José Torres

Joined @CNBC early this morning to talk about why I expected the September Producer Price Index and Retail Sales reports to come in stronger-than-anticipated today. Nonetheless, I called for an intraday rally on the back of the 50-day moving averages for the SPX and NDX providing valuable support throughout 2026 while serving as somewhat reliable short-term bottoming signals. Additional reasons supporting the rebound are seasonal dynamics flipping positive here in mid-October, a losing streak that seems excessive and an economy that is still robust from consumer spending, employment and business investment standpoints. Turns out, that's what happened, as investors bought the sharp pre-market dip while bringing 3 of the 4 major equity benchmarks well into the green by the afternoon. Absolute pleasure to join the call crew consisting of @TheDomino @powers_invest and Keith Buchanan. @MorganLBrennan @CNBCMorningCall

Bonds look attractive here with the 10-year at 5%.

Fixed-income fundamentals are improving today even as much cheaper oil fails to stymie the session's Treasury selloff. With core inflation at 2.4%, energy is quite frankly the only meaningful variable that has headline price pressures running above 3%, and more progress on the geopolitical front is poised to drive a significant bond rally which should certainly help equities as seasonal dynamics flip from unfavorable to positive in the upcoming weeks. Meanwhile, Fed hike odds are way too elevated at this juncture, as Wall Street should expect Chair Warsh to turn increasingly dovish from his hawkish posture a few days ago in an effort to balance the central bank’s focus on quelling cost forces while supporting the hiring cycle and financial stability. We could be in for a challenging backdrop in the near-term if Japan’s volatility continues to spread across the pacific to the US, however, buoyant corporate earnings momentum, ongoing economic growth and probable improvements in Middle East dynamics warrant bullish positioning from here into year-end for stocks and credit in my opinion.

A special thank you to CNBC for having me on Fed Day along with @TheDomino , @spotgamma and @leebaker00 to talk yields, crude oil, markets and more. @CNBCMorningCall

Pleasure joining the early @CNBCMorningCall crew alongside @TheDomino, @WarrenPies and Keith Buchanan to talk macro, AI, Nvidia, rates, inflation, Jackson Hole, the Fed and more. @CNBC

Pleasure joining the early @CNBCMorningCall crew with @MorganLBrennan, @grassosteve and @TFMkts to talk earnings, AI, macro, inflation, rates the Fed and more. @CNBC

In great news for Americans, wages accelerated at the fastest pace in 13 months while April added 253,000 jobs. While workers head into the summer with pay raises, these numbers don't align with the Federal Reserve's inflation ambitions.