Bespoke’s Morning Lineup – 4/2/25 – “Liberation Day”
See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium. CLICK HERE to learn more and start your trial.
“There is no terror in the bang, only in the anticipation of it.” – Alfred Hitchcock
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
The S&P 500 put in a closing low on March 13th that established the first major low of this correction. So far, we’ve managed to hold above that level, but it’s the one to watch going forward. A close below the 3/13 low will mark a resumption of the downtrend that’s in place. For bulls, the next step in breaking the downtrend would be a close above last Tuesday’s high and then a series of higher highs and higher lows that eventually takes the index to new all-time highs. You can see the process that played out when we had the last major pullback in July/August in the chart below:
Bespoke’s Morning Lineup – Spring Clean-Up
See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium. CLICK HERE to learn more and start your trial.
“On April Fools’ Day, believe nothing, trust no one, just like any other day.” – Unknown
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
Below is a review of asset class performance in Q1 using our ETF matrix. For domestic index ETFs, it’s been a nasty run, although we’d note that seven of the eleven US sector ETFs finished the quarter higher.
Outside of the US, however, there was green nearly everywhere in Q1. While the S&P 500 (SPY) was down 4.3%, the all-world ex-US ETF (CWI) gained 5.9% during the quarter, and country ETFs like Brazil (EWZ), China (MCHI), France (EWQ), Germany (EWG), Italy (EWI), Spain (EWP), and the UK (EWU) were all up 10%+.
Commodity ETFs outside of agriculture also posted solid Q1 gains. Both gold (GLD) and silver (SLV) gained more than 15%, while natural gas (UNG) rose 28.6%. Fixed-income ETFs posted solid Q1 returns as well.
Within US equities, the mega-caps accounted for nearly all of the S&P 500’s Q1 drop. As shown below, the five largest stocks in the S&P all fell more than 10% in Q1, and the ten largest are down an average of 11.4% YTD. The rest of the stocks in the S&P 500 are down an average of just 0.6% YTD.
Chart of the Day: Friday, Monday Drops
This content is for members onlyThe Bespoke Report – Equity Market Pros and Cons – Q2 2025
This week’s Bespoke Report is an updated version of our “Pros and Cons” edition for Q2 2025.
With this report, you’re able to get a complete picture of the bull and bear case for US stocks right now. It’s heavy on graphics and light on text, but we let the charts and tables do the talking!
On page three of the report, you’ll see a full list of the pros and cons that we lay out. Slides for each topic are then provided on page four and beyond.
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Below is a look at the performance of key ETFs across asset classes since Election Day and Inauguration Day. International markets, defensives, precious metals, and Treasuries have been the only areas of strength during Trump 2.0. What’s the right acronym for that?
