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“I may have been born at night, but it wasn’t last night” – T. Boone Pickens
We’ve had a positive tone in equity futures for most of the night and into this morning, although the magnitude of the implied gains has been waning in the last several minutes. Initial and continuing jobless claims were just released and both came in lower than expected falling to levels not seen in more than 50 years! Durable Goods Orders, however, weren’t as strong with both the headline and ex Transportation readings coming in at negative levels.
On the geopolitical front, today’s NATO summit is likely to result in some headlines later today as more sanctions will be announced. On the ground in Ukraine, Russian troops still appear to be facing much more significant than expected resistance. For more on that, check out our commentary in today’s report. The strong resistance on the part of Ukraine has been impressive and welcome, but also raises the risk of Russia taking more drastic measures to win the war, something none of us hope to see.
Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.
After a brief period mid-month where the sector took a back seat performance-wise, Energy finds itself back on top of the leaderboard with a gain of over 8% in the last week. For the year, Energy is up nearly 40% and once again remains the only sector in positive territory for the year. For much of the year, Energy’s gain meant pain for sectors like Consumer Discretionary and Technology, but both of these sectors are currently ranked in the top four of the eleven sectors with gains of 4.2% and 2.5%, respectively, over the last week. At the bottom of the list, no sectors are down in the last week, but defensive like Real Estate, Health Care, Utilities, and Consumer Staples have lagged with gains of less than 1%. So the market has been in a bit of a risk-on mode lately. Despite their underperformance over the last week, Utilities and Health Care are two of just four sectors that are in overbought territory.
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