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“A market downturn doesn’t bother us. It is an opportunity to increase our ownership of great companies with great management at good prices.” – Warren Buffett
Futures markets are doing their best to forget last week’s decline in the equity market. Futures are 1% higher as March is certainly coming in like a bull. There’s a decent amount of good news related to the economy and COVID trends, including the approval of J&J’s one-shot vaccine. The J&J news was expected, though, so it will be interesting to see how the rally holds up once the opening bell rings. The Nasdaq 100 tracking ETF is set to open up at around $318.5 which is a bit shy of its 50-Day Moving Average ($320) so that potential resistance still looms overhead.
Be sure to check out today’s Morning Lineup for updates on the latest market news and events, earnings reports from around the world, Markit PMI Data, trends in unionization, an update on the latest national and international COVID trends, including a new series of charts tracking vaccinations, and much more.
Treasuries had a nice rebound on Friday, but the rally did little to dig them out of the hole they’ve dug for themselves, especially at the longer end of the curve. Including Friday’s rebound, the iShares 20 Plus Year Treasury Bond ETF (TLT) is down 9.6% over the last 50 trading days. That’s an improvement from Thursday’s reading of -12.7%, but it still ranks as one of the sharpest drawdowns over a 50-trading day period since the ETF’s introduction in 2003. Before last week, the last time the ETF was down by as much over a 50 trading day period was in December 2016 just after the election. The recent sharp downside move in long-term US treasuries has been a big wake-up call for investors, but at the same time, it has hardly been unprecedented.