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“Be brutally honest about the short term and optimistic and confident about the long term.” – Reed Hastings
It’s been another strong overnight session in terms of earnings results, but as has been the case recently, the market isn’t very impressed. Futures are modestly negative to flat, even after jobless claims came in well below forecasts and at their lowest levels since the pandemic. The ECB left its policy position in place, but we’ll be looking for further details in the press conference coming up shortly.
Read today’s Morning Lineup for a recap of all the major market news and events including the biggest overnight events, some key earnings reports, economic data from around the world, as well as the latest US and international COVID trends including our vaccination trackers, and much more.
Yesterday was a strong day for the equity market, and while the Nasdaq 100 are both near all-time highs, the Russell 2000 continues to struggle. Even after yesterday’s rally, IWM remains below its 50-day moving average. On the one hand, until it can break back above its 50-DMA, the burden of proof is on the bulls, but if it can break above that level, you could argue that much of the froth in small caps has been worked off, so expectations are relatively low.