Jan 23, 2024
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we begin with some commentary on headwinds for airline businesses (page 1) followed by a dive into industrials, Netflix (NFLX), and Siemens earnings (pages 2 and 3). We then look into union membership (page 4). We finish with a recap of today’s 2 year note auction (page 5) and the latest Treasury allotment data (page 6).
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Jan 23, 2024
The S&P 500 is flat on the session today as of this writing, but that doesn’t take away from the fact that it has traded at record highs in each of the past three sessions. As shown below, the S&P 500 has seen several significant drawdowns in its history, but it has always eventually recovered, and it has traded at or within 1% of an all-time high just as often as it has been down 20%.
Below we break down the percentage of time the S&P 500 has traded within various ranges of an all-time high (ATH) since 1952 when the five-day trading week began. This week joins the 7% of days that have seen the S&P 500 hitting record highs. That is the third largest share behind the 12% of days in which the index has been within 1% of a record high and the 8.5% of days when it is 1% to 2% below a record close. Expanding out a bit more, the S&P 500 has spent 44% of trading days since 1952 within 5% of an ATH compared to just 40.5% of the time when the index has been down 10% or more from an ATH.
Jan 22, 2024
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we begin with a look into the earnings of United Airlines (UAL) and rise in crude prices (page 1). We then dive into a survey of apartment operators (page 2) before reviewing FOMC forecasts (page 3). We finish with a preview of this week’s Treasury auctions (page 4) and the latest positioning data (pages 5-8).
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!
