Chart of the day: Good luck planning for black swans
While it might not amount to “total exoneration,” as Donald Trump put it, it’s hard to argue — though there’s no shortage of people willing to try — that the Mueller report didn’t deliver a big win for the president.So far, the stock market isn’t exactly popping the champagne as Friday’s selling mood seems to be spilling over into early action.
“Markets will likely favor this news, since Trump is a super easy money dork — who box watches stocks all day and really wants to get a trade deal done — a very beautiful one at that — to establish a legacy of being the best stock market promoter in the history of American politics,” he wrote.“It frees [Trump] up to focus on infrastructure and housing reform,” says Larry McDonald of the Bear Traps Report.
So, popular sentiment among Wall Street types seems to be that, for this Trump stuff to result in any meaningful momentum, other pieces need to fall into place. The euro EURUSD, +0.0708% is up slightly, putting a bit of pressure on the dollar DXY, -0.08% The pound GBPUSD, -0.1211% is barely budging. Gold US:GCU8 is up, while crude prices US:CLU8 are down more than 1%. Europe stocks SXXP, -0.45% are slipping, though got a small boost from upbeat German business sentiment data, and Asian equities ADOW, -2.01% got hit hard on mounting recession fears.
Elon Musk announced Sunday that prices on all Tesla TSLA, -1.62% inventory cars will rise by about 3% on April 1. “To be clear, this doesn’t affect Tesla website order prices,” Musk added. “Existing inventory prices are currently slightly lower than on website. This will bring them in line.” Tesla shares are down more than 20% year to date, compared to the S&P 500 12% gain.
The economy The Chicago Fed National Activity Index for February was released at 8:30 a.m. Eastern, along with the Dallas Fed manufacturing survey. But the real data highlights hit later in the week with Case-Shiller house prices due Tuesday and February housing starts and new homes sales numbers released Friday.
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