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“This is not an antitrust case but a return of the Luddites.” – John Warden, Microsoft Trial Attorney, October 1998
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
There’s a bit of a hangover in the markets this morning as equity futures are lower across the board. Besides the fact that markets just need to digest last week’s gains, news out of the EU over probes into Alphabet (GOOGL), Apple (AAPL), and Meta (META) haven’t helped. Also, in China, the government is now banning the use of AMD and Intel (INTC) in government computers.
On the economic calendar, the Chicago Fed National Activity Index came in better than expected rising to 0.05 vs -0.34 expected. The only other reports scheduled for today are New Home Sales at 10 AM and the Dallas Fed Manufacturing report at 10:30.
Last week, the S&P 500 had its best week of the year, but the rally wasn’t only here in the US, though. As shown in the snapshot of regional international ETFs from our Trend Analyzer below, of the 18 ETFs listed, all but one was up and just three – Latin America (ILF), International Dividend Achievers (PID), and Emerging Markets (VWO) – didn’t close out last week at overbought levels (1+ standard deviations above the 50-day moving average). It’s also worth noting that 17 of the 18 ETFs shown are also up YTD.
Here in the US, it was a broad rally last week as Real Estate was the only sector ETF to finish in the red, and seven of eleven sectors rallied over 1%, including three that were up over 2.5%. Normally, when you have a big gain in the market like last week, you can expect to see Technology at the top of the performance list, and while the 2.25% gain for the sector was pretty much right in line with the S&P 500, it was ‘only’ the fourth best-performing sector on the week. On a YTD basis, Technology ranks as just the fifth best-performing sector, and six other sectors are more extended relative to their 50-day moving average. Technology has been far from a dog lately, but it’s certainly given up some of its leadership position, and it’s understandable with several of the mega-caps now in the crosshairs of US and EU regulators.
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