US stocks reversed yet again, with the NASDAQ leading things lower as it had on Tuesday. The index dropped below Tuesday’s intraday lows, then rallied somewhat into the close. As before, there is concern about European growth and interest rates compared to those of the US, and also about the Trump administration’s ability to get meaningful legislation passed – but little else to explain today’s big drop. Jobless claims were about as expected, and first-quarter GDP grew at a disappointing but unsurprising 1.4% annualized rate per the Commerce Department’s final report.
Foreign markets were mixed. Somewhere between Asia and Europe, sentiment changed overnight. The Asia Dow was up a solid 0.77%, with every major market trading higher. But in Europe, the STOXX 600 fell a large 1.34%, with every major market lower! Brazilian shares traded higher, but Mexico, Canada and Chile had down days.
Bonds sold off again in Europe and the US. The 10-year note’s ... Log in or subscribe to continue reading.