The guys discuss the slide of the YEN as the Bank of Japan begins their transition from Kuroda to Masayoshi Amamiya. Several large deals are not going through as cash proves to be king during this market, stock options are not highly incentivized by purchasers. The WSJ expects more restaurant IPOs as travel and leisure are making their combacks.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

The guys discuss the January jobs report, with a surprising number of jobs coming in that exceeded expectations. They spent considerable time discussing earnings reports from a few major companies in the US economy, including Apple, Google, Amazon, Starbucks, and Ford. A major readthrough on Starbucks includes their continued push in the Chinese market that has shown considerable downside as they continue in that venture.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

The guys discuss the data and central bank recaps. The FED appears to be hawkish regarding ongoing increases, but there was acknowledgment of a need for substantially more evidence. Bank of England continues to tighten at 50bps at a time towards the target 4%. Overall sentiment is that the FED is certainly less hawkish than they have been in quite some time, but it's much too early to claim they have become dovish.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

The guys discuss the Chinese Lunar New Year, which essentially signals 7 days off in China. During the week off, the market could be affected as a result of the break. Samsung continues to mull a decision on cutting chip production, but then again, perhaps they will not. Central World Banks continue to fight inflation with discussion on whether or not to slow agression or remain vigilant on the fight.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

The guys discuss Juul exploring a sale or partnership with one of the big tobacco companies in the space. UK Migration Projection appears to be raising GDP. The White House Admin is sending 31 M1 Abrams tanks to Ukraine in support of the war. Lots of positives from earnings reports, but INTC and LUV are showing incredibly poor numbers at the moment.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

The guys discuss Q4 GDP as numbers are soon to be released. CVX announces $75b stock buyback which would account for nearly 25% of all outstanding stock. Earnings wrap-up shows deflationary forces starting to roost. Earnings also show semiconductor softness, enterprise software holding up, bumbling management, and black boxes requiring pure faith.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

The guys discuss the possibility of inflation coming down even faster than the FED experts expect. Models show that a variety of factors could contribute to inflation moving in a variety of manners. Earnings from MSFT, COF, and ASML were just slightly down (better than expected), and AT&T and GD showed earnings up in spite of the current market.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

The guys discuss the DOJ's apparent positioning as they are poised to sue Google over digital advertising market dominance. Amazon continues its pursuit of becoming a dominant player in the healthcare sector, offering a subscription drug delivery service. Labor market shows that layoffs are continuing to ramp up across the economy currently.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

The guys discuss Timiraos' comments on the slowing of the fight on interest rates. The main questions surrounding the interview are concerned with not slowing the attack in order to quickly and effectively deal with inflation in its totality. Elliott Management takes a large stake in Salesforce, causing a nice bump in the stock price upon announcement. Both Goldman and Abbott are being investigated by regulators regarding their consumer business.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

The guys discuss the debt ceiling as Janet Yellen stated that the Treasury is taking "extraordinary measures" to make sure bondholders are being paid their interest payemnts on bonds being held. Larry Summers claims that the economy is headed towards a 1970s like crisis if central banks relent on rates before continued work on inflation. Netflix co-CEO Reed Hastings steps down, and Greg Peters (COO) is moving up to fill his role.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

The guys discuss Jim Bullard's talk claiming the markets are down. His comments focus on stating that the FED needs to keep their foot on the gas and work towards a soft landing. DFS reports that headlines are good, but credit quality may be deteriorating. PG reports a -2.3% on earnings results, and BofA reports people want to spend money with higher income individuals carrying the economy currently.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

The guys discuss the economic data update with retail sales numbesr and PPI being reported. Redfin's report on the housing market shows that the number of listings is similar to 2021, far below 2022, but that the average time on the market for a house is significantly longer. High mortgage rates continue to freeze out many buyers in this market. United Airlines had a very strong quarter - beating estimates, while JB Hunt missed estimates after a difficult quarter.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

The guys continue their discussions on the full CPI print as estimates were all very close to actual print numbers, and it appears the market pricing will lead to a 25bps rate hike at the FED meeting. Bank earnings reports from big banks like JPM, BAC, WFC, BLK, and C all show promising numbers, with virtually all beating expectations on revenue. Tesla cuts prices on all cars by nearly %15 on average.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

The guys discuss the release of CPI numbers, reporting on Q4 of 2022. KB Hoimes provides an update on the state of the US housing market, showing some areas of promise as well as very high numbers of cancellations in new construction. Disney makes moves by appointing Makr Parker as chairman, formerly COE at Nike for 40 years.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

The guys discuss Jay Powell's remarks on relief for the market in the new year. European economic issues continue to "thaw" which brings relief to the US markets as well. Apple announces a plan to start using only their own chips in products beginning in 2025, and Wells Fargo intend to retrench from the mortgage business.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

The guys discuss Adobe CEO Shantanu Naraynaen's interview with the WSJ discussing the economic outlook for 2023. Macy's lowers guidance 5% for FQ4. Eurozone estimates for unemployment were accurate as the numbers came in right in line with those estimates at 6.5%, and numbers in the overall economy continue to fluctuate with uncertain market sentiment.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Ben, Tom, Andrew, and Jason discuss the state of the economy as 2022 has come to a close and 2023 is beginning. With a tumultuous year behind us, the forecast for the upcoming year seems uncertain, but Narwhal discusses our approach to the potential ahead for us.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Ben, Tom, and Andrew discuss the NFP report, the Eurozone CPI print, and Samsung's earnings report. Europe reports a lower than expected CPI, however, core prices have accelerated. Samsung earnings fell almost 70% as the company will need to lower production at some point, likely in the near future to cut losses. Overall in the economy, energy is falling, rates are falling, and stocks are falling with a sentiment that the market is soft.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Tom and Ben discuss the state of the jobs market. Amazon to lay off a considerable number of employees in the coming months, and ISM and ADP employment numbers are set to be released later today. Fed minutes reflect a continued focus on defeating inflation with sentiment being that further tightening will be required. Western Digital is revisiting the idea of consolidation of Kioxia, but time will tell if it actually happens.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Ben, Tom, and Andrew discuss Apple losing its $2 trillion status as a company, reminiscent of the fall GE had from its once plateau. Salesforce expects to cut their workforce by 10% in order to maintain a level of profitability. European inflation continues to decelerate, and mortgage rates stay high with adjustable mortgages being essentially untouched by home buyers.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Tom and Ben discuss Tesla missing their Q4 delivery estimates and Musk's potential resignation from Twitter, along with its impact on Tesla as a whole. Southwest Airlines continues to struggle, and only time will tell whether they will continue as a discount airline or need to be bought out by a larger entity. Bond buying is back and stocks appear to be set at a higher opening coming ahead.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Barry Pencek was born in Scranton, Pennsylvania with a heart for the skies. At any early age, he was convinced that being a pilot was the path for his life, and after graduating Cumberland College, he began his military career as a pilot. He's a twice-published author, discussing both investing and his military career. Ben sits down to discuss some of Barry's most insightful and interesting stories from his fascinating life.

Andrew, Ben, and Tom discuss a big week ahead as big earnings reports and a Bank of Japan policy meeting start a week of info despite the upcoming holidays. The US government announces a plan to begin buying back oil to refill the SPR. LHX plans to buy Aeroject Rocketdyne - this coming after Lockheed attempted to buy AR, but they were denied due to anti-trust issues.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Ben discusses the release of economic data in both America and China. China continues to have poor economic numbers as their covid lockdowns were highly difficult for industries and manufacturing based on China. In the US, rate hikes are expected to continue, and inflation appears to continue to rear its head. The ECB and BOE continue rate hikes in Europe in an effort to fight inflation as well.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Tom and Ben discuss the Fed's decisions on how to handle inflation and how the market has responded this year. Bank of Japan to consider a review next year in order to address their economy and the state of the Yen. European inflation seems to be moving in the right direction, and Delta updates their guidance to reflect an improving situation.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Ben, Andrew, and Tom discuss their view of the better than expected CPI data, the response to this data by the bond and equity markets, the takeaways from the global fund manager survey and the small business optimism survey, earnings data from Oracle, Thoma Bravo’s acquisition of Coupa, and some commentary on the FTX circus.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Ben and Tom discuss Amgen’s talks to buy Horizon Therapeutics in a deal with north of $20 billion. Developments in Exergonic nuclear fusion show signs of being the best possible future for clean energy, but there is still a long road ahead in perfecting the process. CPI numbers release later this week, so there will be a push in the market one way or the other for sure.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Andrew, Tom, and Ben discuss China’s plan to sell $108 billion in special sovereign bonds to stimulation their struggling economy. The FTC sues Microsoft in order to block their acquisition of Activision. Costco has been a star in some regard during the rocky economic climate of the year, and they discuss the implications of their earnings reports to close out the year.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Tom and Ben discuss Walmart CEO Doug McMillon’s comments on the average consumer at an investor conference – penny pinching up, higher-income individuals are shopping at bargain stores, inflation is killing grocery items. ECB staff are threatening to strike in light of pay increases well below inflation. Oil collapse continues.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Tom and Andrew discuss the GA Senate race results, as Warnock won a tightly contested runoff. Meta faces even more headwind as privacy and media regulations create further potential issues for them. A new defense budget proposal would increase the national security budget to $858b, which comes in above expectations. News from Lowe's and Southwest seem relatively positive considering the current political environment.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Andrew, Ben, and Tom discuss the issues facing commercial property funds are seeing spikes in redemption requests to the extent that they are limiting withdrawals from the funds. Economic data regarding mortgage applications, nonfarm labor, and jobless claims are set to come later today. Taiwan Semiconductors see an extra investment come in to construct a second production facility.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Tom and Ben discuss the Fed's plans for their 12/14 meeting with expectations to see a 50bp rate hike. Shanghai reopens after the authorities ease back on the Covid restrictions again. OPEC+ makes no change to oil production, as was expected.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Ben and Tom discuss the upcoming OPEC+ meeting, jobs data and an acceleration in wage growth, the status on the railroad strike, how today’s news impacts inflation, and a look ahead to the CPI report in a week and a half.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Andrew, Tom, and Ben dive into the comments from Jay Powell, the implications of those comments, and our view of their validity. They also discuss Biden’s plans to increase biofuel requirements for oil refiners, earnings news from Costco, Sales Force, Snowflake, and Okta, as well as some positive news on Eli Lilly’s Alzheimer’s drug.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Ben, Andrew, and Tom discuss the easing (but still elevated) Eurozone inflation data, the upcoming meeting for OPEC+ and the expectation that they keep production steady, Jay Powell’s upcoming speech regarding the economic outlook and labor markets, the increase in government backed mortgage loan limits, strong holiday spending data, and tough earnings reports out of a number of SAAS companies as corporations look to reduce expenses. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Tom and Ben discuss China's COVID protocol again, as it continues to have an impact on the markets due to the slowing of production in many areas within the country. Currently the oil supply seems to be on the rebound somewhat around the world. Unions around the US seem to be unhappy, despite the Biden administration's focus on that as a running platform, with a railroad strike inevitable soon.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Ben, Tom, and Andrew discuss the protests in China as their COVID restrictions have caused severe tensions with civilians. The FTC filed an anti-monopoly lawsuit regarding Microsoft's purchase of Activision. Black Friday sales show numbers of varying sorts, but overall, the reality was much higher than expectations.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Tom and Andrew discuss Elon's Twitter employment agreement, which required employees to commit to being all-in if they want to continue working for Twitter next Monday. Amazon reports that they will extend their layoffs into next year, plans to lay off near 10,000 employees overall. Carvana is continuing to find themselves in hot water, as it appears they are continually unable to service their debt.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Andrew takes on the morning call alone this morning. He discusses Christine Lagarde's upcoming address that will discuss the continued acceleration of CPI in the European Union. Jim Bullard has comments coming today regarding the effectiveness of the FED's rate hikes on inflation. Considerable time was spent discussing the positive retail earnings reports (despite Target missing the mark), as well as the future expectations of tech companies like NVDA and CSCO.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Tom and Harrison discuss the Russian-made missle hitting Poland, killing two - speculation is that the missle was actually fired from Ukraine towards Russia, as they also use Russian-made missles. UK inflation accelerates again, and Esther George believes slowing inflation would require sending the economy into recession. Trump announced his 2024 run for president, and the Senate passes a vote to end Covid Emergency Declaration by a vote of 62-36.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Ben, Tom, and Andrew discuss PPI numbers as they reflect a positive move regarding inflation and the future of the economy. Big retail earnings released from Q3 - HD down 2.6% and WMT flat. Bank of America Fund Manager Survey reveals that managers are ultra bearish with cash level at their highest level since the "dot-com" bubble.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Tom and Ben brave the onset of winter weather to discuss an economy and consumer that may be overreaching to “one data point” on inflation and the implications for interest rates, OPEC+ dropping its demand outlook by 520k bpd, and a big week ahead including a PPI print as well as earnings out of HD, CSCO, NVDA, and TGT.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Tom and Ben discuss yesterday’s strong market rally (S&P up nearly 6%), the movement of oil prices and the factors influencing those changes, Amazon’s cost cutting, Elon Musk addressing Twitter employees, and updates to the Student Loan Forgiveness outlook. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Tom and Ben discuss CPI reportings as the economy sees a favorable number for inflation. Stocks soared as investors seem to have very positive sentiment for the CPI reports and the state of inflation. Biden confirms another presidential campaign for 2024. Earnings reports from some large companies set to come next week.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Andrew, Ben, and Tom discuss election results, as the "red wave" was clearly a mis-forecast episode for the 2022 mid-terms. With a higher than anticipated Democractic win in the Senate, policy change could have an easier road ahead with a Dem administration and Senate. Meta continues to make news negatively as they are planning to lay of 11,000 works (13% of their total) in the coming weeks.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Andrew, Ben, and Tom discuss mid-term elections that are of particular interest to them. They go on to discuss the implications of a few swing state Senatorial votes. Nevada, Pennsylvania, Arizona, and Georgia were topics of discussion considering how impactful those states could be for policy changes in the US moving forward.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Ben and Tom discuss China's "Zero-Covid" Policy and its impact on the global market, primarily the slowing of Apple's production of new iPhones. Meta plans large-scale layoffs, and Apple released a short, somewhat odd press release blaming the city of Zhangzhou, and their Covid policy, on the slowing iPhone production. Berkshire Hathway saw negative EPS, and Buffet released a somewhat odd statement - essentially he claimed that anyone nervous about negative earnings for Berkshire didn't understand accounting. Elections on Tuesday and CPI on Thursday.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Tom and Ben discuss a mixed bag of earnings reports as signs of stress are continuing to show throughout the economy. Several large companies have announced another round of hiring freezes and layoffs, including Amazon, Apple, Lyft, Qualcomm, and Twitter. Jobs reports showed bad news as employment was down from last report.For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure