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Down again. What else is new? Futures are indicated lower this morning, but with losses of less than 2% at this point, that seems like a win these days! Jobless Claims were just released and came in at 281K, or 61K above consensus expectations. In any other week over the last few years, that type of miss would have been a major concern, but given what economists are expecting to come in the next few weeks, we’ll be wishing for numbers like this.
Read today’s Bespoke Morning Lineup for a discussion of the latest salvos from both the ECB and US Federal Reserve to help stem the carnage in credit markets, as well as a recap of the latest case counts of the coronavirus.
Futures may be indicated lower this morning, but with the S&P 500 indicated to open down about 2%, we could actually end the streak of consecutive 4% daily moves which currently stands at eight. In the entire history of the S&P, there has never been a longer stretch of daily 4% moves, and the longest prior such streak was just six days way back in the late 1920s. In order for the market to find any sort of bottom, we’re going to need some signs of stability first.