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“We can know only that we know nothing. And that is the highest degree of human wisdom.” – Leo Tolstoy

Below is some introductory commentary of today’s Morning Lineup.  Start a two-week trial to Bespoke Premium to get full access.  

It’s been just over three weeks now that US equities have been in rally mode as we head into a holiday-shortened trading week.  Markets are closed on Thursday for Thanksgiving, and Friday is a shortened session with stocks closing for the week at 1 PM on a day.  With just three and a half days of trading, the economic calendar is very light, although the earnings calendar will be relatively busy on Tuesday with several retailers, as well as NVIDIA (NVDA), reporting results. Even Fed officials, who seem to love getting in front of a microphone nowadays, are mostly taking the week off.

Over the course of the three-week rally for US stocks, the S&P 500 has been positive all three weeks, and its total gain during that span has been just under 10%.  Rallies of this magnitude in a three-week span aren’t unprecedented, but they aren’t common.  Prior to the current surge in stocks, the last time the S&P 500 rallied more over a three-week span was back in June 2020.

While the S&P 500’s rally has been impressive, the Nasdaq has rallied even more with its gain of 11.7%. Like the S&P 500, the last time the Nasdaq rallied by a larger amount in a three-week span was back in April 2020, although there were two times in 2022 (April and August) when it rallied by more than 10% over a three-week period.

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