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“Many will start fast, few will finish strong.” — Gary Ryan Blair
After a very quiet start to the week due to the Columbus Day holiday, today is all business for the markets. In the early going, futures have rebounded from overnight lows and are firmly positive ahead of the opening bell. Treasury yields have come in slightly with the 10-year trading right at 1.6%. Asian stocks were mostly lower following news that Evergrande missed another coupon payment, and while European stocks opened lower, they have rebounded a bit during the trading session.
As we head into earnings season and expect to hear endless commentary about supply chain disruptions, inflationary pressures, and labor shortages, there were some encouraging comments on the subject over the last 24 hours. For starters, JP Morgan CEO Jamie Dimon said he feels as though supply chain issues won’t be a problem “next year at all.” Also, both Intel and Samsung have said they expect their plants in Ho Chi Minh city to resume full operations by the end of November.
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.
In a pattern that’s becoming all too familiar these days, the S&P 500 traded higher throughout the day yesterday only to give up those gains heading into the closing bell and finishing at the lows of the day. In the 28 trading days since the start of September, the S&P 500 has traded lower in the last hour of trading 18 times. The trend has been even more pronounced over the last two weeks as there have only been two trading days in the last ten that the S&P 500 closed the day higher than where it was at 3 PM. Like an old pair of socks where the elastic isn’t strong enough anymore, equities have looked a lot like quitters since the unofficial end to summer.
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