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Quiet day.
Headlines and data didn’t stir the pot today and futures traded mostly flat overnight. They caught a bit of a bid into the open and the S&P 500 started the session around +20 points. The index hung around that level for about 40 minutes and then dropped to flat. The index wandered about that level for the rest of the day on very light capital flow, 78%. The Treasury market also moved trivially and FOMC cuts for the year decreased slightly to 66 bips. Broadly speaking, not much happened.
Stocks and bonds took a breather but commodities continue to dance about. I’m not sure if there’s a meaningful conclusion to draw from the shenanigans occurring in the commodity space but it’s captured some people’s attention. Gold has been the best performing asset for a while and on-again, off-again commodity traders are getting lured back into the space thanks to the gold. Some are attempting to draw a larger conclusion that a massive shift in psychology towards the entire asset class is en route. I don’t know about that but certainly the asset class has been neglected over the years.
Discussing commodities, even in passing, is a sign of how little there is to discuss in the major markets.
Honestly, the world changed very little today, including psychological investing attitudes. As a result, the markets did very little and investors were happy to go through the motions and get to the weekend.
See you Monday.
-Mike
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