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“Logic will get you from A to Z; imagination will get you everywhere.” – Albert Einstein

Morning stock market summary

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After two days of losses, futures have made an attempt to rally today, but as the opening bell approaches, the rally has lost some steam.  Treasury yields are still lower on the day as the 10-year yield remains below 3.10%, while crude oil is down over 2%.  On the economic calendar this morning, we’ll be getting house price levels from the FHFA (for June) at 9 AM Eastern and then Consumer Confidence and JOLTS at 10 AM.

It seems these days that the market is solely focused on the Fed, but at the individual stock level, it’s Bed Bath & Beyond (BBBY) and everyone else.  Over the last 12 trading days, shares of BBBY have either been the best or worst-performing stock in the S&P 1500 on nine different trading days.  Not only that, but on one of the three trading days where it wasn’t the best or worst performing stock in the S&P 1500, it was the 2nd worst on one of those days and in the bottom ten on the other two. There are literally hundreds of stocks in the S&P 1500 that will go months or years without cracking the top ten best or worst daily performers list, but for some reason, BBBY has been making it an everyday occurrence lately.  Maybe instead of the S&P 1500, we should call it the S&P Bed Bath & Beyond! It’s often tempting for investors to go where the ‘action’ is, but no one ever gets rich following the crowd.  Use your imagination.  It will take you places.

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