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.

Earnings season kicked off this morning with JP Morgan (JPM) reporting Q1 results.  If first impressions are to be trusted, it could be messy.  Of the six companies reporting this morning, three missed EPS forecasts (JP Morgan, Wells Fargo, and Conn’s), two beat EPS forecasts (First Republic and Johnson & Johnson), and one reported inline bottom-line results (Fastenal).  This is just the tip of the iceberg, though, as the pace of reports will only pick up going forward.  Despite the weakness in results, the one silver lining is that expectations couldn’t be much lower, so that should help to set the bar incredibly low.

Read today’s Bespoke Morning Lineup for a discussion of overnight market events in Asia and Europe, the first batch of US earnings reports, the latest trends and statistics of the COVID-19 outbreak, and other stock-specific news of note.

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We’ve talked in the past about how the US and every sector has finally moved out of oversold territory.  On a more global scale, we have seen the exact same trend.  The image below is from our Trend Analyzer and shows the performance of various international regional ETFs.  What’s striking about this chart is how every ETF has not only moved out of oversold territory, but they are also all at nearly the same spot with regards to its trading range. Talk about uniformity!

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