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“No one goes there nowadays, it’s too crowded.” – Yogi Berra
Sentiment towards the market may be negative these days, but that hasn’t stopped the S&P 500 from quietly hanging around right at record highs. As Yogi Berra would say, “Everyone is selling stocks because they’re going up so much.”
Futures are staging a relatively impressive follow-through this morning in the wake of yesterday’s FOMC meeting where Powell and company didn’t give the market any surprises. To maintain those gains, though, we have a lot of economic data to get through. Already released were Jobless Claims (slightly higher than expected), Housing Starts (better than expected), Building Permits (better than expected), and the Philly Fed (weaker than expected). On deck we still have to wait for Industrial Production, Capacity Utilization, flash PMI readings for the month of December, and then the KC Fed Manufacturing report at 11 AM will close out the slate of data for the week. That’s a lot to digest!
We haven’t talked a lot about earnings recently, but there are a number of notable names reporting today including Accenture (ACN), Adobe (ADBE), Jabil (JBL), and FedEx (FDX). Of those four, ACN is trading up 10%, JBL is up 5%, and ADBE is trading down 7%. FDX isn’t scheduled to report until after the close.
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Earlier in the week, we referred to it as the market treading water, and that remained the case heading into yesterday’s close as the S&P 500 closed right at its recent resistance level once again. As shown in the chart of SPY below, the ETF has managed to trade above $470 multiple times in the last six weeks as it first broached that level on an intraday basis on November 5th. Since then, there have been multiple attempts to break through that level, but all of them have failed. Could today be the day? In pre-market trading, SPY is trading just above $473 which would be close to a record intraday high. If these levels hold throughout the trading day and SPY can stay above $470, it could just be the welcome Santa was waiting for.
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