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“All animals are equal, but some animals are more equal than others.” – George Orwell, Animal Farm (published on this day in 1945)

Chinese equity ETFs are trading down more than 2% this morning on continued regulatory concerns out of the country.  US equity futures are lower as well as both Walmart (WMT) and Home Depot (HD) are set to open down following their earnings releases.  These reports mark the unofficial end to the Q2 reporting period, which we will recap further later this week.  Retail Sales were just released and missed expectations with weakness in Autos contributing to the decline.

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

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


The two most overbought sectors at the moment are the two most defensive sectors — Utilities (XLU) and Consumer Staples (XLP).  Utilities have been on an absolute tear lately with XLU now 5.5% above its 50-DMA.

At the same time, the relative strength of the Consumer Discretionary sector just hit new lows.

Want to see more charts and analysis ahead of today’s open?  This morning we’re covering earnings reports from Walmart (WMT) and Home Depot (HD), the recent underperformance of small-caps, weakness for Chinese ADRs, and chart patterns for the mega-cap Tech stocks.  Start a two-week trial to Bespoke Premium and read today’s full Morning Lineup.

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