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 trial to Bespoke Premium. CLICK HERE to learn more and start your trial.
“The greatest teacher I know is the job itself.” – James Cash Penney
Good Morning Subscriber,
It’s jobs Friday, and while there has been little movement in futures ahead of the report, there has been a modest drift higher as futures are indicating a slightly positive open. Treasury yields are higher in anticipation of a solid jobs report and rising bond yields in Europe. After the employment report, there’s little in the way of economic data, and with the bond market closed on Monday for Columbus Day, this afternoon could have the feel of a Summer Friday even if it is October.
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.
It hasn’t been a quiet start to October, but with the first full week of the month behind us, it’s been a positive start. The S&P 500 is up over 2%, and all eleven sectors are also to the north of unchanged. Not surprisingly, Energy has been the best performing sector month to date with a gain of over 5%, but Financials, Industrials, and Materials have also rallied more than 3%. Like Energy, the Financials sector is also at overbought levels, but Industrials and Materials are only just moving out of oversold levels. The only other sector even above its 50-day moving average is Consumer Discretionary.
You can look at the current setup in one of two ways. On the one hand, there is still a lot more room for upside before the market reaches short-term overbought levels. Then again, one could also argue that the equity market has a lot more to prove before we can say the pullback is over.
Start a two-week trial to Bespoke Premium and read today’s full Morning Lineup.