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There may not be as many fireworks as usual this weekend due to restrictions on social gatherings during the COVID pandemic, but on Wall Street, the fireworks are coming early. Futures are firmly in the green on what has historically been a strong period for equities, and things are likely to only get more explosive later this morning with the release of the June Non-Farm Payrolls report and Initial Jobless Claims. What color the fireworks end up will likely be determined by how these reports come in relative to expectations.
Given the observance of the July 4th Holiday tomorrow, US markets will be closed, so there will be no Morning Lineup tomorrow. Happy 4th!
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, global and national trends related to the COVID-19 outbreak, and much more.
Across the universe of S&P 500 sectors, we’re seeing quite a wide disparity between performance coming into the third quarter. Leading the way to the upside, Technology still reigns supreme as the sector is more than 8% above its 50-day moving average (DMA), followed by Consumer Discretionary (6.0%) and Real Estate (5.4%). At the other end of the spectrum, Energy (-3.35%) is the only sector that is below its 50-DMA.
In addition to the three leading sectors highlighted above, the only other sector that is currently overbought is Communication Services, while every other sector is in neutral territory.