Mike’s Morning Brief: A fast-break rundown of what’s going on.
Market opened in the red after coming 13 points away from the big round number of DOW 20K. It’s never been there before. Nike reported a solid beat yesterday, which is giving both the DOW and S&P a lift. But FedEx’s increased spending is providing a drag. The U.S. Stock Market has added $1.6 Trillion in Market Cap just since the election. Expectations for looser regulation, tax cuts and infrastructure spending are a big driver which would kickstart the economy. The Dow first hit 10,000 in 1999. It fell below it again in 2008 and then charged back higher in 2009, after the crisis, and hasn’t looked back. Interest rates and the Dollar are taking a breather after huge moves of late. The 10-Year seems to be hanging out at the new 2.5% level. It spent most of the year around 1.8%. Crude is holding in above $50. Weekly inventories are reported this morning, which will move pricing. Today is the Winter Solstice, the shortest day of sunlight in the Northern Hemisphere.
Have a great day,