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“Change before you have to.” – Jack Welch

It’s not looking like a fun start to the trading week for bulls.  After falling 300 on Friday, Dow futures have already tacked on another 500 points to that drop and we’re still an hour from the open!  S&P 500 and Nasdaq futures are down by significant but not as large amounts, but the real area of pain is in small caps where the Russell 2000 is indicated to open down by more than 2.25%. At that level, the Russell would be down by slightly more than 10% from its 52-week high.

Read today’s Morning Lineup for a recap of all the major market news and events from around the world, the latest US and international COVID trends including our vaccination trackers, and much more.

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As COVID case numbers rapidly rise across the country and the world, concerns over the trajectory of the recovery have been called into doubt.  That trend has only intensified in the last few days, and the yield on the 10-year US Treasury is a perfect example.  This morning, the yield is down to 1.23%, which is the lowest since February 16th!

If current levels on the 10-year hold, it will end a streak of 172 trading days where the yield closed above its 200-day moving average.  Relative to history, this current streak was nowhere near extreme, but it was the longest streak since December 2018.

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