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The US House of Representatives passed a one week stopgap spending bill to keep the government funded through next Friday, as lawmakers continue work to finish legislation that extends funding through the rest of the fiscal year.
Despite the ebulience of analysts over Amazon and Alphabet (and Microsoft), it seems the 'have-nots' are weighing the Nasdaq down. From record highs at the gap open, the Nasdaq Composite has drifted back to unch...
Apart from stagnant wage growth, dismal economic growth, and tumbling spending growth, Americans remain 'confident' according to University of Michigan. Current conditions fell very modestly but 'hope' rose to its highest since January. Inflation expectations were steady (near record lows) but buying climates improved MoM.
With 'soft' survey data having plunged to 10-week lows, as 'animal spirits' fade, Chicago Purchasing Managers' Survey saved the day with a resurgent 'bucking the trend' leap to 58.3 - the highest since Jan 2015 - at the high end of all estimates.
The Atlanta Fed was right once again, and slashing its forecast over the past 3 months today the BEA confirmed that in the first quarter US economic growth tumbled to just 0.7%, below the 1.0% expected, and the lowest print in three years going back all the way to Q1 2014.
After a two-hour meeting in Speaker Paul Ryan office in the Capitol, McCarthy told reporters that the GOP had again failed to whip enough support for the bill: "we are not voting on healthcare tomorrow or Sunday."
Year to date the top 10 contributors have combined to account for 37% of the S&P 500 index return (more than double their market cap representation of 17%). The concentration among the top five is even greater, with those firms – AAPL, FB, AMZN, GOOGL, and MSFT – accounting for 28% of the return and 12% of market cap.
Despite yesterday's whopping beats by Amazon and Google which sent the Nasdaq to new record highs after hours, this morning futures S&P futures are little changed ahead of the closely watched Q1 GDP report, European stocks and Asian equities are slightly lower, oil is higher after Russia said it had reached the 300kbpd oil cut per the OPEC pact, and the dollar was modestly in the red.
Mario Draghi's job just became a little more difficult, because one day after the head of the ECB surprised markets with a more dovish statement than expected stressing risks for European inflation, on Friday morning Eurostat reported that Euro zone inflation rose by more than expected to the European Central Bank's target and core inflation increased to its highest level in four years.
While emoting sympathy for Kim Jong Un's situation, President Trump told Reuters that he'd "love to solve things diplomatically," but warned that "there is a chance that we could end up having a major, major conflict with North Korea."
Although 67 percent of respondents said Congress should do everything it can to avoid a shutdown, of all the issues, the one stated most often as being worth fighting for was the increase of funding for defense and homeland security.