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“Uneasy lies the head that wears a crown.” – William Shakespeare
The calendar may have changed, but the market hasn’t seemed to notice as futures are continuing the gains we saw to close out August. The first major economic report of the month was ADP Private Payrolls, and for the second straight month, it missed expectations by a wide margin (over 250K). Still ahead, we’ll have the Markit Manufacturing PMI report at 9:45 and ISM’s Manufacturing report at 10 AM.
Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.
August marked the seventh straight month of gains for the S&P 500. That’s the longest winning streak for the index since the ten-month streak that ended in January 2018. Including the current streak, there have now been 15 winning streaks of seven or more months for the S&P 500 since 1945, and of the prior fourteen, the majority (10) went on to at least an eighth month, and whether or not the streak extended to eight months or not, the S&P 500’s median performance in the month after the seventh straight up month was a gain of 1.6%. The longest winning streaks for the S&P 500 all came in the 1950s when there were three separate winning streaks of 11 months, and the longest since then was the ten-month streak ending in January 2018.
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