Friday, June 28, Fishing Report

Friday 6/28/19=DJIA +73  NASDAQ +38

There was another nice surge in the tech sector today. The Nasdaq was up 58 points. In the meantime, the G-20 summit is underway in Osaka, Japan.


Here was the mood of the market as we began a new day in the market. The big G20 summit is now under way.

Futures advance as G20 summit begins

  • G20 optimism boosts stocks, G20 tensions weigh on equities... While that's most of the rhetoric investors have been hearing this week, the moment of truth has finally arrived.
  • As the big gathering kicks off in Osaka, Japan, U.S. stock index futures are in green, with the DJIA ahead by 81 points.
  • Trade will be at the top of the agenda today, however, the most anticipated meeting between President Trump and China's Xi will take place Saturday morning.
  • Hopes are high for the two leaders to write the last chapter in their trade war, which has reverberated across the global economy.



Mortgage rates fall to lowest since 2016

  • 30-year fixed-rate mortgage averages 3.73% for the week ending June 27, 2019, down 11 basis points from 3.84% in the previous week, according to Freddie Mac's Primary Mortgage Market Survey.
  • Compares with 4.55% a year ago.
  • Through late June, home purchase applications improved by five percentage points compared to the previous month," said Freddie Chief Economist Sam Khater. "In the near-term, we expect the housing market to continue to improve from both a sales and price perspective.”
  • 15-year FRM averages 3.16% vs. 3.25% in the previous week and 4.04% at this time a year ago.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage averages 3.39% vs. 3.48% in the previous week and 3.87% a year ago.
  • Homebuilders shares are rising. BlackRock's iShares U.S. Home Construction ETF (ITB +0.7%); among ITB's holdings, D.R. Horton (DHI +1.1%), NVR (NVR +1.3%), PulteGroup (PHM +0.3%).





U.S. dominates global M&A in Q2

  • The U.S. lead M&A globally in the second quarter of 2019 as companies seized on strong equity and debt capital markets to agree on mega combinations.
  • Among the top deals were the $121B agreed merger of United Technologies with Raytheon, AbbVie's $63B agreement to acquire Allergan and Occidental Petroleum's $38B deal to buy Anadarko Petroleum.
  • U.S. M&A totaled $466B in Q2, down just 3% from a year ago, while dealmaking in Europe plunged 54% to $152B and Asia M&A dived 49% to $132B.


I sent out tweets on the following stocks today: ATNX, RARX, SKYW, ILMN, AVLR, KRNT & PODD.


Bill Gunderson

Bill Gunderson

Bill Gunderson is a wealth manager, syndicated financial talk show host, and author of the Best Stocks Now -- one of the top 10 best selling financial aps in the world.

He is a frequent guest on local and national media, including CNBC, Fox Business, Fox News, Bloomberg, Barron's, Forbes, and others.

His wealth management business caters to high net worth individuals clients all over the world. He would be happy to look at your portfolio.

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