See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week free trial to Bespoke Premium. CLICK HERE to learn more and start your free trial.
Futures are only indicated slightly lower this morning after trading down significantly more shortly after they opened Sunday night. Investors have shaken off early concerns related to rising COVID case counts, but gold prices are near multi-year highs, and the 10-year yield remains below 0.70%.
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.
The S&P 500 is currently on pace for a gain of just under 2% in the month of June which is nothing to sneeze at. However, after a gain of over 12% in April and more than 4% in May, June performance seems relatively meager. That being said, the slowdown in the pace of the rally this month is helping to work off overbought conditions for most sectors. Through Friday’s close, just three sectors (Technology, Communication Services, and Consumer Discretionary) are overbought while the remaining eight sectors finished the week off in neutral territory. Of those eight sectors, the only one below its 50-day moving average is Utilities, which was also down more than any other sector last week (-2.01%). Technology continues to top the leaderboard as it’s up the most of any sector YTD, the most above its 50-DMA, and, behind the Health Care sector, was the second-best performing sector last week.