An OK night on Wall St. Most of the market held onto yesterday’s gains but big tech drifted away. Not yet back to its best. Morgan Stanley and Bank of America both followed peers in beating profit estimates. BofA results were good yet the share price fell. Trump’s pick for Treasury Secretary Scott Bessent (a hedge fund manager) made some comments on Fed independence (he is pro, unlike Trump), the US deficit and that sanctions on Russian oil should be even tougher (inflationary). Retail sales slowed but indicated there’s no problem with the health of the US consumer (the major contributor to the economy remember). Bond yields fell for the second day, providing some reinforcement to the recent peak.
This is our daily podcast - exclusive for Marcus Today members. Everything you need to know about our Strategy Portfolio decisions and the stock market, every day.
Make life simple. Subscribe to Marcus Today.
