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“I believe that space travel will one day become as common as airline travel is today.” – Buzz Aldrin
While Richard Branson blasted himself into space over the weekend, futures are a lot more muted this morning as large-cap US equities are indicated modestly lower to start the week. One pocket of strength has been technology as the Nasdaq is trading moderately higher as a just-announced EU delay of implementing a digital tax has provided a boost.
Read today’s Morning Lineup for a recap of all the major market news and events from around the world, a discussion of economic data out of Japan, the latest US and international COVID trends including our vaccination trackers, and much more.
Friday was a good close to the week for small-cap stocks, but it wasn’t enough to erase the damage of the prior days as they were still the worst-performing market cap sector for the week. In the five days ending Friday, mega-cap dominated indices like the Nasdaq 100 and S&P 100 both rallied more than 1.5% and finished the week at either overbought or ‘extreme’ overbought levels. Other large-cap-oriented indices also rallied around 1% last week and also headed into the weekend at overbought levels. At the bottom of the list, all the small-cap focused index ETFs actually fell around 2% while the Micro-Cap ETF (IWC) dropped over 3%. So, while large caps are all overbought heading into the week, mid and small-cap index ETFs are either trading below or barely hanging on to their 50-DMAs.