Today’s Morning Lineup is brought to you by the letter “B” as Brexit and Boeing are the major drivers of headlines this morning. Regarding Brexit, while things looked promising ahead of today’s vote after last night’s deal between PM May and EU President Juncker, reality has set in overnight, and the prospects of the deal passing a vote in Parliament aren’t looking entirely promising at this point. Meanwhile, Australia and Singapore joined the growing list of countries grounding flights of the 737 Max, and just now Malaysia announced the same. While the FAA deemed the 737 Max airworthy overnight, it also sent a mixed message mandating Boeing to push certain changes to the 737’s flight control system by ‘no later’ than April.
In economic news, the NFIB Small Business Optimism Survey increased versus January but came in lighter than expected, while CPI was right in line with forecasts at both the headline and core levels.
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Software has been a key group for the market over the last year, and yesterday’s rally took the S&P 500 Software group back within 1% of an all-time high. On Friday, the index bounced right at what was former resistance levels which was an encouraging sign. This group is dominated by Microsoft (MSFT) but is also comprised of Oracle (ORCL) Adobe (ADBE), and salesforce.com (CRM). Watch this group in the coming days to see if it can lead the broader market higher.
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