Stocks barely budged on Monday as gains in energy stocks offset losses in raw-material producers.
All three major indices slid less than 0.2% after reaching new records on Friday.
First up, the scoreboard:
- Dow: 21,184.42 -21.87, (-0.11%)
- S&P 500: 2,435.95, -3.19, (-0.13%)
- Nasdaq: 6,295.63, -9.58, (-0.15%)
- US 10-year yield: 2.182%, +0.023
- WTI crude oil: $US47.37, -0.29, -0.61%
1. The ‘smart money’ is playing tug of war with a crucial part of the Trump trade. Hedge funds and large-cap mutual funds disagree about the future prospects of the financial sector, which has been a shining spot of the Trump trade since the presidential election.
2. A secret weapon is propping up global markets: A reservoir of cash that makes it easy for investors to buy on dips. The $US5 trillion in capital sitting on the sidelines is close to the highest in history, and could spell more gains for equities and bonds alike.
3. Young adult homeownership in the US is at a record low, but some housing economists are still bullish on demand. Reasons for the slump include less affordable housing for millennials, a record level of student debt, and increased spending on rentals.
4. The slowdown in US dealmaking since 2015 is cause for concern. This year through June 5, 7,561 deals were announced, the lowest count since 2013, according to S&P Global Market Intelligence. That’s worrying to Citigroup.
5. Trump is planning to roll out his plan to improve the nation’s infrastructure this week. The president will hold a rally in Ohio on Wednesday to make a case for his $US1 trillion proposal.
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