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.
“I don’t mind going back to daylight saving time. With inflation, the hour will be the only thing I’ve saved all year.” – Victor Borge
First things first. Don’t forget to set your clocks back Saturday night before going to bed. Now, on to the markets. Futures are higher again this morning as the S&P 500 looks to close out a perfect week with record closing highs every single day. Last night was a busy one for earnings, so the positive tone in futures suggests that despite some misses, investors were pleased with what they heard. Now the focus shifts to the October jobs report where economists are expecting just over half a million new jobs. The last two reports have had some pretty significant misses relative to expectations, so we’ll see if the trend breaks this month.
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.
The performance of the semiconductor sector lately has been stunning. After successfully testing its 200-DMA in mid-October, the semiconductor sector ETF (SMH) has surged to record highs. More recently, the Philadelphia Semiconductor Index (SOX) has rallied more than 1% every day this week.
With just 36 prior streaks of four or more days in the last 25 years, these kinds of streaks don’t happen very often but they aren’t unprecedented. Streaks of five or more days are much more uncommon though. There have only been 12 prior streaks where the SOX was up 1%+ for five straight days. Currently, the SOX is indicated to open up about 0.60%, so an extension of the current streak to five can’t be ruled out at this point, although the jobs report will have a say in that. Moving on, there have only been four prior streaks where the SOX was up 1%+ for more than five straight days, and all of those streaks ended at six trading days.
Start a two-week trial to Bespoke Premium to read today’s full Morning Lineup.