Just a friendly reminder that today is the primary election in Utah.
After dropping almost 6% since the Brexit vote, stocks are attempting to rebound today. They are currently up just over 1%. Some are calling the stabilization a dead cat bounce and expect stocks to continue to sell off further after the stabilization effort. Bonds are dead even three hours into the trading day. The 1.47 yield on the 10-year Note is within 0.1% of the all-time low 1.379% recorded four years ago. It may be important to note here that during that same time four years ago the S&P Index was in the mid 1400’s–30% lower than the current Index value.
The final reading of GDP for the first quarter showed a 1.1% rise, above expectations for 1.0%. Now we move on to speculating over the 2nd quarter, which draws to a close on Thursday.