If you can’t stomach one more Brexit vote, then adjust the volume on your set right now.
Because it is another big day on that front, with Parliament due to vote later on whether to approve Prime Minister Theresa May’s Brexit plan. The British pound is volatile against the dollar as investors weigh how this week’s votes will impact the likelihood of a no-deal, hard Brexit on March 29 — the worst-case scenario.
And while no one is talking about aftershocks elsewhere, the summer of 2016 still haunts us just a little.
To be sure, investors would like to check Brexit uncertainty off the list of overall market worries right now:
S&P Global Broad Market Index (BMI) lost $2.08 TRILLION today, and are down $1.50 trillion year-to-date
— Howard Silverblatt (@hsilverb) June 24, 2016
Stateside, investors will be watching to see if there is more to Monday’s impressive session that saw stocks break a string of losses, with the Dow overcoming an early decline attributable to Boeing’s skid. Tech stocks were out in front, but so far Tuesday things are looking a little bit iffy.
That brings us to our call of the day from Steve Grasso, director of institutional sales at Stuart Frankel & Co., who advises investors against reading too much into moves by big tech names Monday. In other words, this isn’t an all-clear signal for stocks to start marching back to last year’s highs.
The overall market and these tech stocks, to him, are still “no touch.”
“It all hinges on the overall market,” Grasso said on CNBC’s “Fast Money” late Monday. ”If I think the overall market is a no touch, you can’t buy the horse that got you here. We’re all on the back of tech, and I do not believe the worst is over,”
The Nasdaq had its best day since January on Monday, with big gains for Apple
, which rallied on news of a $6.9 billion deal for rival Mellanox
Grasso said he believes Monday’s session simply represented a rebound from last week’s stock-market selloff, which was driven by a gloomy growth forecast from the European Central Bank and China’s expansion falling off a cliff. Those problems have not been solved, he added.
Also opining on the CNBC program was Brian Kelly, founder and CEO of BKCM, who said he expects the stock market to keep churning until it re-prices for slower global growth, which explained, to him, why Facebook and Apple rose Monday. “Those are the areas that are going to get the growth, but that doesn’t necessarily mean the entire market has to rally,” he said.
“I don’t think these stocks in and of themselves are saying the entire market is safe. You get a rally in oil, you get a stronger dollar, any multinational is going to get hit, but you could still see Apple go up on idiosyncratic reasons,” said Kelly.
Grasso added that Apple’s chart action probably drove Bank of America to upgrade the iPhone maker, and investors should look for more upgrades from other banks on that biggest of big tech names.
, S&P 500
futures are all moving higher. The Nasdaq
had its best day since January on Monday, with the Dow
and S&P 500
is dipping, as the pound
moves upward ahead of a key Brexit vote (see ‘The buzz,’ below, for more).
Markets could see big swings Tuesday on that front. Meanwhile, gold
are also moving up.
are largely down across the board, while Asia followed Wall Street higher — the Nikkei
Our chart of the day comes from Irrelevant Investor’s Michael Batnick, who is also director of research at Ritholtz Wealth Management. It’s one of those basic, in-your-face charts that lays out just what is and isn’t in your control when it comes to your retirement.
The chart is from the J.P. Morgan Guide to Retirement:
“The items they’ve identified as out of your control are pretty cut and dried. Markets owe us nothing. They don’t know when we’re retiring and they’re certainly not there to bail you out,” says Batnick. But one point that the chart makes is that future retirees can and should save more.
Granted, not easy for everyone, but high-yield savings accounts right now are one avenue he says is definitely worth exploring.
Facebook temporarily deleted several ads from Sen. Elizabeth Warren calling for the breakup of the social-media giant and other big tech companies. Meanwhile, some are asking why Facebook has banned the sharing of stories from antiestablishment blog Zero Hedge.
Attorneys for Tesla
CEO Elon Musk accused the SEC of “concerning and unprecedented overreach” for asking a federal judge to hold him in contempt of court.
Singapore’s aviation regulator has barred the Boeing
737 Max from coming in and out of the country, in the wake of a deadly Ethiopian plane crash involving that jet. The FAA, meanwhile, has no plan to ground those airliners, with a software fix for the automated flight-control system due out in April. Boeing shares are tilting south again.
The U.K. and the EU managed to remove a massive roadblock to their Brexit deal in late-night talks on Monday, just hours ahead of a vote in Parliament for Prime Minister May’s updated plan for exit from the union.
A small-business sentiment index is coming our way, along with consumer prices and federal budget data.
U.S. pulls the last of its embassy staff out of Venezuela, as blackouts dog the country
The U.S. will withdraw all remaining personnel from @usembassyve this week. This decision reflects the deteriorating situation in #Venezuela as well as the conclusion that the presence of U.S. diplomatic staff at the embassy has become a constraint on U.S. policy.
— Secretary Pompeo (@SecPompeo) March 12, 2019
The New York attorney general has reportedly subpoenaed two banks over business with the Trump Organization
Word to the wise: Don’t snap that selfie without martial-arts champ Conor McGregor’s permission
We can still have the Web we want, says the man who invented it
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