"The 'path to victory' for the S&P 500, if it loses the Tech sector, runs straight through Financials and Industrials. The former needs the yield curve to steepen.. the latter could really use some good news on the trade front .."
Global markets started the new quarter with very muted trading in Asia as most key markets remain closed for Easter holidays. US stock futures are sliding lower as China officially strikes back to US trade wars.
American Outdoor Brands (which owns Smith & Wesson) and Sturm Ruger stocks are collapsing in after-hours trading following AOBC slashing its sales and earnings guidance and warning that lower levels of firearm demand may continue for some time.
In addition to American Outdoors, the Florida Retirement System Pension Plan is also invested in gun company stockssuch as Sturm & Ruger, Vista Outdoor and Olin. All of these companies manufacture firearms or ammunition, including assault rifles.
In a move that virtually guarantees another government shutdown on February 8, Chuck Schumer has taken his funding offer for Trump’s border wall off the table, a non-starter with the president and most Congressional Republicans.