The Rally Around the World
In yesterday’s Chart of the Day, we highlighted how the S&P 500 moved back above both its 50- and 200-DMAs in the same session. We also highlighted how even though the US based index saw strong performance, that was at the low end of returns relative to two dozen international markets. In the table below, we show the performance of 25 global stock market ETFs yesterday versus their performance from the start of the Iran War through Tuesday’s close.
As shown, there was only one country, Norway (ENOR), that traded lower yesterday, as it fell nearly 2%. However, ENOR entered yesterday at 52-week highs with a high single digit percentage gain over the prior month and change. That compares to sizable losses for nearly every other country.
As for the rest of the pack, most regions saw gains yesterday in the range of 3% to 6%. South Korean equities (EWY) were the top performer, rallying double-digits on the day.
As may be evident in the table above, the big move yesterday resulted in many of these 25 stock markets moving back above their 50-DMAs. In fact, over three-quarters of these ETFs closed above their 50-DMAs yesterday compared to a low of only 4% (or a single ETF: ENOR) in the final days of March. That is the highest share of those 25 country ETFs trading above their 50-DMAs since the first trading day of March. Not only are these country ETFs above their 50-DMAs, but but nine of them are now overbought too with a handful of others, such as Italy (EWI), teetering on joining them in overbought territory.
Like this analysis? Join our premium members by starting a trial today! Click below for details on how to sign up:
Bespoke’s Morning Lineup – 4/9/26
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 trial to Bespoke Premium. CLICK HERE to learn more and start your trial.
“Success is like Halley’s Comet, you know. Every now and then it just comes around.” – Ross Perot
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
While the S&P 500 still sits 2.8% below all-time highs, both the Dow Transports and Philadelphia Semiconductor index — two groups seen as “leading” indicators — hit new all-time highs yesterday. The charts below show the breakouts to new highs for these two closely-followed areas of the market.
While the Semis and Transports surged and held onto gains yesterday, the same can’t be said for Software. Below is an incredible two-day intraday chart of the Nasdaq 100 ETF (QQQ) versus the iShares Software ETF (IGV). While IGV and QQQ tracked each other closely through yesterday’s sharp upside open, software (IGV) collapsed from there and ended up closing down 1% on the day, while QQQ held steady and went out with a gain of nearly 3%.
The Closer – Ceasefire Confusion, Valuations, Fed – 4/8/26
Log-in here if you’re a member with access to the Closer.
- US equity market valuations have turned significantly lower since peaking in late October of last year.
- Today’s release of the Fed Minutes took a more hawkish tone than recent meetings.
- Despite declines and the war, retail investor sentiment remained remarkably bullish in March.
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!
Daily Sector Snapshot — 4/8/26
Chart of the Day – Back Above the 50- and 200-DMA
Q1 2026 Earnings Conference Call Recaps: Delta Air Lines (DAL)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Delta Air Lines’ (DAL) Q1 2026 earnings call.
Delta Air Lines (DAL) is one of the largest global airlines, differentiating itself through a premium-heavy product mix and a powerful loyalty ecosystem anchored by its American Express partnership. Delta serves both high-end leisure travelers and corporate clients, offering insight into global travel demand, consumer discretionary spending, and business activity trends. Delta delivered record Q1 revenue of $14.2B (+9.4% YoY) with EPS of $0.64, as demand remained resilient across corporate and premium segments. Cash sales rose double-digits, and corporate revenue hit a record, signaling strong travel demand despite macro uncertainty. The biggest storyline was fuel, with prices roughly doubling and adding over $2B in incremental costs for Q2. Delta is aggressively cutting low-return capacity and expects to recapture 40–50% of fuel headwinds near-term, with stronger pricing power building into summer. Management emphasized that high fuel prices could drive industry consolidation, positioning Delta to gain share. International demand (especially transatlantic and Asia) remains strong, while loyalty and premium offerings continue to drive margin expansion. DAL shares opened up 11% on 4/8 on better-than-expected earnings and trimmed guidance…
Continue reading our Conference Call Recap for DAL by becoming a Bespoke Institutional subscriber. You can sign up for Bespoke Institutional now and receive a 14-day trial to read our newest Conference Call Recap. To sign up, choose either the monthly or annual checkout link below:
Bespoke’s Morning Lineup – 4/8/26
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 trial to Bespoke Premium. CLICK HERE to learn more and start your trial.
“I looked for the same pitch my whole career, a breaking ball. I never worried about the fastball. They couldn’t throw it past me.” – Hank Aaron
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
US equity futures are sharply higher this morning, set to open up nearly 3%, after a two-week ceasefire was reached between the US and Iran to open up the Strait of Hormuz and work towards a longer-term resolution. Of course, the anti-Trump commentary suggests that it’s a disastrous outcome for the US, while the pro-Trump commentary is saying this is all part of the President’s expert negotiating skills.
Our goal is to avoid the politics and focus on market action. Based on where futures are trading, the S&P 500 is set to move back above both its 50-DMA and 200-DMA at the open, leaving the index roughly 2.7% below its all-time closing high.
While stocks are up, front-month oil prices have crashed $20 down to the low $90s. After trading in overbought territory for 60 straight trading days, the S&P 500 Energy sector is down nearly 5% in pre-market trading. As shown below, the Energy sector ETF (XLE) will decidedly break its short-term uptrend when it opens this morning, but it’s still holding above its 50-DMA for now.
The Closer – Record Backwardation, Supply Chain Stress – 4/7/26
Log-in here if you’re a member with access to the Closer.
- The move in Brent spot has now reached a completely unprecedented level of backwardation: more than $30 per barrel separates spot from the current front-month Brent future priced on delivery in June.
- Supply chain indicators like the NY Fed’s Global Supply Chain Pressure Index and the Logistics Mangers’ Index highlighted rapidly rising prices and stress in March.
- Consumers anticipate gas prices to rise over 9% in the next 12 months according to the New York Fed’s Survey of Consumer Expectations.
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!