Futures have been all over the place this morning on headlines coming out of China (what else is new) and the latest ECB rate decision. In the US, jobless claims are due out shortly, and investors are hoping the recent string of increases reverses. Read today’s Bespoke Morning Lineup below for major macro and stock-specific news events, updated market internals, and detailed analysis and commentary:
With all the wild swings we have seen, the US equity market has essentially been trapped in a box over the last several weeks, albeit a relatively large one ranging from 2,600 to 2,800. Until stocks break out of that range in either direction, it’s hard to read these day to day moves as anything more than noise. Right now, the S&P 500 is trading a lot closer to the bottom end of that range than the lower end, so at this point, there’s less room for error.
Perhaps one clue of which way the market will break is to watch the semis. They led the broader market lower, and they too have been pretty much boxed into a range for the last several weeks. Like the S&P 500, the semis are also trading a lot closer to the bottom end of the range than the top.
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