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“When Henry Ford made cheap, reliable cars people said, ‘Nah, what’s wrong with a horse?’ That was a huge bet he made, and it worked.” – Elon Musk

The pace of earnings reports has picked up steam considerably, but the pace of earnings beats has remained strong so far. This morning, nearly 80% of companies reporting have topped EPS forecasts and more than 70% have topped revenue forecasts.  All in all, a strong showing.  We’re also even seeing a number of positive price reactions to the companies reporting with UPS being a notable winner in early trading.

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.


The S&P 500 hit an all-time high yesterday, and overall breadth has remained positive.  One example we wanted to highlight this morning is the fact that of the 62 industries within the S&P 500, 49 (79%) are within 5% of a 52-week high, and 21 (34%) are within 1% of a high.  That leaves just 13 industries (21%), which are highlighted in the chart below, down more than 5% from their respective 52-week highs.  Leading the way to the downside, Energy Equipment is down nearly 17% after its blistering rally late last year and early this year while the Autos group is down just over 14%.  Another notable industry in the group is Technology Hardware, which is basically a proxy for Apple (AAPL).  That’s the only industry from the Technology sector in the group that is down over 5%, but we did find it interesting that two other industries with the word ‘technology’ in them are also included- Biotechnology (-5.02%) and Health Care Technology (-10.2%).

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