Casey McElligott

Pressure on US equity markets persisted today as the latest conflagration in the Middle East continued into a fifth day, though the dynamic between Israel and Iran didn’t really shift dramatically. Investors waited as The White House debated its next move (whether to lend its B2 bombers and Massive Ordnance Penetrator or pursue a resolution to the conflict), but it seemed like President Trump leaned towards the latter. A semi -safe haven trade emerged as the DXY (+0.8%) and Brent (+4.8%) ralli…

5k on the SPX is now within spitting distance. US equity markets caught a bid pre-open this morning and never looked back (though couldn’t quite eek out the 5k, closing at 4995.05). The reason behind the move higher wasn’t overtly obvious, though a strong 10y auction served to ease investors’ fears. Beyond that, there were no major macro headlines overnight/in the morning, and while there was a storm of earnings, none of them were significant enough to make a massive difference to overall marke…