Morning Commentary
The market finally found equilibrium on Friday, but nothing was resolved.
It was a rough start for stocks as a perfect storm was already in place.
After a nine-week winning streak, the S&P 500 sought a spot to pull back, and investors were eager to cash in some chips. But iShares 20+Year Treasury Bond ETF (TLT) and iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) didn’t provide any comfort either.
Last year, $1.4 trillion was poured into money markets and hundreds of billions into fixed-income exchange-traded funds (ETFs), not just for comfort but also an indictment of the stock market, which enjoyed explosive gains.
The bond market rally is tenuous.
And stocks are struggling for alternative leadership, despite all the whining over mega-cap leadership.
This week will be consequential, and the results will be harder to write off because people are on vacation.
Today’s Session
Another frightening moment for a Boeing plane has that the stock plunging this morning.
Buyers are eager to get in the action, but the early focus is on chips and other mega cap winners that the Street supposedly loathes.
Thank you to everyone that joined the subscriber call on Saturday. Great questions. Make sure to reach out to the desk and/or your reps for further help.
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4/17/2024 1:59 PM | Facing Pressure |
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