Market opened in the green but quickly slipped into the red after the worst session of the year on Friday took stocks lower, and brought a deeper inversion of the yield curve. Trouble is circling global markets. Asia was hit hard overnight, with the Japanese Nikkei down 3%. Growth is slowing faster than expected. Recession is being fought off in Europe and the Brexit mayhem is not helping. Interest rates went negative in Germany for the first time in 3 years. Talks on trade between China and the US continue this week. The big news over the weekend was undeniably the Mueller report, which concluded no collusion with the Russian government by the Trump administration during the 2016 election. The White House is claiming total vindication. The Democrats are citing no exoneration with no conclusion of obstruction of justice. Bottom line, whatever you thought going in, you probably still feel now. The divided nation widens with the 2020 Presidential election already begun. Stocks are trying to bounce while yields continue to slide. Gold is higher, with the precious metal back above $1300. Oil is lower, but still hovering near $60 WTI. Expect this choppiness to persist all week with the end of the Qtr on Friday. Keep those belts buckled.
Have a great morning,
Mike Frazier
