See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week free trial to Bespoke Premium. CLICK HERE to learn more and start your free trial.
“It’s not so important who starts the game, but who finished it.” – John Wooden
While the week came in like a bear, it’s looking to go out like a bull as US equity futures are in the green across the board. The Nasdaq is already in positive territory for the week, and if current pre-market levels hold, the S&P 500 could make it just barely into positive territory, but a win is a win no matter what the score. The economic calendar is relatively quiet to close out the week with flash PMI readings for May at 9:45 and Existing Home Sales at 10 AM. In addition to those reports, four Fed officials are also scheduled to speak throughout the day.
Read today’s Morning Lineup for a recap of all the major market news and events including a recap of overnight economic and earnings data, an updated look at global PMI readings as well as the latest US and international COVID trends including our vaccination trackers, and much more.
With three down days to start, a down week for the Nasdaq was looking like a foregone conclusion on Wednesday. Thursday’s rally changed that script, and instead of the fifth straight week of losses, the Nasdaq is on pace for its first positive week in May. Ever since the index failed to take out its February high in late April, the Nasdaq has been under pressure, but this week’s rally, or more accurately, the rally off Wednesday’s lows has put the 50-DMA into play. Futures are indicated higher this morning which would put the Nasdaq back above its 50-DMA to close out the week, but there’s still six and a half hours of trading left in the week. One encouraging sign is that along with the gain in the Nasdaq, semis have also shown some leadership for a change after weeks of underperformance.