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.

“The people who were trying to make this world worse are not taking the day off. Why should I?” – Bob Marley

Morning stock market summary

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

Can we finally get an up day today? Equity futures are higher this morning, but as the last week has shown, that means nothing. There’s not much of a catalyst for the rally this morning, besides the market reaching short-term oversold levels. The only economic report on the calendar is the Chicago Fed National Activity Index, and even though this week’s earnings calendar is jammed-packed, today is relatively quiet with Verizon (VZ) and Truist (TFC) being the only major reports so far. After the close, things will also be relatively quiet, but we will get reports from SAP (SAP), Nucor (NUE), Cleveland-Cliffs (CLF), and Ameriprise Financial (AMP).

The S&P 500 had its worst week in over a year (-3.05%), so you would think that pretty much everything was down on the week. That wasn’t the case, though. In the S&P 500, there were actually 179 stocks that finished higher on the week (35.8% of the index), and four of the eleven sector ETFs finished the week higher. Utilities (XLU) and Consumer Staples (XLP) were both up over 1%, Financials (XLF) were up nearly 1%, and Health Care (XLV) was marginally higher. Granted, these aren’t the leadership sectors that market rallies are made of, so you know it’s a tense environment whenever you see defensive sectors leading, but it does show that investors aren’t just exiting equities en masse.

On the downside, the big drag was Technology. With a drop of over 6%, the sector had its worst week since early November 2022 just as the sector was bottoming. Behind Technology, Consumer Discretionary (XLY) and Real Estate (XLRE) were both crushed with declines of over 3.5%.

Technology is the biggest sector in the market, and its chart has started to show signs of breaking down. After last Monday’s break below the 50-DMA, the sector hasn’t been able to come up for air since, and it’s now trading closer to its 200-DMA than its 50-DMA.  One potential silver lining is the fact that last Friday’s decline came to a close right at levels that coincide with the high before the late December peak that was followed by a brief but sharp pullback of nearly 5%.  For comparison, the current decline in the sector has been nearly twice that at roughly 9%.

Continue reading today’s Morning Lineup.

For much more analysis of global equities and economic readings released this morning, read today’s full Morning Lineup with a two-week Bespoke Premium trial.

Print Friendly, PDF & Email