Macro news has become important again, rising to the average 2013 level and set to increase as poor domestic economic data and concerns about weak emerging markets push stock prices down. With a disappointing ISM manufacturing survey released on Monday, investors will be looking to the coming jobs report to steady the market.
Macro trends: Stock correlations back to 2013 average
“Just when investors wanted to focus on micro data points, market activity swiveled decisively in the direction of macro news flow,” writes Goldman Sachs analyst David J. Kostin. “While 50% of the firms in the S&P 500 (INDEXSP:.INX) have released 4Q results during the past few weeks, company specific news has been overshadowed by developments in emerging economies and markets which...
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