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“How old would you be if you didn’t know how old you are?” – Satchel Paige

Morning stock market summary

Below is a snippet of commentary from today’s Morning Lineup.  Start a two-week trial to Bespoke Premium to view the full report.  

After a brief second where it traded above 5,000 yesterday before dipping back down below that level into the close, the S&P 500 is poised to open firmly above that psychological level today. Whether or not it holds into the weekend remains to be seen, but four out of five Fridays this year have been positive.

Driving the tone in futures markets this morning there have been many big reactions to earnings where stocks like Pinterest (PINS), Expedia (EXPE), and Affirm (AFRM) are sharply lower, while shares of Cloudflare (NET) have been the big pre-market winner with a gain of over 25%. Outside of the equity market, treasury yields are little changed, crude oil is modestly lower, and bitcoin is surging back above $47K.
The economic calendar i slight today as the only release is the revisions to CPI seasonally adjusted data.

While there have been some concerning trends related to market breadth lately, one indicator that remains strong is the percentage of stocks hitting 52-week highs.  For three months and running, there hasn’t been a single day where more stocks in the S&P 500 hit 52-week lows than 52-week highs, which is a very impressive run. Now, if we could finally start to see some broadening of the market, maybe we could start to see an expansion in the percentage of stocks hitting new highs as well. Wouldn’t that be nice?

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