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“The four most dangerous words in investing are: this time it’s different.” – Sir John Templeton
1.5 million. That’s the key number for the day. Will the July Non-Farm Payrolls report come in higher or lower than that? Concerns have risen in recent weeks that renewed restrictions due to the COVID outbreak would hurt employment, and today’s report will shed light on those concerns. Whatever the number comes in at, keep in mind that there is clear evidence that the latest wave of the outbreak is receding, so that should help numbers going forward.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, key earnings and economic news in Europe and the US, trends related to the COVID-19 outbreak, and much more.
Wednesday was the 150th trading day of the year, and during that time the Nasdaq 100 has been up 64% of the time. In the history of the index since 1985, there have only been two other years where the winning percentage of the index was stronger at this point in the year. In 2017, Nasdaq 100 was up on the day 66% of the time in the first 150 trading days of the year while in 1995, it was up 64.7% of the time. While there have been times when the Nasdaq 100 was slightly more automatic than it has been in 2020, it hasn’t been often.