See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium. CLICK HERE to learn more and start your trial.
“Tides do what tides do – they turn.” – Derek Landy
Futures are higher heading into the open and are little changed following the latest release of jobless claims. While Wednesday’s ADP report was a disappointment, jobless claims were generally positive. Initial claims were essentially right in line with forecasts, and at a level of 385K are within 20K of the past-COVID weekly low. On a continuing basis, claims finally dropped below 3 million to 2.93 million. This week’s decline of 366K was also the largest one-week drop in claims since last November.
Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including a recap of German Factory Orders, some key earnings reports from around the world, the latest US and international COVID trends including our vaccination trackers, and much more.
After a bounce off its mid-July lows when it was down 10% from its 52-week high, the Russell 2000 ran out of steam right at its 50-DMA to close out the month of July. So far, August hasn’t been particularly friendly to small caps. While the S&P 500 and Nasdaq are both comfortably higher this month, the Russell is already down over 1%. Over the next couple of days, investors will be watching that index closely to see if the low from mid-July can hold.