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Futures are mixed this morning but off their overnight lows following the US closure of the Chinese consulate in Houston.  Data flow is quiet this morning, but the pace of action is going to pick up substantially with earnings after the close from Microsoft (MSFT) and Tesla (TSLA) among others.  The big question will be whether or not these companies can live up to the higher expectations that have been building up in the weeks leading up to these reports.

Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, key earnings news in Europe and the US, global economic data, trends related to the COVID-19 outbreak, and much more.


With each passing day, as growth stocks seemingly move in one direction (higher) and value stocks remain stagnant and drift lower, the spread in performance between the two investment strategies continues to widen.  In the 100 trading days through Monday, the S&P 500 Growth index was up over 14% while the S&P 500 Value index declined 8% for a spread of 22.5 percentage points.  When was the last time the spread got that wide?  Well, never since at least 1996.

The chart below shows the rolling 100-trading day spread between the performance of the S&P 500 Growth and Value indices going back to 1996.  Prior to Monday, the record spread between the two indices was 22.1 percentage points which was reached during the dot-com boom in December 1999.  Besides that period, the only time the spread was even close to current levels was in March 2009 when it topped 17 percentage points.  In other words, the last two times the performance spread between the S&P 500 Value and Growth indices was anywhere close to as wide as it is now represented one of the worst and the best entry points for the broader market in the last 25 years.  Make sense of that.

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