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Markets have seemingly been moving in one direction for the last several weeks, but today are getting a dose of reality on concerns over the pace of the economic rebound and whether it will be derailed by a new surge in cases around the country. No one said the recovery would be a smooth one.

If the current pace of declines holds, today will be the first 1% decline at the open for SPY since May 1st, and the 7th since the March 23rd low. If those prior periods are any indication, don’t look for much in the way of a rebound.  In the six prior occurrences, the S&P 500 continued lower from the open to close four out of six times.

Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, moves in overseas markets, global and national trends related to the COVID-19 outbreak, and much more. In today’s report, we have also started to include data on state by state trends in hospitalizations.

In yesterday’s Chart of the Day, we highlighted the strong performance of large-cap tech as measured by the FANG+ Index over the four weeks.  This morning we wanted to highlight the recent strength in another way by noting that yesterday’s rally was the fourth straight day where the FANG+ Index rallied 1% or more.  As indicated by the red dots in the chart below, that’s only happened four other times in the index’s history dating back to 2014.