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Concerns yesterday afternoon regarding tensions between the US and China have disappeared this morning, and US equity futures have bounced back following Tuesday’s last hour decline.  Also helping sentiment this morning is a proposed 750 billion Euro recovery fund for member nations and reports that the Japanese government is also considering an additional $1.1 trillion in stimulus.

Airlines, cruises, and other groups hit especially hard from the COVID outbreak are surging this morning with the airlines ETF (JETS) up over 8% and the cruise operators all up over 10%.

Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, news in global markets, global and national trends related to the COVID-19 outbreak, and much more.

After taking into account this morning’s rally in equity futures, the S&P 500 is up over 3.5% month to date- a good month by just about every account.  One part of the day where strength has been lacking, though, is the last hour of trading.  Yesterday, was a prime example.   What was a gain of well over 2% earlier in the day turned into only a little more than 1% by the closing bell as a late-day decline negated what would have been the S&P 500’s first close above its 200-DMA in over ten weeks.

We covered this issue in more detail in last week’s Bespoke Report, but yesterday’s intraday chart provides a good example.  What was an impressive rally for the market, looked a lot less so by the end of the day and the S&P 500 ultimately was unable to close above its 200-DMA yesterday.  Today it will have another chance.  All we need is a strong finish- something that has been far from automatic this month.