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April the 25th is in the books here on Wall Street. Here is the New York minute. We've seen a dramatic further return to the reflation trade again today. Stocks up around the world and bond yields also. You take a look at the implied odds of three rate raises this year from the Federal Reserve, you can see it's back up above 50% again. Meanwhile, if you take a look at the dollar, it's its weakest since the day of the election. Great news for President Trump if he wants to boost the trade deficit figures. That's largely because other countries are engendering even more optimism than the US.
Now the big news here is that the NASDAQ composite went through 6,000 for the first time ever. Bear in mind that it went through 5,000 in 2000. It's been gaining barely 1% a year since then. And the best stock, amazingly, was Monster Energy drinks. Dramatically outperformed NASDAQ over that period. Meanwhile, the stars of the moment are the FANGs, Facebook, Amazon, Netflix, and Google. As you can see, they've dramatically outperformed the S&P. It's quite worrying, but the market is being led by a few big glamour stocks. And that's the New York minute.