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It’s looking like another negative end to a week as investors don’t want to make any major moves heading into a weekend where there’s the potential for more negative headlines related to the coronavirus.  Gold is on pace for its 11th positive day in the last 12, while the 10-year yield drops below 1.5% to its lowest levels since last September.

Read today’s Bespoke Morning Lineup below for the latest on the impact of the coronavirus, the rare simultaneous rally in the dollar and gold, European economic data, and diverging performance of European equities from the perspectives of US and European investors.


US markets look set to continue their pullback from overbought levels as we close out the week.  Over the last five trading days, most sectors have pulled back within their trading ranges, and in the majority of cases, we’ve seen a move from overbought to less overbought levels.  Energy is the only sector below its 50-DMA (it is also the only sector that is oversold).  Meanwhile, the Consumer Discretionary sector remains at extreme overbought levels, while Real Estate isn’t far behind.

Despite the lackluster market performance this week, overall US stock market performance this year yeas been strong.  Energy and Materials are the only two sectors that are down YTD while five sectors are up over 5%, including Technology which is already in the double-digit percentage range, and Utilities which is up just over 9%.

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