Schwab Network

It's going to be a light week for economic data, says Charles Schwab's Cooper Howard, though he points out scrutiny on inflation data remains high amid a Fed interest rate hiking cycle. As for how it affects fixed income, Cooper tells not to "pick up nickels in front of a steamroller" as volatility grips the bond market. One opportunity he highlights now: municipal bonds due to expected outperformance compared to Treasury yields.

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Jay Woods of Freedom Capital Markets tells investors to always keep one eye on the AI trade, particularly Nvidia (NVDA) as it taps the door on another new record high. It comes as market breadth across the S&P 500 (SPX) stumbles, though as Jay explains, the upcoming earnings season has opportunity to lift stocks across Wall Street. Meanwhile, the Mag 7 stocks have soared, though Jay has concerns that these stocks reclaiming leadership is creating a "K-shaped market." He then outlines a path for the S&P to reach a new all-time high.

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ISM services and PMI composite data roughly hit in-line with Wall Street estimates while confirming a continuing uptick in prices. As Kevin Green explains, the prints pushes equities toward a move higher. In the commodity space, crude oil moves have stayed quiet even as prices remain elevated near $90 a barrel. KG warns that Treasury auctions can ramp up volatility in yields. As for the S&P 500 (SPX), he sees bullish activity when turning to the options space.

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Justin Bergner sees midterm elections as a clearing event but warns that rising rates, declining real wages, and a stretched consumer create more downside risk than upside. He is skeptical that AI CapEx productivity gains can fully offset consumer weakness and is modestly defensively positioned. He likes Ferguson (FERG) and Genuine Parts (GPC) in industrials, Fifth Third (FITB) in financials, and Smucker's (SJM) as a discounted defensive play.

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C.H. Robinson (CHRW) seeks to strengthen its transportation empire with an acquisition of RXO (RXO). As Diane King Hall points out, it's not the only acquisition moving Wall Street on Monday, highlighting Schneider Electric's $20 billion deal to buy PTC (PTC). She also talks about an upgrade in DraftKings (DKNG) from BofA.

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"Extremely negative" market breadth is a key concern trading veteran Ted Weisberg points to in the current stock market environment. However, the incoming earnings season is something he sees as an opportunity to bolster breadth. Ted talks about the surge in municipal bond interest as the Fed begins a rate hiking cycle and points to what he calls a "pair trade" between crude oil and travel stocks. He highlights stocks he sees as buy opportunities, including Meta Platforms (META) after it expands its AI capabilities through Muse.

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Without a lot of economic data and key earnings poised to move markets this week, Kevin Hincks urges investors to keep an eye out for headlines that can rattle equities. He looks ahead to the incoming earnings season that will kick off with banks like JPMorgan Chase (JPM), Wells Fargo (WFC), and Goldman Sachs (GS) among others. Kevin sees opportunity in the financial sector due to pullbacks in key stocks, along with some energy names as crude oil stays elevated.

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A recent pullback in Seagate (STX) doesn't tell the full story of the stock, says Tom White. He shows how choppy price action comes following a massive year-long rally, pointing out that consolidation offers new support for Seagate. He turns to an example options trade for the AI memory giant.

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Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6D

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"The tech sector is not a uniform trade," says Paul Sarama, warning investors in the sector to stay diligent as macro pressures grow. He sets up his explanation with his takeaways on the rise in Treasury yields and global volatility. Paul also gauges the health of the financial sector as the rally in yields and interest rates from the Fed will likely hit institutions.

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Nic Puckrin offers his ket takeaways on Micron (MU) after the AI memory giant posted impressive earnings growth but didn't move the stock higher. Cyclicality of the memory trade is something Nic sees hanging over Micron and its peers. He explains how the company can navigate headwinds as a supply crunch persists. However, Nic tells investors to mind macro pressures as crude oil and Treasury yields stay elevated.

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