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“All that glitters is not gold.” – William Shakespeare

It’s a relatively slow news morning in equity markets.  S&P 500 and Nasdaq futures are indicating a slightly higher open, while the Dow 30 is set to open slightly lower.  Bitcoin is down 1% while gold and oil are bouncing back a bit after trading deeply oversold (more on that below).  The 10-year yield is up slightly after crossing above 1.3% yesterday.

Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including key earnings reports out of Europe and the latest US and international COVID trends.

Also, make sure to check out our Daily Sector Snapshot.

The ARK Innovation ETF (ARKK) appears ready to break out of the downtrend it has been in since peaking in the first quarter.  Over the last two months, ARKK has managed to make a series of higher lows and is now just above the “flag” pattern that has emerged.

Given its 10% weighting in the ARKK ETF, Tesla (TSLA) has had a lot to do with ARKK’s broader move.  As shown below, TSLA has also broken out of its downtrend in recent weeks.

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