Equity markets (US in particular) recovered intraday yesterday from a notable initial selloff on news out of Washington (Trump comments) that the war is very near over… Of course there is much pushback on that notion from the punditry, and today’s headlines either suggest there’s much more to come, or that this is the final salvo/show-of-strength before talks begin.
The market, as I type, is discounting the latter.
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Dear Clients, this morning's commentary is an important one to take in...
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As I type (7:40am pt), we're experiencing one of those infrequent, but, alas, inevitable risk-off days where virtually all correlations move to one... Meaning, asset classes and individual securities that tend to complement each other from a risk standpoint -- i.e., tend to not always move in the same direction, or, better said, not move for the same reasons -- are, so far this morning, moving in the same direction (down), for the same reason(s).
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US equities are seeing a leg lower today: Dow down 700 points, S&P 500 down 0.80%, and the Nasdaq down 1%.
Headlines say it's the hot Producer Price Index for January, released this morning... The overall market action, however, doesn't really jibe with that sentiment.
