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“Any product that needs a manual to work is broken.” – Elon Musk

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

Equities are looking to make it three in a row, but skeptics aren’t holding their breath just yet.  Driving the gains this morning is Tesla (TSLA), which is up more than 11% in reaction to what pundits have called a “terrible” report. The report was so terrible that this morning’s gap higher at the open will be the largest since October 2019.  Whether that’s a reflection of what the pundits know or just how oversold the stock was heading into the report, we’ll leave it for you to decide. The economic calendar is quiet this morning with Durable Goods at 8:30 being the only report. Tomorrow will be a lot busier, though, so enjoy the calm while it lasts.  The pace of earnings has been busy and will only get busier after the close when we’ll hear from Chipotle (CMG), Ford (F), IBM, Meta (META), and ServiceNow (NOW) to name a few.

A two-day rally of 2% may not sound that impressive based on how the market traded from November to March but compared to what we have seen so far in Q2, we aren’t turning our noses up on it.  While the S&P 500 has rallied over 2% so far this week, on an equal-weighted basis, it’s up just 1.70%.  Below we summarize the performance of individual stocks by sector.  Not surprisingly, Technology stocks have experienced the most upside with an average gain of 2.50%, and right behind, stocks in the Health Care and Consumer Discretionary sector have seen average gains of over 2%.  The only other sectors that have experienced better than average returns are Industrials (1.97%) and Real Estate (1.95%).  To the downside, Materials is the only sector where the average stock is lower (-0.58%), but every other sector has averaged gains of at least 1%.

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