See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week free trial to Bespoke Premium. CLICK HERE to learn more and start your free trial.
“In a wicked world, relying upon experience from a single domain is not only limiting, it can be disastrous.” – David Epstein – Range
US equity futures are shaping up a lot like Monday where the Nasdaq is leading the way, although unlike yesterday where all three major averages were higher on the day, so far it’s just the Nasdaq. Treasury yields and crude oil are both trading lower to start the day as rising COVID cases in Europe have dampened risk appetite.
In Fed news, Dallas Fed President Robert Kaplan was on CNBC earlier and said he sees inflation for 2021 coming in at a rate of 2.25% to 2.50% but sees the rate of price increases declining again in 2022. Kaplan is only the first of many Fed officials, including Powell, scheduled to speak today, so expect a lot of headlines on that front.
Be sure to check out today’s Morning Lineup for updates on the latest market news and events from the US and around the world, including a discussion of the recent moves in rates, equity performance in Asian benchmark indices, the latest US and international COVID trends including our series of charts tracking vaccinations, and much more.
The Philadelphia Semiconductor Index (SOX) has been in a relatively steady downtrend since its high in early February. Last week the SOX briefly traded and closed above that downtrend but quickly reversed back below. Yesterday, the SOX’s rally to kick off the week not only brought the index back above its 50-DMA and downtrend line, but it was also the first time that the index opened and traded above that downtrend line for the entire trading session. The SOX has still underperformed the broader market by a relatively wide margin over the last month, but if it’s going to get back on track, it has to start somewhere.