Mike’s Morning Brief: A fast-break rundown of what’s going on.
Market opened in the green with a solid ADP report for February, suggesting Friday will bring another solid jobs report. Interest rates are jumping with the Fed meeting now a virtual lock for a rate hike next week. The 10-Year Treasury yield is pushing 2.6% for the first time this year. Global Markets were mixed overnight with gains in Europe and declines in Asia. China reported some disappointing economic data, but it really isn’t that much of a surprise. China’s multi-year transition from exports to consumption continues to have bumps. Appaloosa’s David Tepper is grabbing headlines this morning with his repeated Bullish Outlook for the US and European Markets. He sees global growth accelerating. It’s a theme we’ve been saying for a while and more importantly, acting on. Most investors have been frozen on the defensive. That said, the DOW and S&P closed lower yesterday, marking its first 2-day decliner in 2 months. And not insignificant, there were more 52-week lows than 52-week highs on the NYSE. The last time the NYSE had more new lows than new highs while the SPX less than 1% from new highs was July of 2015. Anyone remember Aug 2015?