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Can we make it eight in a row? Based on this morning’s move in the futures, the DJIA and S&P 500 are both on pace to extend their current seven-day winning streaks to eight. The Nasdaq, meanwhile, is working on its own streak as it is on pace to underperform the S&P 500 for the third straight day.
In economic news, the NFIB Small Business Optimism report missed expectations, and PPI came in much higher than expected. That hotter than expected inflation data hasn’t had any impact on futures as of yet, though.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, market performance in the US and Europe, trends related to the COVID-19 outbreak, and much more.
As the S&P 500 sets its sights on new record highs, its cumulative A/D line has already set the path. With a number of positive readings in the last few days, the cumulative A/D line has broken out of its short consolidation range from the last couple of weeks. That’s an encouraging sign for the direction of the market going forward, even as tech starts to take a back seat.