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“The legacy of heroes is the memory of a great name and the inheritance of a great example.” – Benjamin Disraeli

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

If you commuted to work today, you already noticed that you’re one of the few, as many people decided to use the Friday before Memorial Day as a work-from-home day or even better, a day off.  The data calendar is light to close the week with Durable Goods at 8:30 (stronger than expected) and the University of Michigan Sentiment survey at 10 AM. The preliminary release of this report on 5/10 came in much weaker than expected while one-year inflation expectations surged from 3.2% up to 3.5%.  For today’s report, economists expect the one-year reading to recede modestly down to 3.4%.

Heading into the opening bell, equity futures are trading little changed but with a positive bias while treasury yields are little changed. In Asia, equities were lower, even as Core CPI in Japan slowed to a y/y rate of 2.2%. In Europe, stocks are trading lower to close out the week as they catch up to yesterday’s decline in the US.

This morning’s action follows a disappointing session on Thursday where the S&P 500 opened at record highs and what turned out to be the day’s high. It then traded steadily lower throughout the session, and by the time the closing bell rang, the S&P 500 SPDR ETF (SPY) finished down 0.73% and more than 1.3% from its intraday high.

In today’s Morning Lineup, we looked at prior reversals similar to yesterday’s to see where in the market cycle they tended to occur and how the S&P 500 tended to perform going forward. Were prior occurrences an ominous warning? Sign up for Bespoke Premium to find out!

To continue reading the rest of today’s morning note, where you’ll find much more analysis of global equities and economic readings released this morning, read today’s full Morning Lineup with a two-week Bespoke Premium trial.