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“I can’t change the fact that my paintings don’t sell.” – Vincent van Gogh
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Can we get lucky number seven? Futures on all three major indices are indicated higher this morning as the market prepares for a surge in economic and earnings-related news. On the economic calendar, the two major reports of the day are JOLTS and Consumer Confidence at 10 AM, and then after the close, we’ll get several notable earnings reports, including Starbucks (SBUX) and Visa (V). Already this morning, we’ve gotten reports from Boeing (BA), Procter & Gamble (PG), and UnitedHealth (UNH), to name a few.
In Asia, markets were mixed, with Japan down nearly one percent while China was up fractionally. Investors are still waiting for details and results from the US-China trade talks in Stockholm, but there have been no major economic reports to speak of. In Europe, yesterday’s session experienced weakness throughout the trading day as most major indices finished near their lows of the day, but this morning, there have been broad-based gains with the STOXX 600 up nearly 75 bps while Germany, France, Italy, and Spain are all up over 1%.
While it’s not the longest winning streak of the year, and the magnitude of the daily gains has been far from impressive, yesterday was the S&P 500’s sixth straight day of closing at a record high. That’s already impressive, but looking back at where the market was three months ago, it’s hard to even believe that the S&P 500 is anywhere near a new high! As things currently stand, this streak is tied for the longest since the six days ending last July, and if we close higher today, it will be the longest streak since the eight days ending on 11/8/21.
Yesterday’s positive session followed what had been a ‘perfect week’ for the market, where it not only closed higher every day, but it also closed at record highs on each one of them. That doesn’t happen often. The last time there was a full week of trading, and the S&P 500 closed at a record high on all five days, was in November 2021. Since the five-day trading week in its current form started in late 1952, there have now only been sixteen perfect weeks, which are highlighted in the chart below.
