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 trial to Bespoke Premium.  CLICK HERE to learn more and start your trial.

Bespoke’s Quote of the Day: “In trading, you have to be defensive and aggressive at the same time. If you are not aggressive, you are not going to make money, and if you are not defensive, you are not going to keep the money.” – Ray Dalio

Below is a snippet of content from today’s Morning Lineup for Bespoke Premium members.  Start a two-week trial to Bespoke Premium now to access the full report.

As shown below, the 8 largest US stocks are all in the red so far this month for an average decline of 8.2%.  The rest of the stocks in the large-cap Russell 1,000 are only down an average of 8 basis points.

The FANG+ Index is made up of 7 of the 8 largest stocks listed above (excluding BRK/B), but it also includes Netflix (NFLX), Alibaba (BABA), and Baidu (BIDU).  Since April 4th, the FANG+ index is down 17%, and it’s down 28% from its highs.

Below we show how the FANG+ index has performed versus the S&P 500 since 2/19/20 – the peak day for the US stock market before the COVID pandemic hit.  FANG+ stocks exploded higher in late 2020 and peaked versus the S&P in early 2021 with an outperformance spread of more than 70 percentage points.  That outperformance has been eroding rapidly since last November and the spread is only +15 percentage points now.

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