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“The roots of education are bitter, but the fruit is sweet.” – Aristotle
It’s hard to get closer to unchanged in the futures markets this morning than we are now. The S&P 500 is indicated to open up by 3 points, the Nasdaq by 12, and the Dow higher by 10 points. While Hurricane Ida continues to slam Louisiana and the deadline for the US withdrawal from Afghanistan approaches, market-moving news is scarce this morning. In terms of economic data, Pending Home Sales will be released at 10 AM, and the Dallas Fed Manufacturing report comes out a half-hour later.
Last week was a good one for the US equity market with the S&P 500 rallying about 1.5% and the Russell 2000 surging more than 5%. Across individual sectors, though, returns for the week were mixed. For sectors like Energy, Financials, and Materials, it was a great week with all three rallying more than 2.5% and Energy surging by triple that rate. Despite the surge in Energy stocks, though, it is still the only sector that heads into the week below its 50-day moving average.
On the other end of the spectrum, Utilities, Consumer Staples, and Health Care all actually fell more than 1% while Real Estate was also lower. Given its weighting in the overall market, the sector that really matters is Technology, and with a gain of 1.45% that was actually up pretty much right in line with the broader market.
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