Out with the old – Actually, today’s action is looking just like the 1st day of the month. Growth (as in Mega Tech) is outperforming Value by 100bps (for SPX), and both Apple (+4.5%) and Tesla (+9.6%) are doing what they did pre-split. Microsoft is down 1.58% after China announced over the weekend that they could block and foreign buyer of artificial intelligence. Outside of Tech, Biotech is the best sector (IBB +1.97%) with the group seeing more M&A. Nestle announced a takeover of Aimmune Therapeutics (AIMT +171%), paying $2.6bn in cash for them. Energy and Banks have had a tough year, so it shouldn’t be a surprise that they are the laggards today, given the focus on Tech.
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