‘High Water Mark’ Confusion Grabs Hold of Markets: Taking Stock
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Stock futures have hit session lows, the 10-year yield presses higher (peaked at 3.03% overnight), and the S&P 500 200-day moving average of 2,608 is very much back in play.
There wasn’t a ton of macro news to point to, though China boosting its limit on foreign investment for the first time in three years is getting attention. The bulk of the focus is on earnings, with Credit Suisse gaining over 4% in Zurich, TXN delivering for the semis (more on this below), defense name NOC with a beat and raise (could this reverse the spill in defense?), and TWTR shooting up more than 10% on a better-than-expected print.