The 'melt up' continues: Here's a super-quick guide to what traders are talking about right now
Thomson Reuters
Dave Lutz, head of ETFs at JonesTrading, has an overview of today's markets.
Here's Lutz:
Morning, and Happy Friday! The "Melt Up" continues as Airlines keep propelling Transports, while JPM is up 1%, setting the pace for BLK, WFC, PNC this AM. Nasdaq lagging as AMD falls 3% and FB 4%, but the QQQs are still bid. Overseas, the "DAX and FTSE impressively holding onto gains as Euro and £ trade at highs for the year" notes our team in Mayfair. Germany is up 20bp as Consumer leading to upside, while Fins are holding recent gains, while FTSE is up 20bp as Melrose for GKN helps, but those Consumer stocks are squeezing again. In Asia, TOPIX lost 60bp with industrials and consumer discretionary stocks under pressure despite Fast Retailing - Hang Seng jumped 1% as Energy shares rallied - Shanghai up small, adding to it's longest winning streak (14 days) in 25years - Taiwan added 60bp - KOSPI up 30bp, and Aussie flats despite Miners jumping 1.3%
Ahead of US CPI, Bund Yields are retreating from 61bp but remain higher, while the US 10YY drifts near 2.55% as we await the week's most important print. Dollar sharply weaker as Euro thru $1.21 to 3Y highs as Merkel forms a coalition - Sterling seeing relief from recent Brexit-related selling - Aussie nearing 80c. The Weaker Greenback Propelling Gold to 4M highs, but Copper in the red as Ore hit for 2.2% in China. Energy mixed, as Natty continues yesterday's bid, while Brent is retreating from $70 as Reuters reports Trump punts the Iranian Sanctions decision to Congress
Here are the 10 things you need to know today.
Get the latest Oil WTI price here.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- FSSAI in process of collecting pan-India samples of Nestle's Cerelac baby cereals: CEO
- Narcissistic top management leads to poor employee retention, shows research
- Audi to hike vehicle prices by up to 2% from June
- Kotak Mahindra Bank shares tank 13%; mcap erodes by ₹37,721 crore post RBI action
- Rupee falls 6 paise to 83.39 against US dollar in early trade