Alphabet shares were a big drag on stocks earlier today and the Nasdaq remains 0.2% lower but the S&P 500 is now slightly higher ont he day after erasing a 30-point loss. That’s impressive performance given that share of GOOG remain down 7.6%.
The market is continuing to digest this round of the trade war and the implication that Trump won’t be particularly aggressive, at least against allies.
SPX day
Also helping the stock market is the ongoing drop in yields, with 10-year yields down 9 bps to 4.42% with some additional declines coming following the soft ISM services report.