Monday – May 20, 2019

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Market opens lower as tensions over trade continue to weigh heavily on investor psyche. Google has suspended business with Chinese Tech company Huawei, which requires the transfer of hardware and software products except those covered by open source licenses. Semiconductors have the most exposure here and continue to get hit, leading the tech-heavy NAS lower. The Trump administration put Huawei on the blacklist last week. Global markets were largely in the red overnight. Risk-off sentiment was also seen due to the current tensions in the Gulf region, with a weekend tweet in which Trump threatened “the official end of Iran.” This is fanning the flames as American-Iranian relations continue to deteriorate. They already haven’t been very good for decades. Fed Chair Jerome Powell is giving a speech tonight, which will no doubt attract investor attention. Interest rates continue to slide, as the Bond Market continues to tell a story of caution. British Prime Minister Theresa May appears to be throwing up a last minute Hail Mary to try to get a deal done before she is shown the door. Brexit continues to be a mess. The Sprint-T-Mobile deal is going to get FCC approval, which is a big deal for 5G. Both stocks are headed higher. AT&T is jumping in early trade as well, as a big player in 5G. It also seemingly had a good night of viewers with the final episode of Games of Thrones. India’s Stock Market is in rally mode with indications from the polls that Prime Minister Modi will win another five years. Crude is higher. The Dollar and interest rates are lower. Bonds keep catching a bid. Market volatility continues.

Have a great morning,

Mike Frazier

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