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“Experience is a good school. But the fees are high.” – Heinrich Heine

It’s not looking like a particularly positive day for risk assets extending what has already been a painful week.  Equity futures were higher earlier but have given up all of their gains are now firmly in the red.  Bitcoin prices have also been on the decline falling by more than 7%.  Oil prices are lower and the 10-year yield is unchanged.  There’s a lot of economic data and Fed-speak on the calendar today, so be on the lookout for headlines related to these events.

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 recent confidence surveys from major global economies, the latest US and international COVID trends including our series of charts tracking vaccinations, and much more.


It’s been a rough week in the equity market as all of the major US indices are down by a minimum of 1.5% over the last five trading days.  Indices holding up the best have been the Dow and S&P 100, which is comprised of the 100 largest stocks in the market.  At the other end of the spectrum, small-cap stocks have been hit hard.  The Russell 2000 is down over 8%, and the Micro-Cap Index is down nearly 11%.

Within individual sectors, there hasn’t been much shelter either.  Energy has been the leading sector YTD with a gain of over 30%, but it has also declined more than 4% in the last 5-trading days.  Along with Energy, Consumer Discretionary and Communication Services haven’t been nearly as strong YTD, but that hasn’t made them immune to weakness as both sectors are down over 3%.  The only areas of strength in the last five trading days have been the defensive sectors like Utilities and Consumer Staples which have both managed to rally more than 1%.

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