There will be zero news here about the Mueller report. None.
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Not only is Lyft not profitable now and losing $911 million a year ("it would appear to be the largest-ever net loss for a company entering the public markets for the first time," Axios' Dan Primack points out), the company has said it's not sure how it ever will be profitable. But investors don't care.
Driving the news: Lyft is expected to price on Thursday and go public Friday, with estimates for the company's market cap having risen to $25 billion.
What's happening: Lyft's IPO is perfectly timed at the intersection of 3 concurrent market themes that are driving investor FOMO.
The intrigue: This is a wide-ranging phenomenon that's even demonstrated itself in Tajikistan government bonds.
Despite being a country most investors couldn't find on a map, Tajikistan's $500 million bond offering in 2017 received $4 billion worth of bids, or 8 times more than it offered. That was with a credit rating well below investment grade and absolutely no track record.
As I wrote not long after the Tajikistan deal, emerging market debt was so in demand from buyers in search of high yields and whatever was hot at the moment that dedicated EM investors literally weren't able to get bonds they wanted.
The theme continued this year as Uzbekistan, another former Soviet country that has never before sold bonds to the international market, produced a $1 billion bond offering at a 4.75% coupon (well below average) that received $5.5 billion of bids.
The bottom line: Whether it makes money or not, Lyft is a hot name that's part of a successful sector. It has been just the latest beneficiary of investor FOMO. That's driving Lyft's valuation to potentially double what it was just 9 months ago and more than triple what it was 2 years ago.
Following the inversion of the U.S. Treasury yield curve, developed market government bond yields are all moving lower as investors seek safe havens.
U.S. 10-year bond yields have fallen more than 15 basis points since last week's Fed meeting and are more than 30 basis points below their early March levels, notes Deutsche Bank.
Marc Chandler, chief market strategist at Bannockburn Global Forex, points out that German, French, Italian and Spanish yields recently have fallen 25–35 basis points, while Portuguese and Australian bond yields have fallen around 45 basis points and 50 basis points, respectively.
Factory activity in the eurozone contracted at the fastest pace in nearly 6 years. The bloc's aggregate PMI fell to 47.6 in March from 49.3, well below the 50 threshold that is the baseline for whether the sector is expanding or contracting.
Japan's manufacturing PMI also has fallen into contraction territory, following China's weakening readings that started falling below 50 late last year.
What's next: The market will likely be on pins and needles for the rest of this week awaiting readings on the U.S. economy. February's core PCE report will be released on Friday and other major U.S. data releases won't come until the week of April 1.
The dramatic fall in bond yields can be traced back to the Fed's incredibly dovish March meeting, says Win Thin, global head of currency strategy at Brown Brothers Harriman, because investors "need to see confidence emanating from policymakers to feel confident as well."
Wall Street dialed back its bullish S&P targets after 2018's end-of-year selloff. Now a few analysts are starting to ratchet their targets back up, Axios' Courtenay Brown writes.
What's happening: Credit Suisse is the only major firm that's "double revised" so far — meaning the firm cut its initial price target late last year and revised it back up this month. Its most recent target reflects an 8% upside from the S&P's current level.
Between the lines: Credit Suisse is banking on a dovish Fed and a trade deal, rather than stellar earnings growth, to push the market higher.
Everything from commodities to U.S. large cap stocks has been in the green for 2019.