It would appear US stocks are becoming adjusted to higher bond yields, at least in the short term, with the NASDAQ outperforming overnight even as the interest rate sensitive 2-year bonds nudged up towards 4.8% – as we often say markets that can dismiss bad news are strong.
- From a risk/reward perspective we like US tech stocks after their recent 5% correction as the downside momentum clearly wanes.
MM remains cautiously optimistic about US tech stocks through March
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European indices remain solid and only ~2% below their all-time highs – pretty amazing when we consider the path of bond yields over the last year but as we often say investors shouldn’t “fight the tape”.
- Overnight European stocks were a touch softer which is likely to exert a minor negative influence on the SPI this morning.
MM is neutral to slightly bullish European indices
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