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“We have never said that we’re perfect. We’ve said that we seek that. But we sometimes fall short.” – Tim Cook

Morning stock market summary

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We’re seeing another day this morning where Nasdaq futures are much weaker than the broader market.  The culprit this morning is (AMZN) which is trading down over 13% after dropping as much as 20% in after-hours trading.  The Nasdaq is indicated to open down over 1% while the S&P 500 is down by about half that. Treasury yields are higher this morning, and the 10-year yield briefly traded back above 4% before falling following the latest batch of economic data.  Another factor contributing to the weakness in the tech sector is a report that the Biden Administration is considering adding additional restrictions on technology exports to China.

It’s been a busy morning of economic data and the Employment Cost Index (+1.2%), Personal Income (+0.4%), and PCE Prices (+0.3%) were all in line with forecasts.  Personal Spending  (+0.6%) was higher than expected, and at 10 AM we’ll get Pending Home Sales and Michigan Confidence.

What a month it has been for the Energy sector.  Since its recent low in late September, the S&P 500 Energy sector has rallied about 30% and is currently within 4% of its early June high.  Looking at a longer-term chart of the sector shows that it has consistently found support at the trendline that extends back to the higher low it made in late 2020.  The fact that it managed to bounce at that support during the last leg lower was impressive given that it followed what was a lower high for the sector in late August.

With its gain of over 60% YTD, Energy has trounced the market on a YTD basis, and while the sector has yet to take out its high from June, its performance gap with the S&P 500 did manage to make a new high yesterday as it’s now outperforming the S&P 500 by 80 percentage points YTD.

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