It's The Economy Stupid: Market Close & Stupid Silly Money

Signs of the zombie apocalypse:  Facebook offered to buy Snapchat for $3 Billion.  Snapchat’s sales are $0.  That’s right, zilch, zero!  Snapchat raised money this spring in a Series B round of investments from Institutional Venture Partners, General Catalyst, Benchmark, Lightspeed Ventures and SV Angel. The Series B round valued Snapchat at $860 million in the eyes of the venture capitalists.   Snapchat turned Facebook down!  $3 Billion and they turned them down!!!  I’m telling you, I’m hearing Prince music in my head!!!  “…two thousand zero zero party over, oops out of time, so tonight I'm gonna party like it's 1999…”   I got three words for you…Dot Com Bubble.

 

Starting to feel alarmingly a lot like an “App Bubble”.  Stupid Silly Money.

 

And the Dow Jones & the S&P 500 set new all-time highs today.  I don’t take a lot of comfort from Maria Bartiromo calling it a “melt up” on CNBC.  There is a big difference between companies with real, solid earnings and tech/app companies with zero revenue.

 

Description	Ticker	Last	Change	% Chg Today	% Chg 1Year
STOCK MARKETS
Dow Jones Industrial Average	INDU Index	15821.630	70.9600	0.4505	23.8119
S&P 500 Index	SPX Index	1780.330	12.6400	0.7151	29.1802
NASDAQ 100 Index	NDX Index	3405.565	40.3400	1.1987	32.4769
NASDAQ Composite Index	CCMP Index	3965.575	45.6550	1.1647	37.0843
Russell 3000 Index	RAY Index	1067.330	9.1300	0.8628	31.1318
Russell 1000 Index (Large Cap)	RIY Index	992.930	8.4000	0.8532	30.3536
Russell 2000 Index (Small Cap)	RTY Index	1112.170	10.7000	0.9714	40.5736
Wilshire 5000 Total Market	W5000 Index	18943.600	162.4300	0.8649	31.4908
TREASURIES	% Yield
3 Month Treasury	0.0761		0.0050	7.6923
6 Month Treasury	0.0964		-0.0038	-4.0512
2 Year Treasury	0.3100	99.883	0.0313	0.0313
5 Year Treasury	1.3955	99.297	0.2656	0.2682
10 Year Treasury	2.7273	98.016	0.3359	0.3439
30 Year Treasury	3.8318	96.266	0.3594	0.3747
ENERGY
Crude Oil, Brent Index	Brent Crude	107.140	1.3300	1.2570	4.0078
Crude Oil, Louisiana Lt. Sweet	LA Lt Sweet	96.790	0.1000	0.1034	-9.1900
Natural Gas, Henry Hub Index	Nat Gas	3.564	-0.0530	-1.4653	-16.6042
PRECIOUS METALS
Spot Gold $/oz	GOLD	1273.500	5.5000	0.4338	-26.1374
Spot Silver $/oz	SILVER	20.552	-0.1810	-0.8730	-36.7008
CURRENCIES
Euro	EUR Curncy	0.743	-0.0013	-0.1747	-5.6028
Japanese Yen	JPY Curncy	99.420	-0.2200	-0.2208	-20.1167
British Pound	GBP Curncy	0.624	-0.0047	-0.7476	-0.9683
Swiss Franc	CHF Curncy	0.915	-0.0022	-0.2398	3.5184
Canadian Dollar	CAD Curncy	1.047	-0.0030	-0.2859	-4.1878
Chinese Renminbi	CNY Curncy	6.094	0.0017	0.0279	2.2599
FOREIGN INDICIES
FTSE 100 INDEX	UK	6630.000	-96.7900	-1.4389	14.5820
CAC 40 INDEX	FRANCE	4239.940	-23.8400	-0.5591	23.5918
DAX INDEX	GERMANY	9054.830	-21.6500	-0.2385	26.3032
NIKKEI 225 INDEX	JAPAN	14567.160	-21.5200	-0.1475	68.1202
HANG SENG INDEX	HONG KONG	22463.830	-437.5800	-1.9107	4.7656
SHANGHAI COMP INDEX	CHINA	2087.941	-38.8310	-1.8258	1.5823
	Last	Chg Today	% Chg Today	3 Mo Tot Ret	6 Mo Tot Ret	YTD Tot Ret
S&P 500 INDEX	1780.330	12.640	0.7151	5.3675	9.858	26.820
S&P 500 CONSUMER DISCRETION	509.270	7.968	1.5895	7.2656	13.771	36.690
S&P 500 CONSUMER STAPLES	442.270	3.740	0.8528	4.1021	5.256	25.184
S&P 500 ENERGY	633.700	4.070	0.6464	5.5098	8.198	20.932
S&P 500 FINANCIALS	280.460	2.290	0.8232	2.2029	8.611	28.433
S&P 500 HEALTH CARE	619.410	3.280	0.5324	5.4764	10.963	35.692
S&P 500 INDUSTRIALS	429.730	2.160	0.5052	9.0935	16.578	32.834
S&P 500 INFO TECHNOLOGY	556.510	5.610	1.0183	6.8681	11.908	21.524
S&P 500 MATERIALS	278.730	1.200	0.4324	7.2327	11.159	19.450
S&P 500 TELECOM SERVICES	156.520	-0.300	-0.1913	2.2189	-3.458	11.594
S&P 500 UTILITIES	196.180	0.550	0.2811	0.8581	-0.411	14.060

 

John Broussard

Assistant State Treasurer

Chief Investment Officer

State of Louisiana

Department of the Treasury

225-342-0013

jbroussard@treasury.state.la.us