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“Those who will not reason, are bigots, those who cannot, are fools, and those who dare not, are slaves.” – Lord Byron

Morning stock market summary

Below is a snippet of commentary from today’s Morning Lineup.  Start a two-week trial to Bespoke Premium to view the full report.  

After last Friday’s run to record highs, there is no hangover in the markets this morning as futures are firmly in positive territory to kick off the week. There’s not much specific to point to as reasons for the positive tone, and the stocks leading the way in the pre-market are essentially the ones that have taken us here in the first place, namely mega caps, and anything to do with AI.  It’s a quiet day for both earnings and economic data to kick off the week, but that will change as the week goes on.  In the meantime, the only economic data to be on watch for this morning is Leading Indicators at 10 AM Eastern.

Just as the US equity market breaking out to new highs hasn’t been a tide lifting all stocks, global stocks have also seen disparate performance. The snapshot below shows where the equity benchmarks of the ten largest global economies are trading relative to their trading ranges (in dollar-adjusted terms).  While the US was up over 1% last five trading days, the only two other country ETFs that traded higher were India (PIN) and Japan (EWJ). They are also the only two other countries that have managed gains so far this year.  While most other major-country ETFs are still above their 50-day moving averages, that can’t be said for the UK, Brazil, and China.  However, given the disaster that Chinese equities have been lately, it’s probably not fair to lump the UK and Brazil in the same basket.

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