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“Creating success is tough. But keeping it is tougher. You have to keep producing, you can’t ever stop.” – Pete Rose, who was permanently banned from Major League Baseball on this day in 1989.
US equity futures opened modestly higher Sunday evening and have been building on those gains ever since. Along with higher equities, crypto-markets are also rallying as bitcoin tops $50K. While there hasn’t been much improvement in the situation over in Afghanistan over the weekend, it hasn’t gotten any worse either. The focus going forward this week will be on the Fed’s (now virtual) Jackson Hole conference later this week.
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.
A look at the major averages to kick off the week shows the current dichotomy between small and large caps. In the small-cap space, the Russell 2000 remains right near the low end of its YTD range, and after closing below its 200-day moving average (DMA) for a day, it bounced back on Friday to close out the week on a positive note. Large-cap stocks, as proxied by the Nasdaq 100 and S&P 500 didn’t even test their 50-day moving averages last week, but like the Russell 2000, they also bounced Friday helping to erase much of the declines from earlier in the week.
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