Stocks couldn’t hold Friday’s early gains, and they’re taking on more water this morning. But gold and silver remain rock solid, while Bitcoin just topped $72,000. The dollar and Treasuries were recently flattish.
It WAS just a “Magnificent Seven” market for a while. But it IS not that anymore. Both the Wall Street Journal AND Bloomberg are running stories today saying the same thing MoneyShow experts have been saying for several weeks now. Namely that the advance is broadening out beyond the Mag 7.
In fact, the S&P 500 Equal Weight Index just hit an all-time high. That illustrates how it’s not just a handful of mega-cap stocks doing all the work these days.
Source: Google Finance
After last Friday’s “soft landing-ish” jobs market data, investors will focus intently on inflation this week. The Consumer Price Index is due out tomorrow, while the Producer Price Index for February will be released Wednesday.
We’re also getting retail sales and industrial production reports, not to mention consumer confidence figures, later this week – all of which will be followed by the March 19-20 Federal Reserve policy meeting next week. While there is essentially zero chance the Fed cuts then, traders will be watching for any hints about what they may do at the April 30-May 1 and June 11-12 meetings.
Finally, the Initial Public Offering (IPO) market may soon face a big test when Reddit goes public. The social media platform announced it’s looking to sell 22 million shares between $31 and $34, or as much as $748 million. Reddit has been around since 2005 and has been considering a public offering for more than two years. Soon, we’ll see if demand for “RDDT” shares is as strong as insiders and lead underwriters like Morgan Stanley (MS) and Goldman Sachs Group (GS) hope.
