John Authers reports on a weak day for stocks, as last week's debutant Snap sold off, and growth stocks continued to outperform value. Amazingly, US mortgage rates are lower than when the S&P hit its low in March 2009.
[INAUDIBLE] in the books here on Wall Street. Here is the New York Minute. And stocks have had a generally poor day across the world today on an in auspicious anniversary.
It was exactly eight years ago today that the S&P 500 hit bottom after the Lehman bankruptcy at the level of 666, a very in auspicious level. Since then, it has gone up some 150%, even if you don't include dividends. If you want some explanation for why, take a look at the benchmark, Fannie Mae mortgage rates. And you can see that it's actually cheaper to borrow money to buy a home now than it was back then.
The biggest news today came from Snap, last week's big IPO. Brokers are coming out with their recommendations. They're saying sell. And that's what people have done. It's now down almost 20% from its high back on Thursday.
Meanwhile, one point to note. This is how growth is performing compared to value. Generally, when growth is doing well, that means people don't think there's much growth around. This suggests there is some rethinking of the Trump reflation trade since the election, even though stock market stay so high. And that's the New York Minute.