Market Soars; Trump Team Fizzles
Get the full version of the note: HERE
[media_video url=”https://youtu.be/-KuxohKsO68″ width=”200″ height=”150″ __fw_editor_shortcodes_id=”f03b4e39654e209c0219ea691c986604″ _fw_coder=”aggressive”][/media_video]
- U.S. futures are continuing higher this morning, following yesterday’s trend that saw a 1% gain in the S&P 500, helped by a 1.59% gain in the technology sector.
- European markets pushed higher yesterday and are continuing the trend today with Germany and the U.K. both seeing a 0.3% gain. The Stoxx Europe 600 Index as a whole is 0.1% higher.
- Markets in Asia saw solid gains with Japan’s Topix Index finishing 1.1% higher. China’s Shanghai Composite saw a day in the green, while Hong Kong realized a small loss.
- Australia’s S&P/ASX 200 Index gained half a percent while markets in South Korea and India were closed for a holiday.
- The bond market stayed solid again, with U.S. Treasuries pushing up three basis points to 2.25%. Britain’s 10-year yields saw the same trend, while Germany added two basis points to 0.43%.
- Gold dropped 0.6% as Crude Oil has gained 0.2% this morning to help after yesterday’s loss that saw the price fall well below $48 per barrel.
- The U.S. dollar edged higher for a second straight day as comments from the Fed’s William Dudley signaled another interest-rate hike this year.
- The euro fell 0.2% while the pound dropped 0.4%, pushing it to its lowest point in over a month, after inflation data unexpectedly held steady in July
- The Japanese yen lost 0.7% as investors saw a lower threat from North Korea.
- President Trump has lost three more CEO’s from his White House business advisory group, losing Under Armor’s Kevin Plank, Intel’s Brian Krzanich, along with Merck & Co.’s Kenneth Frazier.
- U.S. retail sales for July is due at 8:30 a.m.with expectations of a 0.3% rise. More earnings are expected from Home Depot, TJX Cos, with Alibaba and Tencent later this week.