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“I would say that financial markets are very inefficient, and capable of extremes of being completely dysfunctional.” – Jeremy Grantham

US equity futures are tentatively higher this morning with leadership in the Dow while the Nasdaq continues to lag.  The economic calendar is empty today, but investors already have an eye out for Friday’s CPI report.  Omicron continues to be a concern, and while there’s still a lot more we don’t know than we do know about the latest strain, reports continue to suggest that despite the higher transmissibility, its impact has not been nearly as harsh.   In the crypto space, bitcoin has been relatively stable since Sunday following a sharp decline Friday night into Saturday morning.

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.

While companies valued at high multiples to revenues have been hit hard since the emergence of the omicron variant and the FOMC’s hawkish pivot just after Thanksgiving, there’s been a decent amount of disparity in performance among international markets with developed markets falling in the last week while emerging markets actually eked out gains.  As shown below in the snapshot of international regional ETFs from our Trend Analyzer, the worst-performing ETF of the group was the MSCI All Country World (ACWI) which fell just over 1%.  Moving down the list, at the bottom, the lone ETFs that were positive on the week were related to Emerging Markets.  US equities were also a drag on performance last week.  While the ACWI was down just over 1%, CWI, which is the MSCI All Country World ex-US Index was only down -0.07% on the week.

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