December 31, 2018:
Good morning and happy New Year’s eve. Markets close at noon today, and I suspect many individuals will have shut down much earlier. Rates ended last Friday down five basis points, while equities were mainly down (Dow -80 / S&P -8 / Nasdaq +5) in a slow, slightly mixed day of trading. Eyes seemed focused on Washington DC with President Trump further digging his heels in versus Congress regarding funding for the border wall.
This morning, rates are up 1-2 basis points and equities are up over 1% after President Trump reported “big progress” in talks with the Chinese on trade. Stocks are poised to have their first weekly gain in four weeks, see graph below for some interesting data:
Cheers for a great 2018 and wishing everyone a happy, prosperous 2019!
FirstBank Capital Markets Group