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“It is not the mountain we conquer, but ourselves.” – Edmund Hillary

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

Tech led the way higher for the S&P 500 and Nasdaq yesterday, but the tone is more subdued this morning as futures move lower across the board. While no particular catalyst can be cited for the weakness, higher rates and higher oil prices never help.   Following yesterday’s weak Treasury auctions, traders will have their eyes glued to the $44 bln offering of 7-year notes to see how that gets received.

Seventy-one years ago today, Edmund Hillary and Tenzing Norgay became the first known people to reach the summit of Mount Everest. Given the anniversary, it’s only fitting that yesterday was the first ever day that the Nasdaq “conquered” 17,000. Despite the Nasdaq’s achievement, if it was a mountain, measured in feet, 17,000 doesn’t even crack the world’s tallest 100 peaks and would be less than two-thirds the height of Everest.

The table below lists each 1,000-point threshold that the Nasdaq has crossed in its history. Yesterday’s cross of 17,000 was just a 6.3% gain relative to 16,000, but the 921 days that elapsed between the first cross of each threshold was the third longest span between 1,000-point thresholds in the index’s history.  Besides the 8,928 days it took from inception to cross 1,000, the only two others that were longer were the 1,095 days between 1,000 to 2,000 and the 6,256 days between 5,000 to 6,000. You can argue that the Nasdaq has reached lofty levels, but since 11/19/21, it has rallied less than 6.3% which works out of 2.3% annualized. Cherry-picking? Maybe. But it does help to put things in perspective.

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