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After trading modestly lower most of the night, futures have been rebounding as we approach the close and are now in positive territory. The Nasdaq, which was down yesterday, is looking to avoid its first back to back declines in two months. On the economic front, Housing Starts and Building Permits were mixed with Starts modestly exceeding forecasts while Permits missed.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, the latest earnings reports, global economic data, trends related to the COVID-19 outbreak, and much more.
Market performance so far this week has been a complete reversal of roles from what we’ve been used to. At the top of the list, cyclical groups have uncharacteristically been leading the way higher as Autos & Auto Parts is up close to 10% while Capital Goods, Insurance, and Transportation have all seen gains of more than 5%. To the downside, groups that have normally topped lists like this are at the bottom with tech-related groups, Media, and Retail (mostly Amazon) all down so far on the week. Whether this trend has any durability remains to be seen, but these groups got a bit ahead of themselves, and their pullback serves as a reminder that their prices can go in more than one direction.