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“In the business world, the rearview mirror is always clearer than the windshield.” – Warren Buffett

Since Thanksgiving, there has only been one trading day where the S&P 500 moved up or down less than 0.5%, but given where futures are trading this morning, there is some hope that this could be number two.  This is a time of year where markets are supposed to be calm as investors focus on other things, but as we highlighted yesterday, this December has actually been the most volatile month of the year!

In order for this early calm to continue, though, we’ll have to get through a slug of economic data including the Chicago Fed National Activity Index, revised GDP, Consumer Confidence, and Existing Home Sales.  On the Omicron front, we’ve heard anecdotal stories for weeks about how this strain is less severe than prior strains, but we’re now starting to get clinical evidence as a study from South Africa says that Omicron is 80% less likely to result in hospitalization than the Delta strain.  That’s some good news!

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 Technology sector experienced a peak to trough pullback of just over 6% this month, but over the last two days, the sector bounced right at a key support level that coincided with the 50-day moving average and the recent lows in early and late November.  As we close out the year, the sector will need to break above its recent highs to keep the uptrend intact, but if the current bounce stalls short of the recent highs, the sector could be in for a more extended period of churn.

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