Futures Storm Higher As Nasdaq Bull Markets Sparks FOMO Chase
US equity futures extended their post-CPI miss gains (for reasons laid out last night by Goldman's trading desk which sees $13 billion in non-fundamental demand every day and a new round of FOMO by lagging hedge funds), rising 0.4% on Thursday morning...
.... while tech stock futures were also higher changed after the Nasdaq 100 advanced 20% from its June lows, entering a new bull market, with Wednesday’s softer-than-expected inflation print bolstering hopes of less aggressive Fed tightening. Contracts on the Nasdaq 100 were 0.4% higher by 7:15 a.m. in New York after the underlying gauge soared 2.8% on Wednesday to the highest level since May 4.
A dollar index slipped, adding to retreat a day earlier that was the biggest since the onset of the pandemic. Short-term Treasury yields held a drop on investors’ scaled-back expectations of how aggressively the Fed will have to tighten monetary policy; bitcoin rose to the mid $24,000s.
In premarket trading, Disney jumped after beating estimates and saying it’s raising the price of its flagship Disney+ streaming service by 38%. Analysts were optimistic about the performance of the company’s Parks business as travel rebounds. Meanwhile, shares in Bumble Inc. fell ~7% after the dating app company lowered its full-year revenue guidance. Given the stock’s recent outperformance, analysts noted that expectations were high going into the firm’s 2Q report and attributed the tepid forecast to a shift in product timing, which increases execution risk in 4Q. Other notable movers include:
Morgan Stanley (MS US) cut its PC shipment estimates for the year after noting that demand for consumer personal computers is weakening and PC channel inventories are moving higher. The brokerage, however, maintained its recommendations on Dell and HPQ.
Matterport (MTTR US) advances ~15% in US premarket trading Thursday after the software company boosted its revenue guidance for the year. Second-half growth outlook is “better-than-feared,” Piper Sandler says.
Traeger (COOK US) analysts reduced their price targets on the stock, with Baird downgrading the grill maker to neutral after it cut its revenue guidance for the full-year. Brokers said that catalysts for the stock in the immediate future were in short supply.
First Solar (FSLR US) raised to overweight at KeyBanc as it refreshes its views on US renewables stocks, including PT raises for Enphase Energy and NextEra.
Marathon Digital (MARA US) and Riot Blockchain lead cryptocurrency-exposed stocks higher in premarket trading with Bitcoin climbing to a near two-month high after softer-than- expected inflation data fueled rallies across digital tokens.
Sonos (SONO US) drops 20% in premarket trading after the audio-products maker cut its full-year guidance for revenue and adjusted Ebitda, citing a challenging macroeconomic backdrop, with the strong dollar and inflation pressuring consumer sentiment. The company also said Chief Financial Officer Brittany Bagley is stepping down to pursue another opportunity.
Stocks surged after the July CPI reading showed US inflation decelerated in July by more than expected, printing at 8.5% in July, down from the 9.1% June print that was the largest in four decades, a development that could take some pressure off the Federal Reserve in deciding on more rate hikes. However, Fed officials were quick to stress more rate increases are coming to counter price pressures and signaled investors should rethink expectations of cuts next year to shore up economic growth. Still, the news was enough to help the duration-heavy and deflation-propelled Nasdaq index reclaim nearly $2.8 trillion from its June 16 low, with Apple, Amazon.com and Microsoft leading the rally. Tech stocks have been rebounding as bond yields pulled back amid expectations that Fed rate hikes may push the US economy into recession. Lower bond yields particularly support growth stocks like tech, which are valued on future profits.
"Despite the Fed’s unwavering rhetoric, this release has given investors hope that the pace of rate rises in the US will slow and that the fabled soft landing may be less elusive than feared," said Lewis Grant, head of global equities at Federated Hermes.
“From now onwards, the Fed should start worrying about growth risks much more than inflation," said Ashish Marwah, chief investment officer of ADS Investment Solutions Ltd. While he sees no case for a large rate hike moving forward, Marwah said a smaller increase at the next meeting would give the Fed “time to pause and evaluate what the underlying inflation trend is.”
European stocks trimmed earlier gains as losses in the healthcare sector outweighed optimism that signs of a peak in US inflation would spark a dovish tilt in Federal Reserve policy. The Stoxx 600 Index was less than 0.1% higher by 10:33 a.m. in London after surging yesterday to its highest in two months. Healthcare stocks including Sanofi, GSK Plc and Haleon Plc were major drags on the benchmark amid concern over litigation related to Zantac, a once-popular antacid that has drawn a flurry of US personal-injury lawsuits alleging it causes cancer. Energy as well as travel and leisure stocks were among the sectors moving higher. FTSE MIB outperforms, adding 0.4%, DAX lags, dropping 0.1%. Energy, insurance and banks are the strongest-performing sectors. Here are the biggest European movers:
Coca-Cola HBC shares advance as much as 6%, the most since March 29, after the company reported 1H sales and Ebit that beat estimates and reinstated its guidance for the year.
Kahoot! jumps as much as 22%, the most since August 2021, after the Norwegian game-based learning platform firm reported a rise in 2Q earnings.
Russia’s equity benchmark climbed as the price of natural gas in Europe rose and investors worldwide turned more optimistic after signs of cooling US inflation.
Stroeer surges as much as 17%, the most since November 2020, after the online advertising and billboards company reported 2Q results which Citi says were “strong.”
Zurich Insurance gains as much as 2.4% with analysts saying the Swiss insurer’s quarterly results were strong, as expected.
Network International jumps as much as 19%, the most since November 2020, after the payments firm’s 1H results met expectations and it announced a new buyback.
Sanofi, GSK and Haleon extend their declines amid mounting concerns about litigations around recalled heartburn drug Zantac.
Valneva falls as much as 3.9% after the French biotechnology company lowered its guidance following setbacks for its Covid-19 vaccine.
Earlier in the session, Asian stocks gained as cooler-than-expected US inflation data spurred bets that the Federal Reserve will temper the pace of its interest-rate increases. The MSCI Asia ex-Japan Index rose as much as 1.8%, the most in three weeks, lifted by technology shares amid falling Treasury yields. Tech-heavy markets including Taiwan and South Korea led gains in the region. Benchmarks in China also advanced, while Japan’s market was closed for a holiday on Thursday. US inflation decelerated in July by more than expected, spurring a rally in shares overnight as investors bet on a potential pivot by the Fed on monetary tightening. The positive sentiment carried through to the Asian session, while traders continued to monitor Covid lockdowns in some Chinese cities.
“Inflation has been expected to peak over the summer for some time, so it was reassuring for markets that there are clear signs that this looks to be happening,” said Oliver Blackbourn, multi-asset fund manager at Janus Henderson Investors. “Any dovishness is seen as positive by the stock market, particularly for the highest valued companies.” Still, ongoing US-China tensions have kept some investors on edge, with President Joe Biden being “cautious” about the future of tariffs on more than $300 billion in goods from the US rival. Japan was closed for a holiday.
Indian stocks tracked regional peers higher after softer-than-expected US inflation print raised expectations that the Federal Reserve will raise interest rates at a slower pace. The S&P BSE Sensex climbed 0.9% to 59,332.60 to its highest level in four months in Mumbai. The NSE Nifty 50 Index added 0.7%. Of the 30 member stocks on the Sensex, 20 rose and 10 fell. Housing Development Finance Corp rose 2.4% to its highest level in four months and was among the biggest boosts to the gauge. Fourteen of 19 sectoral sub-indexes compiled by BSE Ltd. advanced, led by a measure of lenders. “The lower than expected US CPI numbers have catalyzed a rally in global markets on the hope that the US Fed may go slow on rate hikes,” Deepak Jasani, head of retail research at HDFC Securities Ltd., wrote in a note. The prospect of faster monetary tightening by the Fed had stoked fears of capital outflows from riskier emerging market assets like India. In earnings, of the 44 Nifty companies that have announced quarterly results so far, an equal number have missed and exceeded analyst estimates. Apollo Hospitals is scheduled to announce results later in the day.
In FX, the dollar slipped while NOK and GBP are the weakest performers in G-10 FX, EUR and DKK outperform.
In rates, treasuries advanced despite better risk appetite with the yield curve extending Wednesday’s CPI-inspired bull-steepening, following gains led by front-end during London session; 2-year yields richer by ~3.5bp, off session low. 10- to 30-year yields (also off lows) are little changed, steepening 2s10s and 5s30s spreads by ~2bp and ~3bp on the day; US 10-year sector outperforms bunds by ~3bp, gilts by ~5bp. The Treasury auction cycle concludes with $21b 30-year bond sale at 1pm ET; Wednesday’s 10-year note auction stopped 0.6bp below the WI yield at the bidding deadline. WI 30-year yield around 3.03% is ~9bp richer than last month’s result, which stopped 1.8bp through. Bunds and gilts erase post-CPI gains, catching up to USTs reversal on Wednesday as hawkish comments from Fed policy makers stymied prospects of a pivot. Peripheral spreads tighten to Germany.
In commodities, WTI crude climbs 0.5% to around $92; gold down about $2 to below $1,790. Most base metals trade in the green; LME nickel rises 2.7%, outperforming peers. LME zinc lags, dropping 0.6%.
It’s a fairly quiet day ahead on the calendar now, but data releases include the US PPI reading for July, as well as the weekly initial jobless claims.
Market Snapshot
S&P 500 futures up 0.1% to 4,216.25
STOXX Europe 600 little changed at 440.16
MXAP up 1.1% to 162.09
MXAPJ up 1.7% to 529.79
Nikkei down 0.6% to 27,819.33
Topix down 0.2% to 1,933.65
Hang Seng Index up 2.4% to 20,082.43
Shanghai Composite up 1.6% to 3,281.67
Sensex up 0.9% to 59,317.34
Australia S&P/ASX 200 up 1.1% to 7,070.95
Kospi up 1.7% to 2,523.78
German 10Y yield little changed at 0.91%
Euro up 0.2% to $1.0323
Brent Futures little changed at $97.39/bbl
Gold spot down 0.3% to $1,786.27
U.S. Dollar Index down 0.15% to 105.03
Top Overnight News from Bloomberg
‘Worst Likely Over’ for EM Asia Currencies as Fed Hike Bets Ease
Oil Steadies as Traders Count Down to OPEC, IEA Market Outlooks
Fed Leaders, Unswayed by Softer CPI, See Rate Hikes Into 2023
Kim Jong Un Was ‘Seriously Ill’ in North Korea Covid Surge
Market Surge After CPI Data Has Skeptics Issuing a Warning
Football Fanatic Builds $1 Billion Bet Against Game’s Mega Rich
Pelosi Says US Can’t Let China Establish ‘New Normal’ on Taiwan
Hedge Funds Face SEC Push to Share More on Their Strategies
JPMorgan Gold Traders Found Guilty After Long Spoofing Trial
Trump Deposition Day: Invoking the Fifth in Showdown With AG
Driller W&T Opens Internal Probe After Whistle-Blower Letter
Chicago Mayor Says City Revenue Unhurt by Corporate Exits
Trump 2016 Staff Can Talk About What They Saw on Campaign
Snowballing US Rent Crisis Spares No City or Income Bracket
CVS Is Said to Have Been Mystery Bidder for One Medical
‘Crying CEO’ Says He Loves His Employees, Even Those He Laid Off
Bolton Was Target of Murder Plot in US Iranian Guard Case
Disney Tops Profit Views, Raises Ad-Free Streaming Price 38%
Ping An Sees HSBC Overstating the Challenges of a Spinoff
Blackstone to Buy Bulk Purchaser CoreTrust From HCA Subsidiary
Apple Ramps Up Its In-House Podcasting Efforts With Studio Deal
Cut-to-Bone Positioning Set the Stage for Stocks’ Big Bounce
More detailed look at global markets courtesy of Newsquawk
Asia-Pac stocks took impetus from their global counterparts after softer-than-expected US CPI data spurred a dovish reaction across asset classes and unwound some of the hawkish Fed market pricing. ASX 200 reclaimed the 7,000 level with the tech and mining-related sectors leading the gains in the index, while financials are also positive as participants digest earnings results and updates from AMP and QBE Insurance. KOSPI strengthened despite the increase in COVID cases to a 4-month high and the recent devastating floods in Seoul, with strength in index heavyweight Samsung Electronics after it introduced its latest line-up of foldable smartphones and other key products. Hang Seng and Shanghai Comp were higher with Hong Kong lifted by tech and property stocks, although advances in the mainland were initially contained following a jump in COVID infections and with the Biden administration said to have currently set aside the option of scrapping some China tariffs or investigating adding more.
Top Asian News
China Pledges to Cut Mining Deaths After Spate of Accidents
LNG WRAP: Asia Price Rally Prompts Chinese Buyer to Sell Cargo
‘Worst Likely Over’ for EM Asia Currencies as Fed Hike Bets Ease
Hang Seng Index Rises 2.4%; Alibaba Leads Advance
Ether at Two-Month Peak on Signs of Success in Key Software Test
Philippine Stocks Surge 3.2% as Central Bank Seen Less Hawkish
European bourses are little changed overall after a modestly firmer open failed to gain much traction with newsflow limited, Euro Stoxx 50 +0.1%. Stateside, performance is very similar though futures are faring incrementally better, ES +0.2% and the NQ +0.4% remains the relative outperformer. China vehicle sales (Jan-Jul): -2% YY (prev. +19.3%), via Industry Association. New energy vehicles sales (Jan-Jul): +120% YY.
Top European News
UK Real Estate Firms Warn of Price Falls as Borrowing Costs Rise
Ether at Two- Month Peak on Signs of Success in Key Software Test
IEA Sees Russian Oil Output Down 20% When EU Ban Takes Effect
Deutsche Telekom Raises 2022 Outlook on US Customer Growth
FX
DXY is back on a softer footing following an overnight session of consolidation from yesterday’s CPI-induced losses.
G10s are firmer vs the USD to varying degrees, with the EUR, AUD, and NZD leading the gains.
GBP and CAD are the relative laggards while haven FX reside towards the middle of the G10 table.
Fixed Income
Core benchmarks under modest pressure but remain above the post-CPI trough with action quiet amid a limited schedule and Japanese holiday.
USTs essentially unchanged, initial incremental upward bias dissipated and we now look to PPI, Fed's Daly & 30yr supply.
Yield curve continues to re-steepen, though lies in yesterday's pronounced ranged while BTP-Bund remains steady at 210bp.
Commodities
WTI and Brent front-month futures are extending yesterday’s climb Brent Oct' extending gains above USD 98/bbl.
Spot gold trades flat around USD 1,789/oz after briefly topping USD 1,800/oz yesterday post-CPI.
LME copper has gained a firmer footing above USD 8,000/t amid the softer Dollar, with LME nickel the current outperformer.
IEA OMR: Raises 2022 estimate for oil demand growth by 380k BPD to 2.21mln BPD due to more gas-to-oil switching; demand growth is expected to slow to 40k BPD in Q4 2022; declines in Russian supply is more limited than previously forecast.
Czech pipeline operator Mero exports oil flows to the nation to resume "soon"; expects flows via Druzhba to restart "tomorrow or the day after", via Reuters.
US Event Calendar
08:30: Aug. Initial Jobless Claims, est. 264,000, prior 260,000
July Continuing Claims, est. 1.42m, prior 1.42m
08:30: July PPI Final Demand MoM, est. 0.2%, prior 1.1%; PPI Final Demand YoY, est. 10.4%, prior 11.3%
July PPI Ex Food, Energy, Trade MoM, est. 0.4%, prior 0.3%; YoY, est. 5.9%, prior 6.4%
July PPI Ex Food and Energy MoM, est. 0.4%, prior 0.4%; YoY, est. 7.7%, prior 8.2%
DB's Jim Reid concludes the overnight wrap
After much build-up and anticipation, I am now a married man. It was without a doubt the best day of my life being surrounded by family and friends, and thank you for the many kind words I received. Married life so far has been blissful, but I appreciate when you’re not at work and eating out on a daily basis then the usual pressures of life may not apply. Let’s hope this honeymoon spirit and the benefit of the doubt is still around in a few months’ time.
Markets were also in a buoyant mood while I was away, and that trend has continued over the last 24 hours thanks to a much lower-than-expected US CPI print. That helped to bolster hopes that the Fed wouldn’t need to tighten policy as aggressively as many had feared, though Fed officials threw some cold water on the optimism later in the session which tempered the rally in yields, at least. And whilst some of the CPI details weren’t as flattering as the headline stats (more on which below), this positive reaction was evident across multiple asset classes as investors received a downside inflation surprise of the sort we haven’t seen in a long time, with monthly headline CPI actually seeing -0.02% deflation on the month. That’s the first time that prices have fallen on a monthly basis since May 2020, and the reading also came in two-tenths beneath the +0.2% expected by the economists’ consensus on Bloomberg, which is the first time in more than five years that inflation has come in beneath the consensus by that big an amount.
That unexpected drop in prices was largely driven by a sharp monthly fall in energy prices (-4.6%), which experienced their largest decline since April 2020. Indeed, gasoline specifically was down by -7.7% over the month against the backdrop of a serious decline in oil prices since their recent peaks. In turn, that sent the year-on-year CPI reading down to +8.5%, having been at a four-decade high of +9.1% in June. Furthermore, sentiment was bolstered by the fact that core inflation also surprised to the downside, at +0.3% on the month (vs. +0.5% expected), which meant the year-on-year figure remained at +5.9%.
The market reaction to this was incredibly favourable, as the release led investors to reduce the chances that the Fed would hike by 75bps again at their next meeting in September. Indeed, the hike that futures are pricing in for September came down from +68.2bps to +62.5bps, exactly halfway between a +50bp and a +75bp hike, as live as a meeting as you’ll get. That’s still slightly above where it’d been prior to last week’s much stronger-than-expected jobs report that raised expectations of another 75bps move. In turn that sent Treasury yields lower, with the 2yr yield down more than -20bps following the print, but gave back some of that rally after subsequent Fedspeak (more below). 10yr yields also initially moved lower, falling more than -13bps from immediately before the print, only to end the day +2.0bps higher at 2.78%, so we had a decent amount of curve steepening on the day as well as the last batch of data pointed away from stagflationary fears.
But even as markets have been celebrating the prospect of a less aggressive Fed, it’s worth remembering that we’re still nowhere near out of the woods yet, and annual inflation of +8.5% is still way above what we’ve been used to experiencing over recent decades. In addition, some of the more granular details from the CPI release were much less positive than the immediate headlines. For instance, the Cleveland Fed’s trimmed-mean CPI measure that removes the biggest outliers in either direction was still running at +0.45% on a monthly basis, and on a year-on-year basis it actually ticked up slightly to +7.0%. So it’s clear there are still broad-based price pressures across the economy, in spite of the decline in energy last month. Elsewhere, the Atlanta Fed produce a “flexible” and “sticky” CPI, which separates the CPI components into ones that change prices regularly and ones that don’t. That showed the flexible CPI reading down by -1.0% on the month, but the sticky CPI reading was up by +0.4%, which means that sticky CPI is now running at +5.8% on an annual basis, or in other words its fastest pace since 1991. So there’s still a long way to go here, and remember that Chair Powell himself said in June that the Fed wanted “compelling evidence” that inflation was heading downwards consistent with returning to target, which is going to take a lot more than just one reading.
For markets however, the narrative that we might have seen “peak inflation” was nevertheless dominant, and equities had a buoyant reaction yesterday, with the S&P 500 surging +2.13% to close at a 3-month high for the first time since early January. The more cyclical sectors led the way whilst the megacap tech stocks were a particular beneficiary, with the FANG+ index gaining +3.67% on the day. The VIX index of volatility even closed beneath 20 points for the first time since early April. It was much the same story in Europe too, even if it was a bit more subdued, and the STOXX 600 (+0.89%) closed at its highest level in just over two months as well.
When it came to the Fed themselves, we did actually hear from a few speakers yesterday. Chicago Fed President Evans, who is an FOMC voter in 2023, said that inflation was still “unacceptably high” and said that he expected “we will be increasing rates the rest of this year and into next year to make sure inflation gets back to our 2% objective”. Furthermore, his forecast for core CPI is at 2.5%, which is some way beneath our own economists’ projections, and even then he saw the Fed funds rate range at 3.75%-4% by end-2023. Later in the session, President Kashkari took it a step further, saying he expected a 4.4% fed funds rate by the end of next year, and was resolute that the Fed would not waver in bringing inflation back to its 2% target. So both are projecting rates some way above the 3.11% that Fed funds futures are pricing in for December 2023, which just speaks to the divergence between the Fed’s stated intentions in their most recent dot plot and the cuts that markets are pricing in for the latter part of next year. Then overnight, we heard from San Francisco Fed President Daly, who warned in an FT interview that it was too early to “declare victory” over inflation.
Away from the Fed, we had a mixed bag of news on the European energy situation yesterday. On the one hand, we heard that Slovakia was now receiving Russian oil via the Druzhba pipeline, which had been suspended previously. At the same time though, European natural gas futures rose by +6.86% to €205 per megawatt-hour, which is their highest level since early March, and German power prices for 2023 rose a further +4.84% to €427 per megawatt-hour. European sovereign bonds were more affected by the US inflation news however, with yields on 10yr bunds (-3.2bps), OATs (-2.0bps) and BTPs (-6.0bps) all moving lower.
Overnight in Asia, equity markets are also surging this morning following a strong session on Wall Street overnight. Risk appetite has been evident across the region, with the Hang Seng (+1.74%), the CSI (+1.39%), the Shanghai Composite (+1.18%) and the Kospi (+1.32%) all moving higher, whilst markets in Japan are closed for a holiday. That optimism is also set to extend into the European and US sessions, with futures contracts on the S&P 500 (+0.30%), NASDAQ 100 (+0.43%) and DAX (+0.39%) all pointing towards further gains today as well. Separately, the People’s Bank of China said in its latest quarterly monetary policy report that consumer prices in China will probably remain in a reasonable range and will likely reach its 3% target for full-year inflation . At the same time, the central bank stressed that it will continue to maintain plenty of liquidity in the system so as to provide stronger support to the real economy.
It’s a fairly quiet day ahead on the calendar now, but data releases include the US PPI reading for July, as well as the weekly initial jobless claims.
The New Mexico Department of Health, in a statement, said that a man in Lincoln County “succumbed to the plague.” The man, who was not identified, was hospitalized before his death, officials said.
They further noted that it is the first human case of plague in New Mexico since 2021 and also the first death since 2020, according to the statement. No other details were provided, including how the disease spread to the man.
The agency is now doing outreach in Lincoln County, while “an environmental assessment will also be conducted in the community to look for ongoing risk,” the statement continued.
“This tragic incident serves as a clear reminder of the threat posed by this ancient disease and emphasizes the need for heightened community awareness and proactive measures to prevent its spread,” the agency said.
A bacterial disease that spreads via rodents, it is generally spread to people through the bites of infected fleas. The plague, known as the black death or the bubonic plague, can spread by contact with infected animals such as rodents, pets, or wildlife.
The New Mexico Health Department statement said that pets such as dogs and cats that roam and hunt can bring infected fleas back into homes and put residents at risk.
Officials warned people in the area to “avoid sick or dead rodents and rabbits, and their nests and burrows” and to “prevent pets from roaming and hunting.”
“Talk to your veterinarian about using an appropriate flea control product on your pets as not all products are safe for cats, dogs or your children” and “have sick pets examined promptly by a veterinarian,” it added.
“See your doctor about any unexplained illness involving a sudden and severe fever, the statement continued, adding that locals should clean areas around their home that could house rodents like wood piles, junk piles, old vehicles, and brush piles.
The plague, which is spread by the bacteria Yersinia pestis, famously caused the deaths of an estimated hundreds of millions of Europeans in the 14th and 15th centuries following the Mongol invasions. In that pandemic, the bacteria spread via fleas on black rats, which historians say was not known by the people at the time.
Other outbreaks of the plague, such as the Plague of Justinian in the 6th century, are also believed to have killed about one-fifth of the population of the Byzantine Empire, according to historical records and accounts. In 2013, researchers said the Justinian plague was also caused by the Yersinia pestis bacteria.
But in the United States, it is considered a rare disease and usually occurs only in several countries worldwide. Generally, according to the Mayo Clinic, the bacteria affects only a few people in U.S. rural areas in Western states.
Recent cases have occurred mainly in Africa, Asia, and Latin America. Countries with frequent plague cases include Madagascar, the Democratic Republic of Congo, and Peru, the clinic says. There were multiple cases of plague reported in Inner Mongolia, China, in recent years, too.
Symptoms
Symptoms of a bubonic plague infection include headache, chills, fever, and weakness. Health officials say it can usually cause a painful swelling of lymph nodes in the groin, armpit, or neck areas. The swelling usually occurs within about two to eight days.
The disease can generally be treated with antibiotics, but it is usually deadly when not treated, the Mayo Clinic website says.
“Plague is considered a potential bioweapon. The U.S. government has plans and treatments in place if the disease is used as a weapon,” the website also says.
According to data from the U.S. Centers for Disease Control and Prevention, the last time that plague deaths were reported in the United States was in 2020 when two people died.
Vetted by HousingWire | Our editors independently review the products we recommend. When you buy through our links, we may earn a commission.
Real estate is a vibrant, dynamic and competitive industry. From the thrill of a sale to the pursuit of new leads, it keeps you on your toes. That said, it can also be incredibly isolating, and it can be hard to stay motivated. As a way to deal with this, many agents and brokers seek out professional mentorship as a means to gain insight and level up their performance. Across the country, the best real estate coaches serve as valuable mentors who can help agents and brokers achieve the success they deserve.
“It’s really hard for independent business owners to get unbiased advice from themselves,” says Kyle Scott, President of SERHANT. Ventures. “So they need unbiased experts to work with that will help them grow their business — someone who has been there, who has done it, and who is able to see their business from both the 35,000-foot view and down in the weeds.”
A quick internet search will prove that real estate coaching programs are plentiful. Whether you’re looking to expand your team or client network or figure out how to delegate work so you can focus on the tasks you do best, a real estate coaching program could be a valuable launchpad. But when it comes to choosing the right one for your unique needs, there’s a lot to consider. Here, we highlight some of the best real estate coaches in the industry and their programs.
An unbiased view is worth millions. Often, we turn to our closest friends and family for guidance. Unfortunately, they’re usually not familiar with the ins and outs of the real estate industry and can’t provide you with the relevant feedback you need. As a result, many independent contractors rely on themselves, which generally doesn’t work either.
You can’t advise yourself, you’re too close to it. A coach works best for someone who is actually looking to grow their business, someone who is looking to put in the time and the energy to make a difference in achieving more income this year.
Hire a coach if you want to start taking your business to the next level for any reason — you want to make more money, have more freedom with your time, or stop riding the ins and outs of the commission cycle.President of SERHANT. Ventures
1. Sell It Like Serhant
Key Facts
Grown throughout the pandemic, the Sell It Like Serhant program has been carefully adapted to the current market. It follows a weekly and bi-weekly platform featuring one-on-one virtual coaching from Serhant’s proprietary video platform. After a half-hour or hour-long group meeting every week or every other week, participants follow actionable steps to help them grow their business. Thus far, more than 22,000 enrollees in 128 countries have been through the Sell It Like Serhant program.
What We Love
Serhant offers daily office hours so participants can pop into virtual sessions to ask questions or get expert advice between their regularly scheduled sessions. A community platform also allows participants to pass referrals to each other. Thus far, it seems to have worked: To date, participating agents have closed over $250 million of referral deals.
Pricing
There are different membership tiers, depending on the level of guidance you need. The introductory Real Estate Core Course starts at $497. Prices are higher for a more specific course or one with 1:1 coaching.
Who’s it Best For?
If you’re looking to build a memorable personal brand, SERHANT. is the way to go. “The number one differentiator about our program is we understand that as a real estate agent, you have one job: to generate leads,” says SERHANT. Ventures President Kyle Scott. “Our number one focus is helping you build a clear, compelling, memorable personal brand and put your lead generation on autopilot. So that way, you can do what you do best, which is build relationships and close deals.”
Visit Sell It Like Serhant
2. Tom Ferry International
Key Facts
For good reason, Ferry International refers to itself as the real estate industry’s leading coaching and training company. Focused on Ferry’s “8 Levels of Performance,” the programs are a staple of real estate coaching. Their new group coaching sessions cover various aspects of real estate sales.
Prospecting Bootcamp is a 14-hour program comprised of seven two-hour group coaching sessions, and includes a peer-to-peer collaboration space. It involves independent work pulled from training videos and downloadable resources.
Recruitment Roadmap consists of hour-long sessions each week for ten weeks. Completed over Zoom and through the Tom Ferry video platform, each group coaching program offers a high level of specialization.
Finally, their Fast Track program offers 12 interactive group coaching sessions designed to help new agents build the necessary skills to succeed — like mastering listing presentations and handling objections.
What we love
If you’re looking for the gold standard of real estate coaching, Tom Ferry has the goods to back up the bravado. Because of their many years in the biz, Tom Ferry has a huge base of coaches, which means there are plenty of options to find the program best suited for your specific needs.
Pricing
Tom Ferry’s Prospecting Bootcamp and Fast Track coaching programs cost $999 but can be broken down into three monthly payments. The Recruitment Roadmap group coaching costs $1,499 but can be split into three monthly payments of $500. Consider their free coaching consultation if you want to dip your toes in the water. Check out their customer reviews, where several coaching program alums rave about the program.
Who’s it Best For?
If you thrive in a group setting that allows you to feed off the energy of others, Tom Ferry might be right for you. Their group coaching programs are new and more affordable alternatives to often costly 1:1 coaching fees.
Visit Tom Ferry
3. Tim and Julie Harris
Key Facts
The dynamic duo of real estate coaching, Tim and Julie Harris are a major name in the industry. Under their business, Harris Real Estate Coaching, their programs are divided into three tiers: Premier, Premier Plus, and VIP, all of which rely on a user-friendly online platform.
Pricing
Premier platform costs $197 per month, but a 30-day free trial is available. Premier Plus costs $599 per month, while VIP costs $999 per month. Of course, their wildly successful podcast is a great free resource to tap into, as well as Tim and Julie’s many written contributions to HousingWire.
Who’s it Best For?
If you’re constantly on the go, the ability to access the course from any device is a major asset.
4. Candy Miles-Crocker
Key Facts
Newbies are welcome at Candy Miles Crocker’s program. Known as the “Real Life Realtor,” she’s the brain behind Real Life Real Estate Training. With a variety of courses in her offerings, including a plethora of self-paced online courses, Miles-Crocker gives new agents a leg-up on the rest.
What we love
Miles-Crocker is still an active agent, working with clients to close deals. Her 20+ years of experience practicing in Washington, D.C., Virginia and Maryland have helped her build “systems, strategies and scripts” that she shares with her coaching clients.
Pricing
The CORE Essentials Blueprint program retails for $1,597. Smaller, more specific courses, such as The Buyer Presentation, are priced at $347. While all pricing isn’t listed on her website, Miles-Crocker also offers a free course that includes her 6-point system for growth.
Who’s it Best For?
Miles-Crocker’s courses could be beneficial if you are new to agent life or looking to get your business reorganized. She even has one specifically for your first 30 days as a real estate agent.
5. Ashley Harwood
Key Facts
Boston-based Ashley Harwood inspires introverts with her convincing, heartfelt and high-touch approach to practicing real estate. Her very human, very relatable Move Over Extroverts coaching approach is the perfect antidote for cheerleader-style coaches that urge you to door-knock, chase down divorce leads or become a social media superstar.
What we love
Harwood is a licensed agent coaching agents week-in and week-out at no less than three Keller-Williams offices in the great Boston metro. We love her humanity, inspiring videos, and her latest enterpise — The Quiet Success Club. Inspired by Susan Cain’s New York Times bestseller Quiet, about the power of introverts, Harwood brings together a community of like-minded real estate agents wanting a more client-centric approach to succeeding as an agent.
Pricing
Join The Quiet Success Club for $45 per month (paid monthly) or get two months free when you pay for an annual subscription (for $450). The club is currently offering founding member pricing for $25 per month or $250, but it’s a limited-time offer available only under April 30, 2024. Or get a lifetime membership to Harwood’s suite of courses, called IntrovertU, for a one-time cost of $997.
Who’s it Best For?
Introverts, of course! While you may not count yourself as one, if you read Susan Cain’s book, you may unearth your more introverted traits — like recharging your battery by being alone. Ok, even if you don’t bask in solitude, Harwood promises a calming community where agents can be themselves, be seen, and where they don’t have to be the loudest voice in her mastermind group, purposefully (and quietly) designed to teach successful lead generation and other strategies.
6. Levi Lascsak
If you’re looking to improve your social media game, Levi Lascsak is the YouTube master. The author of Passive Prospecting specializes in helping real estate professionals embrace the video platform, and he does so in jam-packed, 2-day virtual events. Discover how he earned over $4 million in gross commission income as a new agent.
What we love
Lascsak’s social media marketing skills are top-of-the-line. While he may not be part of the traditional world of real estate coaching, Lascak’s ability to relate to younger audiences is an asset that Millennial and Gen Z agents might appreciate.
Pricing
The live, 2-day events are available at a discount for $47. But as you can expect, he’s got endless information available for free on YouTube.
Who’s it best for?
If you’re a digital native looking to pack a bunch of education into a short period, a Lascsak course is particularly beneficial.
7. Jess Lenouvel
Key Facts
Promising to help agents scale from six to seven figures, The Listings Lab founder Jess Lenouvel is the author of More Money, Less Hustle. A strong example of a coach with a significant understanding of social media, Lenouvel hosts vibrant live events that hype up the audience and prepare them to take their career to the next level.
What we Love
Lenouvel emphasizes the significant power of mindset to achieve one’s goals. She understands how quickly the market shifts and emphasizes staying on top of trends to succeed.
Lenouvel’s live events focus on messaging. For those looking to solidify their brand and develop a clear, concise message, her events might be what you need.
8. Buffini & Company
Key Facts
Another giant of the real estate coaching industry, Buffini & Company is one of the largest coaching and training companies in the United States. They have two major coaching programs: The Leadership Coaching program includes three monthly coaching calls, free admission to a 2-day conference, and curriculums and training led by Brian Buffini. There are also bi-monthly coaching sessions and a monthly web series with a live Q&A.
Buffini & Company also performs a REALstrengths profile — an in-depth personality assessment. In the One2One Coaching program, there are two coaching calls per month, a monthly marketing kit, the REALStrengths profile, and as with the SERHANT. program, Buffini features the Buffini Referral Network, allowing participants to send and receive referrals with other agents.
What We Love
Buffini coaches aren’t independent contractors. Instead, they’re full-time employees who go through intense training. Thus far, they’ve conducted 1.7 million coaching calls and more than one million hours of coaching.
Pricing
The Leadership Coaching program costs $1,499 a month. Private coaching, referred to as One2One Coaching, costs $549 per month. Two tiers of Referral Maker courses are available from $45 to $149 each per month.
Who’s it Best For?
Team spirit is the name of the game for Buffini’s Leadership Coaching program. If you’re a team leader looking to improve your coaching skills and assist your team in leveling up, the Leadership Coaching program might be right for you. If you want a more personalized path as a solo agent, the One2One Coaching program may be a better fit.
9. Vanda Martin
Key Facts
A popular name in the real estate coaching industry, Vanda Martin’s VIP Coaching Program follows three components: coaching, content, and community. Martin doesn’t shy away from mistakes – instead, she emphasizes avoiding indecision that puts you behind the pack.
What we love
Positive vibes are plentiful in Martin’s world, and her energy is tangible. Just check out her Instagram videos.
Pricing
Martin’s pricing isn’t listed.
Who’s it best for?
If you’re looking for a female leader who emphasizes loving your job and building habits that will take you to a greater level of success, Martin’s ability to convey those feelings is clear. Just check out the endless testimonials on her website.
9. Tat Londono
Key Facts
Tatiana Londono is the founder and CEO of Londono Realty Group Inc. The author of Real Estate Unfiltered, she offers a variety of programming that ranges from free templates to intensive coaching sessions. The Millionaire Realtor Membership provides weekly input from Londono, while the intensive Millionaire Real Estate Agent Coaching Program focuses on building 12-month objectives using a custom success action plan. It uses live programming and workshops with Londono herself, as well as an exclusive online community and referral network for members.
What we love
Londono’s keen sense of social media and her posts are a masterclass in how to boost your engagement on platforms like TikTok and Instagram. Don’t miss her takes on Taylor Swift’s real estate portfolio.
Londono’s programs specifically target agents who are looking to scale their business. If you’re struggling with lead generation or want to increase the number of views you’re racking up on social media, Londono is a valuable source within the industry.
10. Steve Shull
Key Facts
Steve Shull’s Performance Coaching focuses on using consistent execution to achieve your goals. With options ranging from 1:1 private coaching to small group coaching for 10 to 20 agents, the groups have 30-minute Zoom calls three times a day, but the number of sessions you choose to attend is up to you. Several self-directed courses are also available on the website, focusing on topics ranging from mindset to time blocking.
What we love
If you’re not positive you want to make the investment, Performance Coaching allows a 14-day free trial of daily accountability calls.
Pricing
Small group coaching costs $6,000 a year, and while 1:1 coaching prices aren’t listed online, you should prepare for a hefty price tag.
Who’s it Best For?
If you have a specific area you’re looking to improve upon, Performance Coaching offers coaches with unique areas of expertise, ranging from CRMs to business strategy. Tailoring your program to your greatest areas of weakness can help you become a more well-rounded agent.
11. Aaron Novello
Key Facts
Aaron Novello of Elite Real Estate Coaching has several programs tailor-made for agents looking to hone their craft. A Masterclass in Systems works to teach agents how to scale their real estate business, organize their team, and use programming like Follow Up Boss to manage their business.
The Role Play Mastermind is for agents looking to prepare themselves for tough discussions by working with a role-play partner for 15 to 30 minutes, five days a week. The group coaching option includes a variety of scripts Novello used to close on homes, as well as mindset guides, skill sheets, and expert guidance from experts in the field.
What we love
Novello’s exclusive accountability group allows active members and former coaching clients to share everything from guidance to motivation. If you’re looking to save money, Novello also has a free podcast available on YouTube.
If you struggle with having difficult conversations and are looking for solid templates to guide you, Novello’s Role Play Mastermind is a solid investment. The group coaching option emphasizes taking the educational portion and putting it into practice in the real world rather than just watching videos.
12. Krista Mashore Coaching
Key Facts
Filled with energy and known for popping up in the press, Krista Mashore is the mind behind Unstoppable Agent, her 3-day mastery class. It includes over 15 hours of coaching, group workshops, breakout sessions, and skill-building workshops to provide you with the skills to implement digital marketing successfully into your real estate business.
What we love
A positive attitude counts for a lot, and Mashore’s personality is a key component of the success of her course.
Pricing
Mashore’s accessibility is another one of her program’s best assets. Her 3-day class is currently priced at $47, but pricing occasionally varies.
Who’s it best for?
If you crave energy and enthusiasm, Krista Mashore has the goods. She’s also an expert on working in today’s low-inventory market, which is ideal for someone struggling with the current housing shortage. But she’s also got a good sense of humor, which shines through in her social media presence.
The full picture: The best real estate coaches for 2024
Hiring a top real estate coach goes far beyond just expanding your skills. While growing and educating yourself as you navigate your career is essential, hiring a coach is all about seeking to achieve more. Whether you’re looking to boost lead generation, build a solid personal brand, or make more commission income, having the input of a seasoned expert is a priceless step in the right direction. As you can see through the endless reviews and testimonials on coaches’ websites, agents who want to scale their business and take their profits to a higher level often seek the outside guidance of a coach. While the cost of hiring someone may be significant, the return on investment is equally as monumental.
Real estate coaching programs vary in price significantly. Most cost over $500 per month, with others charging several thousand dollars per month. “Oftentimes, it is the case that you get what you pay for,” said Kyle Scott, President of SERHANT. Ventures.
However, prices can also vary depending on the specific niche of real estate coaching you’re focusing on. The more specificity you’re seeking, the higher the financial investment. Of course, self-led courses are likely to cost much less.
Does your career feel stalled right now? Are you ready to take your career to the next level, but you’re not sure where to start? In a down market, you can channel your time and energy into actively improving your business skills so that you’ll be sufficiently prepared for when the market changes.
“When things pick up again, you’re ready to capture the climbing market,” says Scott. “If that’s the case, then the best time to embrace coaching is now. At the same time, a thriving market presents agents with new challenges, ranging from having to turn away business or being unable to service your existing business in a way you’re proud of,” Scott noted. “In that type of market, a real estate coach can help you determine what kind of junior agent or assistant would serve you best. How do I figure out how to manage my business in a way that I can keep up with the volume?”
Former Secretary of State Mike Pompeo said in a new interview that he’s not ruling out accepting a White House position if former President Donald Trump is reelected in November.
“If I get a chance to serve and think that I can make a difference ... I’m almost certainly going to say yes to that opportunity to try and deliver on behalf of the American people,” he told Fox News, when asked during a interview if he would work for President Trump again.
“I’m confident President Trump will be looking for people who will faithfully execute what it is he asked them to do,” Mr. Pompeo said during the interview, which aired on March 8. “I think as a president, you should always want that from everyone.”
He said that as a former secretary of state, “I certainly wanted my team to do what I was asking them to do and was enormously frustrated when I found that I couldn’t get them to do that.”
Mr. Pompeo, a former U.S. representative from Kansas, served as Central Intelligence Agency (CIA) director in the Trump administration from 2017 to 2018 before he was secretary of state from 2018 to 2021. After he left office, there was speculation that he could mount a Republican presidential bid in 2024, but announced that he wouldn’t be running.
President Trump hasn’t publicly commented about Mr. Pompeo’s remarks.
In 2023, amid speculation that he would make a run for the White House, Mr. Pompeo took a swipe at his former boss, telling Fox News at the time that “the Trump administration spent $6 trillion more than it took in, adding to the deficit.”
“That’s never the right direction for the country,” he said.
In a public appearance last year, Mr. Pompeo also appeared to take a shot at the 45th president by criticizing “celebrity leaders” when urging GOP voters to choose ahead of the 2024 election.
2024 Race
Mr. Pompeo’s interview comes as the former president was named the “presumptive nominee” by the Republican National Committee (RNC) last week after his last major Republican challenger, former South Carolina Gov. Nikki Haley, dropped out of the 2024 race after failing to secure enough delegates. President Trump won 14 out of 15 states on Super Tuesday, with only Vermont—which notably has an open primary—going for Ms. Haley, who served as President Trump’s U.S. ambassador to the United Nations.
On March 8, the RNC held a meeting in Houston during which committee members voted in favor of President Trump’s nomination.
“Congratulations to President Donald J. Trump on his huge primary victory!” the organization said in a statement last week. “I’d also like to congratulate Nikki Haley for running a hard-fought campaign and becoming the first woman to win a Republican presidential contest.”
Earlier this year, the former president criticized the idea of being named the presumptive nominee after reports suggested that the RNC would do so before the Super Tuesday contests and while Ms. Haley was still in the race.
Also on March 8, the RNC voted to name Trump-endorsed officials to head the organization. Michael Whatley, a North Carolina Republican, was elected the party’s new national chairman in a vote in Houston, and Lara Trump, the former president’s daughter-in-law, was voted in as co-chair.
“The RNC is going to be the vanguard of a movement that will work tirelessly every single day to elect our nominee, Donald J. Trump, as the 47th President of the United States,” Mr. Whatley told RNC members in a speech after being elected, replacing former chair Ronna McDaniel. Ms. Trump is expected to focus largely on fundraising and media appearances.
President Trump hasn’t signaled whom he would appoint to various federal agencies if he’s reelected in November. He also hasn’t said who his pick for a running mate would be, but has offered several suggestions in recent interviews.
In various interviews, the former president has mentioned Sen. Tim Scott (R-S.C.), Texas Gov. Greg Abbott, Rep. Elise Stefanik (R-N.Y.), Vivek Ramaswamy, Florida Gov. Ron DeSantis, and South Dakota Gov. Kristi Noem, among others.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Uncategorized3 weeks ago
International6 days ago
Uncategorized4 weeks ago
Uncategorized3 weeks ago
Uncategorized4 weeks ago
International5 days ago
Uncategorized4 weeks ago
Uncategorized3 weeks ago