See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week free trial to Bespoke Premium. CLICK HERE to learn more and start your free trial.
“A few solid pros are more powerful than dozens of cons,” – Steve Jobs
Bulls are looking to get back on track this morning following Tuesday’s weakness. Futures are trading modestly higher in the pre-market and have been building on those gains as we approach the open. In economic news, PPI came in hotter than expected on both a headline and core basis, rising 0.4% m/m versus expectations for growth of just 0.2%.
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, industrial production in Europe, trends related to the COVID-19 outbreak, and much more.
It’s been a positive morning for earnings reports this morning. Of the eight companies reporting so far, the only one to miss EPS forecasts was Wells Fargo (WFC), while the only one to report weaker than expected sales was Bank of America (BAC). On the upside, Goldman (GS), PNC, and UnitedHealth (UNH) all had the biggest EPS beats while Goldman also saw a healthy beat on the revenue front as well.
All these strong results should set the market up for some strong performance this morning, right? Well, not necessarily. Yesterday we saw a similar story with a number of solid reports from S&P 500 companies, but when the stocks opened for trading, all but one traded lower for a median decline of over 2%. Hopefully, for the broader market, this doesn’t become a trend, but we’ll be watching it in real-time.