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With earnings season not kicking off until next week, it’s an unusually quiet day in terms of data as there are no major earnings reports to speak of and the economic calendar is pretty much empty.  Futures are modestly higher as we type this and have been vacillating above and below the unchanged level all morning.  Gold is rallying to its highest levels since 2011, and copper isn’t far from 52-week highs.

Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, auto sales in China, global and national trends related to the COVID-19 outbreak, and much more.

Nasdaq futures are up considerably more than the S&P 500 this morning, continuing a trend of outperformance for the Nasdaq that has been in place for several months now.  The Nasdaq 100’s decline yesterday ended a streak of five straight days where the index was up at least 0.5%.  While that sounds impressive at face value, back in May, there was actually a streak of six trading days.  Prior to that streak, the last time the Nasdaq 100 was up more than 0.5% for five straight days was in June 2019, and before that, you have to go all the way back to 2011 to find the last streak before that.

After five straight days of gains, one might think that the Nasdaq 100 was getting ahead of itself, and while a short-term pullback may be in the cards, these streaks of 5 or more days of 0.5% gains have been relatively common throughout the Nasdaq 100’s history.  As shown in the chart below (on a log scale where each label on the y-axis represents a doubling in price), while there were a couple of occurrences near the 2000 peak, there were also loads of similar streaks in the entire runup of the 1990s.