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Futures are attempting a turnaround this morning, but the bounce is tepid at best.  That’s especially true when you consider the magnitude of yesterday’s move.  Unfortunately, clarity on the coronavirus will only come with time, and that’s one thing even the Fed can’t control.

Read today’s Bespoke Morning Lineup for the latest on the impact of the coronavirus, where it’s starting to show up in economic data, and the latest stock-specific news.


Yesterday was certainly one of those days where investors threw out everything including the kitchen sink.  That was not only the case in the US but also in Europe.  While just 13 stocks in the S&P 500 finished up on the day yesterday, for the STOXX 600, which includes stocks from all over the continent, only six stocks finished the day higher.  That combined reading of just 19 stocks was the tenth weakest single-day breadth reading for the two indices going back to 1998.  The table below lists each of the prior days where the total number of advancing issues between the S&P 500 and the STOXX 600 was below 20. Prior to yesterday, the last time breadth was as weak or weaker was back in August 2015 and before that 2011.

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