Mike’s Morning Brief: A fast-break rundown of what’s going on.
Market opens in the green on the Summer solstice. It’s the longest day of the year. Crude officially fell into Bear Market territory, with a 20% decline on the year. It’s trying to get a lift in early trading. In a major move, the Saudi kingdom has shaken up its leadership, which will have a profound impact on global issues going forward. Relations with Iran is at the top of that list. Global stocks rallied on the move. There was another attempted terror attack in Belgium, but fortunately it was defused before more serious damage was done. The Congressional election widely watched in Georgia went to the Republican candidate, a big win for the GOP and another gut buster for Democrats who are looking towards 2018 for power reversal. This should help the timeline for tax reform and other pro-growth policies from the White House this Fall. Tropical Storm Cindy is the first Hurricane-like storm heading to the Gulf Coast this year. Hurricane season has begun. It could play a role in oil production. The DOW and S&P remain near all-time highs. Expect Summer turbulence to return.
Have a great morning,