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“When everybody thinks alike, nobody thinks.” – Bill Walton
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
While the US observed Memorial Day yesterday, trading in the rest of the world was uneventful but generally positive. This morning in the US, futures are very modestly higher as the S&P 500 and Nasdaq look to make it six weeks in a row of gains. The Nasdaq is leading the way higher this morning as shares of Apple (AAPL) are higher on news of strong sales in China while Nvidia (NVDA) is also up following news that xAI has raised $6 billion in funding, and much of that will likely get plowed right into NVDA chips.
There’s a lot of economic data on the calendar this morning and this week, so check out this morning’s report for a full rundown.
Recent market action has been much less uniform despite year-to-date gains across most sectors. Last week, the S&P 500 eked out a small gain, but nine out of eleven sectors fell. Seven sectors dropped at least 1%, with Energy and Real Estate plummeting over 3.5%. Conversely, Technology and Communication Services were the lone bright spots, finishing the week in positive territory. The spread between the best and worst performers (Technology and Energy, respectively) exceeded five percentage points, highlighting the underlying volatility beneath the seemingly placid surface.
The performance of the Technology (XLK) and Energy (XLE) sector ETFs since last October’s low further illustrates divergences in sector performance. Just as tech started to rally late last year, energy stalled and moved sideways through January. Then, in late January, as momentum in the tech sector stalled, energy stocks picked up steam until April when the two sectors started to reverse course again. With sectors moving in their independent ways lately, Bill Walton would approve!
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