Need to Know: 'Don't fight the Fed' remains a key lesson for stock market
Stocks futures are rallying after comments from Treasury Sec. Steven Mnuchin , a day after the Fed dashed hopes for a 50-basis point rate cut in July. But now, a trade deal dangles in front of us just as the investing quarter ends.
Our call of the day from David Donabedian, chief investment officer at CIBC Private Wealth Management, says investors will have learned a couple of big lessons from the first six months of 2019: the adage “don’t fight the Fed”, and “monetary policy still matters a lot” for markets. He said investors may have to endure some talk about a stock market bubble next week as those first-half return numbers make the rounds, but suggests they focus on a 12-month performance, which shows the S&P up only 7%. “Rather than a speculative bubble, it’s more like a recovery from what was a challenging back half of last year,” he said.
The markets Futures on the Dow YM00, +0.38% S&P ES00, +0.39% and Nasdaq NQ00, +0.61% are climbing on trade optimism. Gold GCQ19, -0.32% is down, the dollar DXY, +0.10% is up and the yield on the 10-year U.S. bond TMUBMUSD10Y, +1.46% is just over 2%. Micron MU, -1.54% shares are getting a lift from upbeat results, but does that mean an industry recovery has arrived? The chip maker says it has resumed some shipments to Huawei, which is under a U.S. export ban. Separately, researchers say the Chinese tech group’s gear is vulnerable to hackers.Read: Bullard says White House contacted him about job on Fed board
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