Market mood: I don't want to hear it.
Markets are not people, but they do have moods, and right now the market mood is, "I don't want to hear it!"
The Dow dropped 373 points on May 17 on reports that former FBI Director James Comey had written a memo alleging that President Trump asked him to drop an investigation into Michael Flynn. Concerns about obstruction of justice were raised.
But the next day, the markets acted like nothing happened, or that it wasn't an issue. In the following six days, the S&P 500 rose 2.5 percent to historic highs, the NASDAQ rose 3.2 percent — also hitting
So, we have the first problem for stocks: the Trump Agenda is limping along because the Comey/Russia issues are not going away, and it's not clear if health care reform can ever get passed. And the Comey/Russia issues have not gone away just because the President is out of the country.
Another problem: Oil is not cooperating, again below $50 despite OPEC extending its production cuts, with some oil stocks at 52-week lows.
And finally, we've had very choppy economic data in the second quarter after a rocky first quarter, with many taking down Q2 GDP estimates, though today we did have better Durable Goods numbers for April.