Feb 13, 2020
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There’s a negative tone in global equity markets this morning following a surge in the reported cases of the coronavirus after the Chinese government instituted new reporting guidelines. Longer-term, we don’t expect last night’s uptick to have any meaningful impact on sentiment unless of course, it kicks off a new trend of higher reported cases. Given the fact that non-Hubei cases in China and cases outside China did not see a meaningful increase (chart below), though, suggests that we won’t see the number of reported cases increase.
In economic news, CPI was weaker than expected at the headline level (0.1% vs 0.2% m/m) and right in line with expectations at the core levels. Jobless Claims rose by 2K from 203K up to 205K, but that was actually lower than consensus expectations for an increase to 210K.
For a recap of all the latest on the coronavirus, earnings, and economic data, check out today’s Morning Lineup.
Feb 12, 2020
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 free trial to Bespoke Premium. CLICK HERE to learn more and start your free trial.
For a recap of the latest on the coronavirus, trading in Asian and European markets, and a recap of the latest earnings and economic data out of Europe check out today’s Morning Lineup.
The S&P 500 closed at another record high yesterday, so we wanted to take this opportunity to provide an update on market breadth in terms of S&P 500 industry groups. As of yesterday’s close, 79.2% of the 24 groups were above their 50-DMA which isn’t an especially strong reading for a market at record highs. One caveat here, though, is that three of the five industry groups below their 50-DMA are within 1% of that level (Telecom Services, Banks, and Food & Staples Retail), so those three could easily top their 50-DMA with just one good market day. The only other two groups below their 50-DMAs are Energy and Autos which are both more than 5% below their respective levels.
Feb 11, 2020
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 free trial to Bespoke Premium. CLICK HERE to learn more and start your free trial.
For a recap of the latest on the coronavirus, trading in Asian and European markets, and a recap of the latest earnings and economic data out of Europe check out today’s Morning Lineup.
Futures are higher this morning heading into what is generally an already overbought market. The majority of index ETFs in our Trend Analyzer are all at overbought levels, but a number of small and mid-cap ETFs are still at neutral levels and have ‘Good’ timing scores.
Feb 10, 2020
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US equities closed out last week on a negative note and part of that was likely related to concerns over what could potentially be some bad news related to the coronavirus over the weekend. While there wasn’t any concrete positive news over the weekend, there wasn’t really much in the way to suggest the outbreak is getting any worse either, and that in itself is good news. Futures are modestly lower heading into the trading day, but there isn’t much in the way of potential catalysts on the horizon as the economic and earnings calendars are light for today.
Feb 7, 2020
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Futures are lower heading into the monthly employment report, and after all the gains we have had this week, you can’t blame people for being a little more cautious heading into the weekend. Even with the pace of new cases of the coronavirus decelerating, who knows what kind of news can come out over the weekend.
Yesterday we published our monthly preview of the Non-Farm Payrolls report including the historical reaction of the S&P 500 and various sectors in reaction to the report. If you haven’t seen it already, make sure to check it out. Below we have provided a snapshot of consensus expectations heading into the report.
Feb 6, 2020
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 free trial to Bespoke Premium. CLICK HERE to learn more and start your free trial.
Global equities are in rally mode again this morning on easing concerns over the impact of the coronavirus and news of possible treatments. One number we’ve been watching closely over the last couple of weeks is the mortality rate which continues to drop. Through the latest reported global statistics, the mortality rate has dropped down to 2.01% which is the lowest we have seen since statistics have been published.
In economic news this morning, the ADP Private Payrolls report came in much higher than expected (291K vs. 157K). This was the strongest monthly print since May 2015 and the best report relative to expectations since the December 2011 report on 1/5/12 (325K vs 178K).
Shares of Twitter (TWTR) are poised to gap up over 7% this morning. From our Earnings Explorer, we found that since the company’s IPO over five years ago, TWTR has gapped up over 5% in reaction to earnings eight different times. Of those occurrences, the stock has continued higher from the open to close five times, but there was only one time where the stock sold off more than 2% from its opening print after gapping up over 5%.
