Stocks opened little changed. Global stocks are little changed this morning after a busy day for Brexit headlines, or talks around the United Kingdom’s (U.K.) exit from the European Union (E.U.). The S&P 500 Index dropped 0.4% on October 22 after the U.K. Parliament voted in favor of Prime Minister Boris Johnson’s Withdrawal Agreement Bill (WAB), but against enacting that Brexit deal before the October 31 deadline. Lawmakers’ vote against that timetable has added a layer of uncertainty to Brexit discussions as the deadline nears.
Another Brexit delay? Now, the E.U. is discussing whether to grant another extension on the Brexit deadline in response to a letter Johnson (reluctantly) sent requesting a three-month delay. We think another delay looks increasingly likely here, especially after Parliament struck down the option of “fast-tracking” the WAB. The E.U. could decide against another Brexit deadline extension (possibly forcing a no-deal Brexit), but we think this option is unlikely.
A great year so far. As the S&P 500 Index continues to flirt with making new record highs, something under the surface is taking place that is making 2019 extremely special. All four major assets — stocks, bonds, gold, and oil — are up double digits year to date, poised for one of the best years for a diversified portfolio in history. On the LPL Research blog today, we’ll highlight what has contributed to unusually strong returns across asset classes in 2019.
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