Mike’s Morning Brief: A fast-break rundown of what’s going on.
Market opened flattish this morning after the S&P banked its 4th consecutive increase and the index is back near all-time highs at 2400. The concerns about the Trump campaign’s ties to Russia seem to have dissipated, though the investigation keeps moving forward. The President is in Italy today, continuing his international trip with a meeting with the Pope at the Vatican. China got a credit downgrade from Moody’s. The Fed releases their minutes from their last meeting today. Investors will be interested to see what they say about its $4.5 Trillion balance sheet. Canadian and Mexican leaders met to discuss the future of NAFTA, and how they need to work together with the US to modernize the trade agreement. Europe has improved significantly economically, but stress still exists in the system according to the ECB. British PM Theresa May sent armed forces throughout the UK after raising the terror level in response to the bombing in Manchester. The Fiduciary rule is set to go into effect in June. It will have little impact on us, as we have been fiduciaries for over 40 years, always acting in our clients best interest. Crude prices are holding $51 ahead of the OPEC meeting this weekend. Gold is higher again while interest rates are flat.
Have a great day.