/ rising] to [X.XX%], as traders felt that it was [more / less] likely that Fed Reserve chairman Yellen will [increase / not increase] interest rates at their next meeting in [date of next Fed meeting]. When bond prices [rise / fall], the bond yield [falls /rises].
Oil [rose/fell] [$ amount] to [current $ price], as OPEC made statements indicating they will [cut production / increase production / manipulate the oil price to whatever they want].
The dollar [gained / lost] strength against rival currencies, with the euro now trading for [EUR/USD] dollars. Currency traders [weighed / ignored] [today’s economic data], and appear to be [more / less] optimistic about future economic growth in the United States and relative interest rates between the United States and European nations.
After the closing bell, [Big Name Company #1] reported that their quarterly earnings [met / did not meet] Wall Street expectations. [Big Name Company #2] reported earnings of $1.01, beating the consensus estimates of Wall Street analysts by a penny, as they have for the past 8 quarters.
Tomorrow, Wall Street will be looking at [new economic data], as well as [what will Trump say on Twitter next?].
“I think physicians and other long-term investors should stop reading daily market recap articles like this one,” said Wall Street Physician, a former Wall Street trader and current physician who blogs at The Wall Street Physician. “By sticking to a balanced, three-fund portfolio of low-cost index funds, you can ignore the market headlines and focus on more important things in life.”
What do you think? Do you read the daily market recaps?
Great article creatively written; I’ve stated these exact sentiments before after ending years of watching financial news, but you’ve captured it all in a perfect post. Doesn’t matter what happens in the markets or why, the pundits can always make up a reason to throw on cable news and fill hours of worthless airtime. It’s just not worth the time investment.
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Perfectly written article! Complete with the often-misspelled “lead” (should be “led”) in the second sentence. How many of us missed that gem? It jabbed this old proofreader’s eye like a stick.
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