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“It’s such a fine line between stupid, and uh…” – David St. Hubbins, Spinal Tap
It’s a mixed morning in the equity markets as the S&P 500 and Dow are indicated to open modestly lower while the Nasdaq is indicated higher. In the case of the Nasdaq, it’s looking to extend its “Spinal Tap” streak of eleven straight days of gains to a full dozen. The rally in crypto has continued again this morning with both bitcoin and ether trading at record highs. In the treasury sector, 10-year yields are back down to 1.46%.
In economic data, PPI came in right in line with expectations at the headline level (0.6%) and slightly weaker than expected at the core level (0.4% vs 0.5%).
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.
With a gain to kick off the week yesterday, the Nasdaq extended its streak of positive days to eleven. There hasn’t been a streak longer than this since July 2009, and the only one that was as long was back in December 2019. Going back to 1980, the current streak is just the 15th that has lasted at least eleven trading days. Of those, the majority (8) of them were in the 1980s, including the longest which stretched out to 17 trading days in early 1985. Since 1990, there have only been six other streaks of eleven or more trading days, and only two of those have occurred since 2000.
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