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Some relatively encouraging news over the weekend regarding the status of the COVID-19 outbreak in both Europe and the US has equity futures and other risk assets in rally mode this morning. In recent weeks, there has been some variability in weekend data, so that will make today’s updates on the outbreak even more important. If the recent trajectory of case counts and deaths manages to hold, though, it would be one of the most encouraging trends we have seen in weeks.
Read today’s Bespoke Morning Lineup for a discussion of the latest trends and statistics of the outbreak, an analysis of the factors driving stocks in Europe in today’s rally, and the latest investor expectations surveys out of Europe.
The S&P 500 and most sectors are starting out the week at oversold levels, but we’ve definitely started off prior weeks on a worse footing recently. In fact, two sectors (Consumer Staples and Health Care) aren’t even oversold. If today’s pre-market rally in the futures holds, we could finish off the day with no sectors at oversold levels. Wouldn’t that be nice?