Mike’s Morning Brief: A fast-break rundown of what’s going on.
Market opened in the green again, after wide swings yesterday brought a volatile, yet positive start to 2017. It was much nicer than a year ago, when stocks plummeted to start out 2016. In fact, this was the first positive start to a year in 3 years.
The price of oil dictated things, both up and down, as the prized commodity opened big but had an outside reversal which saw a close near the lows at $52. It’s higher this morning in early trading. Health Care, particularly Biotech, was strong yesterday.
Interest rates are also ticking higher ahead of the Fed Minutes release later today. At its last meeting, in which it raised rates for just the second time since the Financial Crisis, the Janet Yellen led Fed guided to 3 rate hikes this year. The Market has gone a long way towards pricing it in. Importantly, rates are finally rising for the right reason. It’s healthy. Growth is returning to the US. It’s also showing up overseas. European Consumer prices hit highs not seen in nearly 4 years. Japanese factory orders accelerated too.
Have a great day,