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“Chronic indecision is not only inefficient and counterproductive, but it is deeply corrosive to morale.” – Robert Iger, The Ride of a Lifetime
US Equity futures are indicated higher but only modestly so as the Nasdaq looks to avoid a five-day losing streak. The big news of the morning, though, is Initial Jobless Claims which dropped below 500K for the first time since the pandemic began.
Read today’s Morning Lineup for a recap of all the major market news and events including a snapshot of major US and international index performance, as well as the latest US and international COVID trends including our vaccination trackers (which continue to show a significant deceleration in vaccine uptake), and much more.
Remember those days earlier in the year when you could look at the yield on the 10-year US Treasury and know exactly which way the Nasdaq was going. That’s still the case today, but it’s just the opposite relationship. Whereas yields and the Nasdaq were negatively correlated for much of the year, the opposite has been the case recently where the 10-year yield and the Nasdaq have been trading in the same direction over the last four trading days. That’s the way the market works, though; just when a pattern becomes so ingrained in the minds of investors, the script changes!