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“If you have to ask what jazz is, you’ll never know.” – Louis Armstrong
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
The hangover for bulls came before the weekend last week, and they’re looking to start the week in a party mood with futures on all three major averages in the green and indicated to open about 0.5% higher. That’s only enough to erase a third of Friday’s losses, but it’s better than the alternative. Overnight in Asia, stocks were also firmly higher, while Europe’s STOXX 600 is up 0.6%. There’s no real catalyst for the gains this morning, but there’s also little in the way of economic and earnings data, so there’s not a lot of conviction behind the move.
While equities are moving higher, energy prices are down across the board, with WTI crude oil trading down 2% following the OPEC+ announcement that it would proceed with its September output hike of 547K barrels. Metals are fractionally higher across the board, and treasury yields are unchanged to modestly higher. Given the bounce in equities, you would expect to see crypto also rebound; however, both Bitcoin and Ether are still trading right around where they were last Friday.
Right on cue, it seems, the typical late summer seasonal weakness has interrupted a market that had a consistent early summer bid. After a string of record highs, the S&P 500 sold off on an intraday basis every day last week. When the bell rang on Friday, the Nasdaq 100 (QQQ) and S&P 500 (SPY) were both down over 2% for the week, while the ne’er-do-well Russell 2000 (IWM) fell over 4%. As steep as the declines were, though, only two of the fourteen index ETFs shown below finished the week below their 50-day moving averages (DMA), and all fourteen were in neutral territory.
