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“If I have to go around telling everyone how great I am, then there’s something wrong with my act.” – Les Paul

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

It’s a generally quiet morning in markets ahead of what could be a busy day, depending on how a trifecta of potential catalysts play out. First, US-China trade talks will resume in London in London, and then we could also get an update from the Senate with its version of the reconciliation bill and what changes it made to the House’s version. To round out the trifecta, Apple (AAPL) will be holding its annual Worldwide Developer Conference (WWDC).  In last Wednesday’s Chart of the Day, we looked at how the stock typically performs leading up to and after the conference, so make sure to check that out, if you haven’t yet.

The S&P 500 closed above 6,000 for the first time since 2/21, and with a gain of just over 2%, it’s firmly back into positive territory for the year. Overall breadth on the year has also been strong as eight sectors are up YTD, and just three – Consumer Discretionary (-6.8%), Energy (-3.4%), and Health Care (-2.6%) are in the red. The only other sector that’s underperforming the S&P 500 this year is Technology (1.1%), and because it’s easily the largest sector, that’s why so many sectors are outperforming, including five sectors that are up over 5%. The best performing sector, though, is Industrials which finished last week up just shy of 10% for the year.

The technical picture for Industrials also looks positive. For about the last month now, the sector has been trading right around its highs from late last year, and while it was acting as resistance, just last Friday, it broke out to new highs just as the rising 50-DMA looks like it’s on track to cross back above the 200-DMA.  Late last year, we were positive on the Industrials sector given the trend of onshoring and less regulation in a second Trump administration, and that has, so far, played out this year.