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Despite Bullish Tone, Worries Over Trade, Italy Linger

Monday, June 4, 2018, 10:36 AM, EST

  • NASDAQ Composite +0.17% Dow +0.71% S&P 500 +0.27% Russell 2000 -0.24%
  • NASDAQ Advancers: 1014 Decliners: 1152
  • Today's Volume (100 day avg) -9.1%

Friday's bullish tone continues today lifting markets in Asia, Europe and the US. The major US indices opened in the green with Nasdaq Composite just 12 points shy of a record, but the R2K is pulling back slightly over the past few minutes after setting an intraday record high. Most sectors are in the green with Energy (+0.9%) and Consumer Staples (+0.9%) in the lead; Utilities (-0.4) seeing some weakness and Healthcare is unchanged. Worries over trade and Italy are simmering in the background for now, but otherwise it is generally a quiet morning in terms of news flow. Treasuries are a little weaker, the dollar index is off -0.3% while gold is flat, and crude oil slides -0.5%, its ninth decline in the past eleven sessions.

  • Merger Monday continuesas Microsoft (MSFT) announced the acquisition of GitHub (private) in an all-stock deal valued at $7.5 billion. YTD, global M&A has top $2.6 trillion of announced or proposed deals which is up 2.5% from this time last year. In North America, we have seen $1.3 trillion of deals already which is up nearly 17% from this point last year.
  • So you want to have lunch with Warren Buffett? This year it cost the "lucky" winner $3,300,100! Each year famed investor Warrant Buffett conducts a charity auction for San Francisco based Glide Foundation a favorite cause of the billionaire's first wife. Glide offers free meals, health care and other services to homeless and low-income people in San Francisco. While this year's anonymous bid was higher than last years $2,679,001winner, it fell short of the record of $3,456,789. The lunch entitles the winner to invite 7 friends to New York's Smith and Wollensky. The steakhouses founder also makes a charitable donation to Glide
  • Factory orders fell -0.8% in April from an upwardly revised +1.7% in March, and ex-transport orders rose 0.4% in April and March was revised to +0.5%. Non-defense orders also rose 1% after a similar decline in March. Tomorrow's ISM Services report is expected to increase from April and come in around 57.6.

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Nasdaq's Market Intelligence Desk (MID) Team includes:

Charles Brown is Associate Vice President on The Market Intelligence Desk with over 20 years of equity capital markets experience. Charlie has extensive knowledge of equity trading on both floor and screen based marketplaces. Charlie assists with the management of The Market Intelligence Desk and works with Nasdaq listed companies providing them with insightful objective trading analysis.

Steven Brown is a Managing Director on the Market Intelligence Desk (MID) at Nasdaq with over twenty years of experience in equities. With a focus on client retention he currently covers the Financial, Energy and Media sectors.

Christopher Dearborn is a Managing Director on the Market Intelligence Desk (MID) at Nasdaq. Chris has over two decades of equity market experience including floor and screen based trading, corporate access, IPOs and asset allocation. Chris is responsible for providing timely, accurate and objective market and trading-related information to Nasdaq-listed companies.

Brian Joyce, CMT is a Managing Director on the Market Intelligence Desk (MID) at Nasdaq. Before joining Nasdaq Brian spent 16 years as an institutional trader executing equity and options orders for both the buy side and sell side. He also provided trading ideas and wrote technical analysis commentary for an institutional research offering. Brian focuses on helping Nasdaq's Financial, Healthcare and Transportation companies, among others, understand the trading in their stock. Brian is a Chartered Market Technician (CMT).

Michael Sokoll, CFA is a Senior Managing Director on the Market Intelligence Desk (MID) at Nasdaq with over 25 years of equity market experience. In this role, he manages a team of professionals responsible for providing NASDAQ-listed companies with real-time trading analysis and objective market information.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.