Because it is another big day on that front, with Parliament due to vote later on whether to approve Prime Minister Theresa May’s Brexit plan. The British pound is volatile against the dollar as investors weigh how this week’s votes will impact the likelihood of a no-deal, hard Brexit on March 29 — the worst-case scenario.
That brings us to our call of the day from Steve Grasso, director of institutional sales at Stuart Frankel & Co., who advises investors against reading too much into moves by big tech names Monday. In other words, this isn’t an all-clear signal for stocks to start marching back to last year’s highs.“It all hinges on the overall market,” Grasso said on CNBC’s “Fast Money” late Monday. ”If I think the overall market is a no touch, you can’t buy the horse that got you here.
Also opining on the CNBC program was Brian Kelly, founder and CEO of BKCM, who said he expects the stock market to keep churning until it re-prices for slower global growth, which explained, to him, why Facebook and Apple rose Monday. “Those are the areas that are going to get the growth, but that doesn’t necessarily mean the entire market has to rally,” he said.
The market Dow YMH9, +0.38% , S&P 500 ESH9, -0.01% and Nasdaq NQH9, +0.15% futures are all moving higher. The Nasdaq COMP, +2.02% had its best day since January on Monday, with the Dow DJIA, +0.79% and S&P 500 SPX, +1.47% also climbing. Markets could see big swings Tuesday on that front. Meanwhile, gold GCJ9, +0.44% and crude CLJ9, +0.37% are also moving up.
The buzz Facebook temporarily deleted several ads from Sen. Elizabeth Warren calling for the breakup of the social-media giant and other big tech companies. Meanwhile, some are asking why Facebook has banned the sharing of stories from antiestablishment blog Zero Hedge.
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