6/9/20 Market Notes
Global equities marched higher on Tuesday with economic reopening remaining the primary catalyst supporting bullish sentiment. The S&P added 38 points (+1.2%) to finish at 3,232; up almost 45% from March lows and in positive territory for the year. The Dow gained 461 points (+1.7%) ; and Nasdaq added 111 points (+1.13%) to close at a new all-time high. The economic calendar is light this week except for the Fed’s two day meeting, beginning today, that is expected to result in no change in rates. Nonetheless, investors will be carefully dissecting any comments for insight on the Fed’s outlook on the recovery and perspective on the need for further stimulus. The OECD also releases its biannual analysis of member countries economic outlook on Wednesday. US equity futures indicate a weak opening as traders take profits after the record breaking rally off March lows has brought major indexes back above psychologically important levels. Treasuries, gold and the US dollar are gaining.
Disclosures: This market commentary is written by the 1879 Advisors® and represents the views of 1879 Advisors®. This commentary is not investment advice and should not be used as a basis to make investment decisions. Please consult with your registered investment advisor before making any investment decisions.