S&P futures are little changed this morning, while Asian shares rise and European stocks (+0.5%) are poised to snap a five-day losing streak amid a broad-based rally. The pound declined as better-than-expected manufacturing data failed to offset political risk before the impending election, while crude oil gained.
As one would expect, last week's report by Bank of America's Benjamin Bowler, in which the strategist stated that "these markets are very weird"...
... and in which Bank of America warned that "US equities continue to set long-term records for instability", prompted many questions from traders and investors.
It has been another quiet session for global equity markets, with S&P futures flat, as are European and Asian stocks, which is perhaps odd, as there was quite a bit of newsflow and, in the case of China, outright fireworks.
Authored by Ilya Levtov via Priceonomics.com,
For many companies, the biggest cost is talent. This is especially true of Silicon Valley, where companies sell clicks and digital goods that do not have any material cost. So which companies' workforces are able to generate the most revenue?
By now everyone knows it: what is going on with a handful of tech stocks is remarkably similar to the irrationally exuberant events from the first tech bubble at the turn of the century.
Four weeks ago, Goldman pointed out that in 2017, just 10 companies are responsible for half of the entire S&P's rally YTD with the top five, AAPL, FB, AMZN, GOOGL, and MSFT – have accounted for nearly 40% of returns.