What’s going on in the world…
Market opens in the green, yet again, at fresh all-time highs as stocks just can’t be kept down. The S&P is up 3% in just the last 2 weeks, completely erasing the correction which began in January. This Bull has charged higher in the face of so much political and geopolitical turmoil, but its earnings and economic growth that have been the primary driver. The US Economy grew even faster in Q2, than previously thought, revised upwards to 4.2% growth. Canada has officially rejoined the NAFTA talks, which is another positive development after a deal has been reached in principle with Mexico. Brexit deadlines keep getting pushed without much traction. The ultimate departure date in March of 2019 seems very much in question. President Trump has been aggressively critical of Google and calling its search engine biased. He also suggested that Twitter and Facebook influence political messages. The Dollar is stronger in early trading, but it isn’t hurting the price of Oil or Gold, which are both higher too. Interest rates are ticking down slightly, with the 10-Year Treasury yield still below that 3% level. This is shaping up to be one of the best Augusts for stocks in years. It’s usually one of the worst on the calendar, second only to September, which will be here next week. Hang on for the ride.
Have a great morning,
Mike Frazier
