Friday 3 March 2017

US stocks take a breather amid persistent optimism

Markets were mixed on Thursday.

The S&P 500 fell 0.6 percent, the STOXX Europe 600 was flat and the Nikkei 225 rose 0.9 percent.

“It’s not surprising to see the market take a breather today, but there’s still a lot of optimism,” said Jimmy Chang, chief investment strategist at Rockefeller & Co.

Indeed, Deutsche Bank strategist Jim Reid thinks that recent global manufacturing data supports the rally in stocks, iSPYETF founder Simon Maierhofer thinks that the risk of a bear market in stocks in 2017 is close to zero and Commonwealth Financial Network chief investment officer Brad McMillan thinks that there is quite a bit of upside left to go.

However, Fundstrat's Tom Lee, a long-time bull, warned on CNBC on Thursday that the yield curve is flattening and that “has almost always presaged weakness in equities”.

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