A shortened week for stocks is coming to a close, with U.S. investors off Friday and much of Europe out of action as well. While many eyes will turn to the Pinterest and Zoom initial public offerings, part of a strong run of tech IPOs recently, most of the attention will fall on the Justice Department’s release of the redacted Mueller report into U.S. President Donald Trump and Russia.
More strikingly — particularly for readers who bear the scars of the March 2000 tech bust — Garthwaite argued that tech has defensive qualities. For one, he pointed out that tech companies have more cash on hand than nearly every other sector. “The tech sector is the only sector globally to have net cash,” he writes. “This is an important advantage at a time when we believe the credit spreads are likely to rise.
Much of Europe is closed, but the FTSE 100 UKX, -0.09% is trading down 0.4% following a softer session in Asia, where the Hang Seng was down 0.5% and Japan’s Nikkei 225 fell 0.8%. Beckworth’s chart shows that, compared to the 30 years before the financial crisis, aggregate demand has been far lower than historical trends suggest they ought to be.
The economy It’s a big day for data, with weekly jobless claims, retail sales and the Philly Fed index of business sentiment all coming ahead of the market’s open. After that, we’ll get the Markit manufacturing and services purchasing managers indexes, followed by business inventories data and leading indicators.
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