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“Theory is splendid but until put into practice, it is valueless.” – James Cash Penney

Futures are lower across the board this morning, but the only index that is down of any significance at this point is the Nasdaq.  The big report of the morning was November PPI and at the headline level, it came in stronger than expected rising 0.8% versus forecasts for an increase of 0.5%.  Ex food and energy, producer prices were also higher than expected rising 0.7% compared to forecasts for an increase of 0.4%.  As one might expect, the initial reaction in futures was weaker equities and higher yields.

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.

Both the Nasdaq 100 and the S&P 500 have been treading water as both indices are at the same levels now that they were at more than a month ago.  For QQQ, the high water line is currently at just over $400 a share.  It briefly broached that level in mid-November for two days but could not hold those levels before pulling all the way back to its 50-day moving average.  Last week, QQQ approached the $400 level again before selling off yesterday. For SPY, resistance has been even more pronounced at the $470 level. It has now tested that level three separate times since early November but has run out of momentum each time.  There’s nothing wrong with equities treading water after big upside rallies, but hopefully, they have the strength to stay afloat.

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