Another push to record highs. Stocks are slightly higher this morning as the S&P 500 Index continues to hover just below record highs. Investors are watching Brexit developments, as well as a slew of earnings results amid a busy reporting week for S&P 500 companies. Breaking to all-time highs has proven to be a tough task for U.S. stocks. On October 21, the S&P 500 climbed within 0.7% of a record-high close, the 19th trading session in which the benchmark has pushed within 1% of this particular all-time high of 3,025.86.
“Super Saturday” fails to deliver. The United Kingdom’s (U.K.) withdrawal from the European Union, or Brexit, is stumbling along, and another delay looks increasingly likely. The U.K. Parliament’s “Super Saturday” voting session over the weekend failed to deliver a decisive outcome as members of parliament voted for a delay until the proposed deal is fully scrutinized. Today on the LPL Research blog, we’ll provide an update on Brexit discussions, and what we think another Brexit deadline delay could mean for financial markets.
10-year yield hits one-month high. The 10-year U.S. Treasury yield climbed to a one-month high of 1.8% yesterday, bolstered by trade and geopolitical optimism. The improving global environment has also buoyed sovereign debt yields across the world. The 10-year German bund yield and the U.K. 10-year yield are both heading for their biggest monthly gains since January 2018. Progress on the trade and geopolitical front could keep a floor under U.S. yields, but we don’t expect much more upside for the 10-year yield at these levels.
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