People that know me know that I generally think in terms of probability. I don’t really think in absolutes, I don’t tend to think in either/or results. I generally think that there are a range of outcomes, with some more likely than others. The markets are facing some headwinds this morning. First, and foremost, a shutdown of the U.S. Government. The probability of a federal government shutdown greatly increased early Sunday morning as a defiant Republican-controlled House passed another short-term spending bill that requires a one-year delay in implementing the Affordable Care Act. The bill now goes to the Senate for approval, by all accounts a non-starter in the upper chamber, greatly increasing the probability of a government shutdown.
And then just to heap a little more worry on the markets, it appears that Detroit is going to default on its municipal bonds, and if it does it will be the largest such municipal bond default in at least 4 decades.
So stock prices are down and bond prices are down. Markets, and the investors whose money drives them, don’t like uncertainty.
Ticker | Last | Change | % Chg Today | % Chg 1Year | |
STOCK MARKETS | | | | | |
Dow Jones Industrial Average | INDU Index | 15129.540 | -128.7000 | -0.8435 | 12.5830 |
S&P 500 Index | SPX Index | 1678.360 | -13.3900 | -0.7915 | 16.5145 |
NASDAQ 100 Index | NDX Index | 3208.264 | -22.0410 | -0.6823 | 14.5781 |
NASDAQ Composite Index | CCMP Index | 3753.325 | -28.2690 | -0.7475 | 20.4182 |
Russell 3000 Index | RAY Index | 1009.000 | -7.8000 | -0.7671 | 18.7900 |
Russell 1000 Index (Large Cap) | RIY Index | 937.680 | -7.1000 | -0.7515 | 18.1205 |
Russell 2000 Index (Small Cap) | RTY Index | 1064.160 | -10.0300 | -0.9337 | 27.0727 |
Wilshire 5000 Total Market | W5000 Index | 17935.070 | -137.6700 | -0.7618 | 19.2018 |
TREASURIES | % Yield | | | | |
3 Month Treasury | 0.0101 | | -0.0100 | -100.0000 | |
6 Month Treasury | 0.0355 | | 0.0000 | 0.0000 | |
2 Year Treasury | 0.3325 | 99.836 | 0.0000 | 0.0000 | |
5 Year Treasury | 1.4042 | 99.844 | -0.0313 | -0.0313 | |
10 Year Treasury | 2.6227 | 98.914 | -0.0078 | -0.0079 | |
30 Year Treasury | 3.6803 | 98.969 | 0.0781 | 0.0790 | |
ENERGY | | | | | |
Crude Oil, Brent Index | Brent Crude | 107.540 | -1.0900 | -1.0034 | 1.8852 |
Crude Oil, Louisiana Lt. Sweet | LA Lt Sweet | 103.990 | -1.3300 | -1.2628 | -7.3100 |
Natural Gas, Henry Hub Index | Nat Gas | 3.523 | -0.0660 | -1.8390 | -11.4350 |
PRECIOUS METALS | | | | | |
Spot Gold $/oz | GOLD | 1326.680 | -9.9700 | -0.7459 | -25.1278 |
Spot Silver $/oz | SILVER | 21.552 | -0.2330 | -1.0695 | -37.5622 |
CURRENCIES | | | | | |
Euro | EUR Curncy | 0.739 | -0.0005 | -0.0676 | -4.7429 |
Japanese Yen | JPY Curncy | 97.720 | -0.5000 | -0.5091 | -20.1822 |
British Pound | GBP Curncy | 0.620 | 0.0000 | 0.0000 | -0.0484 |
Swiss Franc | CHF Curncy | 0.905 | -0.0010 | -0.1104 | 3.7475 |
Canadian Dollar | CAD Curncy | 1.030 | -0.0011 | -0.1067 | -4.5662 |
Chinese Renminbi | CNY Curncy | 6.122 | 0.0020 | 0.0327 | 2.6806 |
FOREIGN INDICIES | | | | | |
FTSE 100 INDEX | UK | 6462.380 | -50.2800 | -0.7720 | 12.5361 |
CAC 40 INDEX | FRANCE | 4128.250 | -58.5200 | -1.3977 | 23.0480 |
DAX INDEX | GERMANY | 8566.250 | -95.2600 | -1.0998 | 18.7291 |
NIKKEI 225 INDEX | JAPAN | 14455.800 | -304.2700 | -2.0614 | 62.9711 |
HANG SENG INDEX | HONG KONG | 22859.860 | -347.1800 | -1.4960 | 9.6902 |
SHANGHAI COMP INDEX | CHINA | 2174.665 | 14.6380 | 0.6777 | 4.2421 |
John Broussard
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury
225-342-0013
jbroussard@treasury.state.la.us
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