Nov 20, 2020
There’s the old saying that if at first you don’t succeed, try, try, and try again. After positive vaccine news from Pfizer (PFE) on November 9th helped to push the S&P 500 and the Nasdaq to new highs, the major averages couldn’t hang onto those gains. If it didn’t work the first time, though, maybe news this Monday that Moderna’s (MRNA) vaccine was even more effective would do the trick. Markets rallied again, but once again couldn’t hang on to the gains. Throughout this week, there were more positive vaccine headlines, but each booster shot was less effective. The result? While equities closed out the week right near all-time highs, they’ve essentially been rangebound for the last two weeks as well as the last two and a half months.
Since Pfizer’s positive vaccine news before the open on 11/9, the S&P 500 and Nasdaq have essentially been on a treadmill with a number of swings up and down, but really nothing to show for any of it. Investors just can’t seem to make up their minds at this point between placing more emphasis on the shorter-term concerns of rising COVID hospitalizations or the positive long-term impacts of viable vaccines. Decisions. Decisions. We discuss all the latest trends in the market and the economy in this week’s Bespoke Report.
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Nov 13, 2020
US equity performance this week was dominated by vaccine news. Good data from Pfizer early in the week sparked all-time highs for small caps and robust equity rallies around the world. Technical backdrops have improved dramatically both in the US and Europe versus where they sat just before the US election. The relief rallies in stocks around the world are indicative of just what can happen when risk events are taken off the table. Unfortunately for investors, the risk events moving off the table have been replaced by others: government funding deadlines in mid and late December, as well as more Phase 3 trial data from vaccine companies. In the background, the US economy is starting to slow as COVID prevalence explodes across the country. We discuss all the latest US data, earnings results, and more in this week’s Bespoke Report.
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Oct 30, 2020
Talk about a Halloween scare. In a week where the S&P 500 has historically risen 1%, it traded down more than 5% which was its worst one-week performance since the COVID crisis. Even more notable was the fact that it was the worst performance for the S&P 500 in the last full week before a Presidential election on record. At the close on Friday, the S&P 500’s week-to-date decline was nearly twice the decline of the second-worst week in 1932 when the S&P dropped 2.96% in the last full week leading up to the 1932 election of FDR!
It was a very busy week for the market with a traffic jam of worries to contend with. In this week’s Bespoke Report, we give a full recap of everything going on this week and what it means going forward.
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Oct 23, 2020
With COVID surging in the US and across the northern hemisphere, we discuss economic impacts that are already starting to appear in survey data. We also review the week that was in global equity markets, the weakening US dollar, rising interest rates, the extremely strong housing market, and of course earnings. It was a very busy week in the US and Europe this week, featuring reports from a wide range of important companies. We give a full recap, including a breakdown of how COVID-sensitive names have reported before previewing the pre-Halloween economic and earnings slate in this week’s Bespoke Report.
This week’s Bespoke Report newsletter is now available for members.
To read the report and access everything else Bespoke’s research platform has to offer, start a two-week free trial to one of our three membership levels. You won’t be disappointed!
