Even though we were anxiously awaiting todays GDP report it is Amazon and Alphabet ruling the markets today.
The GDP report came in near expectations at 3.5% and the markets are reacting very little to this particular report.
Amazon and Alphabet (Google) are ruling the equity markets today as AMZN is off $135 and Alphabet is off $52 as I write. With revenues and earnings announced after the market close yesterday both companies disappointed, primarily with their perceived soft revenues. We don’t follow these companies so we won’t/can’t really comment much on their results, although last night after results were announced the shares immediately plunged dragging interest rates with them.
This morning the 10 year treasury is trading around 3.09-3.10% and moved little on the GDP report. While stocks may move a bunch up and down today it is likely that interest rates will trade in a range of just a couple basis points.
Thus far we have not seen the soft stock market pull preferred prices lower we could see that happen soon if we get a DJIA ‘flush’ of 1000 points anytime soon. For now we maintain a steady course of investing.