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“Today people who hold cash equivalents feel comfortable. They shouldn’t. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.” – Warren Buffett

Futures were mixed ahead of the December PPI and weekly jobless claims this morning, and the results were mixed.  Regarding jobless claims, initial claims came in higher than expected 233K versus estimates for right around 200K.  Continuing claims, however, were much lower than expected coming in at a level of 1.559 million versus forecasts for around 1.7 mln.  PPI missed at the headline level, rising just 0.2% compared to forecasts for an increase of 0.4%. That was the smallest m/m increase since November 2020.  Core PPI, however, was right inline with forecasts at 0.5%.

In reaction to the news, futures have seen a slight lift with all three major averages getting a bit of a lift on the news while treasury yields are little changed.

Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.

The year is only eight trading days old, but already it has been a tough one for growth stocks as the Nasdaq 100 is down more than three times as much YTD as the S&P 500 (-2.54% vs -0.84%).  Despite the underperformance, though, you may be surprised by the fact that on the eight trading days so far this year, the Nasdaq 100 has actually outperformed the S&P 500 (5 days) more often than it has underperformed (3 days).  As shown in the charts below showing the daily performance of both indices, the only three days that the Nasdaq 100 has underperformed the S&P 500 were on 1/4, 1/5, and 1/7.  The reason for the YTD underperformance, however, is that on those three days the Nasdaq 100 underperformed, it significantly lagged.

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