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“The market does not beat them. They beat themselves, because though they have brains they cannot sit tight.” – Jesse Livermore

Futures were higher across the board earlier but have given up some of their gains heading into the open as the Nasdaq is now indicated to open modestly lower.  Small caps are continuing to build on yesterday’s gains with the Russell 2000 indicated to open up more than 0.7% as investors reassess whether concerns over the Delta variant were a bit overdone.

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.

It’s not often that the spread in 5-day performance between the best and worst-performing sectors in the market is over 10 percentage points, but that is where things stand heading into today’s trading.  While Energy is down over 9% in the last five trading days, three sectors (Utilities, Real Estate, and Consumer Staples) are all up over 1% in the last week.  Despite its recent sell-off, Energy is still one of the top-performing sectors in the S&P 500 this year with a gain of over 28%.  While the losses in Energy have been painful, one could still argue that the sector remains in a consolidation mode following its monster gains off the late 2020 lows.  Technology, meanwhile, remains right in the middle of the pack in terms of YTD performance, but in the short-term is one of the most overbought sector’s trailing only Health Care.