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There’s no need to adjust your screens this morning.  Equity futures are actually trading higher.  After flirting with bear market territory again last week, the S&P 500 is on pace to open up by about 1%.  There’s little in the way of a positive catalyst to point to this morning, but bulls will take what they can get.  Whether it can last until the closing bell is an entirely different question altogether.

The economic calendar is quiet today with the Chicago Fed National Activity Index the only report of note.  Fed Presidents Bostic and George will be speaking later today, and there will be a number of retail-related earnings reports throughout the week.  The only notable reports on the calendar today, though, are Advanced Auto (AAP) and Zoom Video (ZM) which are both after the close.

In today’s Morning Lineup, we recap events in the Russia-Ukraine war (pg 4), Asian markets (pg 4), other economic data out of Europe and Asia (pg 5), and a lot more.

Last week was a rough one for US equities, but it was horrendous for consumer stocks.  Consumer Staples, which was modestly higher YTD heading into the week, plunged more than 8%, while Consumer Discretionary, which was already one of the worst-performing sectors YTD, got even worse falling just under 8%.  Two other sectors (Industrials and Technology) were down over 3.5% while only three sectors (Energy, Health Care, and Utilities) managed to post gains.  The YTD performance gap between Energy and Consumer Discretionary continues to get more ludicrous with each passing week as the gap now stands at just under 80 percentage points, and no other sector is within 40 percentage points of Energy!

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