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Market Brief – 4/8/19

Stocks started the day slightly lower as Boeing looks to cut production of their new 737MAX while Treasury yields traded slightly higher. In overnight trading, news out of Asia continues to show a slowing of the global economy, but U.S. investors were undeterred and looked to buy the overnight dip in stocks.

Factory orders fell 0.5% MoM in February and have been on a six-month streak of weak orders. Stock prices, which normal track factory orders, have become detached from the broad economy.

Stocks closed slightly higher on very low trading volume as the corporate share buyback blackout period currently covers about 50% of S&P 500 companies. Treasury yields were up slightly ahead of three big Treasury auctions this week.

Physical gold tried to break through resistance this morning but quickly ran into sellers. Oil and gas producing stocks closed higher, but also ran into strong selling. Agricultural commodities closed lower but found buyers after trading lower this morning.