Mike’s Morning Brief: A fast-break rundown of what’s going on.
Market opened flattish again while global markets were mixed overnight. The NASDAQ hit a new, all-time high yesterday driven by Tech and Biotech. Emerging Markets have picked up the pace, and were strong yesterday. Energy has come alive too. The rally has been fairly broad based. Interest rates continue to fall, with the 10-Year Treasury back down to a 1.52% yield in early trading. The Market continues to believe the Fed does not raise at the September meeting in response to the August job report. Right now, there’s just a 15% chance of a rate hike at the Fed meeting in 2 weeks. Apple is expected to announce a new phone and a new watch today in SF. Steph Curry’s Asian Tour continues with Under Armour. Both Oil and Gold are higher again in early trading while the Dollar is weaker. The tame price action is continuing with the major indices at all-time highs. How long does it continue? It’s September. Anything can happen. Keep those belts buckled.
Have a great day,