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We certainly wish we could have more days like yesterday. Although the market didn’t rally enough to erase Friday’s losses, the strong rebound was a moral victory for bulls heading into the final day of the quarter. The rebound also helped to support the idea that last week’s declines were at least in part due to portfolio rebalancing. This morning, futures are mixed with the Dow and S&P 500 indicated modestly lower while the Nasdaq is higher driven by positive earnings reports and guidance from Micron (MU) and Xilinx (XLNX). In terms of data, Chicago PMI and Consumer Confidence will be the key reports to watch.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, European markets and data, global and national trends related to the COVID-19 outbreak, and much more.
It’s not only going to be hard to say goodbye to yesterday but also the last quarter. With a gain of over 18% heading into the last day, the S&P 500 is on pace for its best quarter since the last quarter of 1998. This quarter’s gain comes after last quarter’s swoon of 20%, so YTD the market is still in the hole by over 5%.