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“We’re using modern technology to revert to primitive kinds of human relations.” – Bill Clinton

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

It’s late August, so it shouldn’t come as a surprise that the market tone is quiet to start the week, especially with earnings season winding down. The only report on the calendar this morning is leading Indicators at 10 AM, and for the rest of the week, the only other notable reports are initial claims (Thursday), new (Friday) and existing (Thursday) home sales, and flash PMI readings (Thursday) from S&P being the only other reports to look forward to. Besides these data points, though, the market will also be focused on Wednesday’s Fed Minutes, benchmark revisions to Non-Farm Payrolls, and Fed Chair Powell’s speech from Jackson Hole on Friday.

Overnight in Asia, Japan was down over 2% as the yen strengthened, and in Europe, the STOXX 600 is looking at modest gains of around 0.3%.

The week looks to be getting off to a quiet start, but if the S&P 500 can finish higher today it will stretch the current streak of daily gains to eight. That would be the longest winning streak since last November and tied with six other periods for the longest winning streak since 2009. At seven days now through last Friday, the current streak ranks as the 16th streak of seven or more days, and each of those streaks is indicated with red dots in the chart below. Four of the prior 7-day streaks occurred in 2013, another three were in 2017, and another five were clustered during the post-Covid bull market.

In today’s Morning Lineup, we looked at how the S&P 500 performed in the week and month following seven-day winning streaks since the Financial Crisis. To see the results of that analysis, sign up for a trial today.

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