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“Do more of what works and less of what doesn’t.” – Steve Clark
Due to the Columbus Day holiday, it’s a quiet start to the week in terms of data related to earnings and the economy, but equities are poised for a very strong start anyways as tech stocks lead the rest of the market higher. More specifically, it’s the software sector that’s driving the rally this morning, and one catalyst for the gains is the $3.2 billion takeover of Segment by software darling Twilio (TWLO). While stocks of the acquiring company usually take a hit when a merger is announced, this morning TWLO is trading more than 5% higher to record highs, and that comes after already tripling this year!
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, market performance in the US and Europe, manufacturing in Japan, trends related to the COVID-19 outbreak, and much more.
On the topic of software, just last week the group looked to be starting to break out of a consolidation phase after underperforming the broader market since early September. Today’s rally should further the move out of congestion, but the group still enters the week trading down close to 5% from its prior high.