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Futures were already higher coming into the morning following last night’s 60 Minutes interview with Fed Chair Powell, where he noted that “There’s really no limit to what we [Fed] can do.” In the last hour, we have seen the premarket gains more than double following news from Moderna (MRNA) that phase one results from its COVID vaccine study showed promising results and was tolerated well by subjects. There’s still a long road to travel before this vaccine would be available even if it proves to be effective, but any light at the end of the tunnel is welcome.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, economic data out of Singapore and Japan, the latest global and national trends related to the COVID-19 outbreak, and much more.
While it was a negative week for equities, it ended on a positive note with the S&P 500 trading down over 1% on an intraday basis on both Thursday and Friday but managed to finish in positive territory both days. It may not sound all that out of the ordinary, but the last time we saw back to back intraday rebounds of that magnitude was all the way back in January 2009, and there have only been seven other times in the history of SPY that it has happened. Each of those occurrences are highlighted in the chart below. As shown, they were all bunched around 2002 and 2008/2009, and with the exception of the occurrence on 9/12/08, they all typically occurred around bear market lows.