Even with President Trump leaving Hanoi with no deal, futures are little fazed this morning as the focus is on economic data including GDP, Jobless Claims, and Chicago PMI. Read all about overnight events and this morning’s news in today’s Morning Lineup.
With the S&P 500 stalling out just below the 2,800 level in recent days, we wanted to provide a quick update on where the market and individual stocks within the S&P 500 stand relative to their 52-week highs. The chart below shows how far every stock in the S&P 500 closed yesterday versus their 52-week high. While the S&P 500 is just over 5% from its September high, individual stocks in the index are down an average of 14.2% from their respective highs. That may sound like a pretty wide divergence, but it’s actually pretty common as not all stocks hit new highs in unison with the market. In fact, even when breadth is very positive, it’s rare that even 25% of stocks in the index will hit 52-week highs on the same day. As things stand now, 43 stocks in the S&P 500 closed within 1% of a 52-week high yesterday while 150 closed within 5%.
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