Is it going to be another May 17, when US stocks tumbled as concerns of a Trump impeachment over obstruction of justice and impeachment surged ahead of Comey's tetimony?
Overnight, S&P500 futures accelerated their decline following yesterday's WaPo report that Special Counsel Mueller has launched a probe into potential obstruction of justice by Trump...
With last Friday's "tech wreck" now a distant memory, this morning the "FOMC Drift" described yesterday, which "guarantees" higher stock prices and a lower dollar heading into the Fed announcement is in full effect, with European and Asian stocks rising for a second day, led by rebounding tech shares, while S&P futures are modestly in the green and stocks on Wall Streets hit a record high overnight.
As the Fed begins its two-day meeting, global stocks have recovered their footing and European shares rise, led by a bounce in tech stocks as last Friday's global selloff that started in the sector shows signs of abating. Asian stocks and U.S. futures gain as investors turn their attention to today's Jeff Sessions testimony as well as tomorrow's barrage of macro data including Yellen, CPI and retail sales.
Authored by Tim Price via SovereignMan.com,
If you have been voting for politicians who promise to give you goodies at someone else’s expense, then you have no right to complain when they take your money and give it to someone else, including themselves.
-Economist Thomas Sowell
It is difficult to know where to begin.
In our election last week, 262 British parliamentary seats fell to a party led by Jeremy Corbyn, a self-confessed Socialist.
First the bad news: following Friday's "tech wreck" European equity markets have opened lower, with the Stoxx 600 sliding 0.9% and back under the 50DMA for the first time since December, dragged by selloff in tech shares, mirroring Asian markets as Friday’s "FAAMG" volatility in U.S. markets spreads globally, battering shares from South Korea to the Netherlands.