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“If the end doesn’t justify the means, what does?” – Robert Moses
After one of those rare instances where an economic report was released on a day when the equity market was closed, the stock market is finally getting its opportunity to react to Friday’s stronger-than-expected employment report. While most major equity indices around the world remain closed for the Easter holiday, US futures are higher across the board to the tune of roughly 0.5%. The one exception is small-caps where the gains at the open will likely be well over 1%.
Read today’s Morning Lineup for a recap of all the major market news and events including the latest US and international COVID trends as well as our series of charts tracking vaccinations, and much more.
Heading into the new week, we wanted to provide a quick snapshot of each S&P 500 sector’s price chart over the last 12 months. Two things about the charts immediately stand out to us. First, all eleven sectors are comfortably above their 50-DMAs which is a sign of healthy breadth across the market spectrum. Secondly, even though every sector is above its 50-DMA and the S&P 500 hit a record high on Thursday, the only sector that also traded at a 52-week high was Real Estate, which accounts for less than 2.5% of the entire index. To us this is a reflection of the healthy rotation we continue to see where when one sector starts to lag, others are there to quickly pick up the slack. In fact, there are currently no sectors that are even 10% from a 52-week high and only two (Energy and Utilities) that are down more than 5% from their respective 52-week highs.