Mike’s Morning Brief: A fast-break rundown of what’s going on.
Market opened flattish after another strong session took the major indices to fresh, all-time highs. In fact, the S&P is going for 7 consecutive gainers, something it has not done in 3 1/2 years. And the thing is, it is coming in the face of confusion and skepticism surrounding the White House. This move is completely counterintuitive to the masses, and our clients are appreciative but quite concerned. I hear it every day. Global Markets were higher overnight in the wake of yesterday’s rally. Interest rates are jumping, with the 10-Year Treasury yield over 2.5% again off Yellen’s first day of testimony on Capitol Hill. She indicated another rate hike could be coming sooner than thought if economic expansion continues at current rate. The Dollar had its best day of the year, riding an 11-day win streak. Retail executives are visiting the White House to speak out about the negatives a proposed border tax. President Trump will also meet with Israeli Prime Minister Benjamin Netanyahu today. Crude prices continue to trade sideways in the low $50’s. It’s actually pretty impressive considering it doubled from the 2016 lows.
Have a great day,
Mike
