Daily Sector Snapshot — 3/31/25
B.I.G. Tips – It’s Over
Bespoke Matrix of Economic Indicators – 3/31/25
Our Matrix of Economic Indicators provides a concise summary analysis of the US economy’s momentum. We combine trends across the dozens and dozens of economic indicators in various categories like manufacturing, employment, housing, the consumer, and inflation to provide a directional overview of the economy.
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Chart of the Day: Friday, Monday Drops
Bespoke’s Morning Lineup – 3/31/25 – New Lows?
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.
“At its best, life is completely unpredictable.” – Christopher Walken
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
If Christopher Walken was right, why do the markets feel so terrible? You’ve seen all the different ways of measuring the extreme levels of uncertainty in the markets, and it only seems to get worse with each passing day. After President Trump spent much of last week downplaying the degree of tariffs that would be announced on April 2nd, so-called “Liberation Day”, last night the Wall Street Journal reported that the Administration is now re-considering an across-the-board 20% tariff. So, if you thought you had no idea what was going on, you’re not alone. Adding to that, if you think we’ll suddenly start to see certainty come Wednesday, good luck with that.
Equity futures are sharply lower to start the week even after Friday’s plunge. While the rest of the world appeared to have avoided America’s cold, that’s not the case this morning. Europe’s STOXX 600 is down close to 2% relative to Friday’s close and nearly 6% from its YTD high. Asian stocks were also lower overnight. The Nikkei plunged over 4% and is now down 12% from its high in December.
S&P 500 futures are down just about 1% this morning, and that puts the lows from mid-March into play as the current level of the SPDR S&P 500 ETF (SPY) is right between its intraday low ($549.68) and its closing low ($551.42) from March 13th. If the intraday lows from that day don’t hold, the next potential level of support is the post-Labor Day lows.
Brunch Reads – 3/30/25
Welcome to Bespoke Brunch Reads — a linkfest of some of our favorite articles over the past week. The links are mostly market-related, but there are some other interesting subjects covered as well. We hope you enjoy the food for thought as a supplement to the research we provide you during the week.
I Hope You’re All Republicans: With presidential assassinations in the news for several reasons as of late including the recent release of JFK files and the attempt on President Trump’s life last year, we look back to March 30, 1981, forty-four years ago today. Just two months into his presidency, Ronald Reagan had finished addressing a gathering of labor leaders at the Washington Hilton Hotel. At 2:27 pm, as Reagan exited the hotel and waved to a small crowd, six gunshots cracked through the air. Secret Service agents immediately sprang into action, pushing the President into his limousine and subduing the shooter, 25-year-old John Hinckley Jr. Within seconds, blood was on the pavement. White House Press Secretary James Brady lay critically wounded with a bullet to the head. A DC police officer and a Secret Service agent were also hit.
Initially, Reagan didn’t even realize he’d been shot. He was inside the armored limousine when he began coughing up blood and feeling faint. A bullet had ricocheted off the limo and pierced his left lung, coming perilously close to his heart. Despite the gravity of the wound, Reagan remained calm and famously joked to doctors at George Washington University Hospital, “I hope you’re all Republicans.” Reagan survived emergency surgery and rapidly recovered, earning him a wave of public sympathy and solidifying his image as a resilient leader.
Hinckley later claimed he acted to impress actress Jodie Foster, inspired by the film Taxi Driver. He was found not guilty by reason of insanity and was institutionalized for decades. The attempt on Reagan’s life led to major reforms in presidential security but was not the last assassination attempt on a current or former US President.
Sports & Entertainment
Farewell, Cinderella: March Madness Surrenders to the Powerhouses (WSJ)
This year’s Sweet 16 is completely Cinderella-free. Every team left standing comes from just four major conferences and the lowest seed left is Arkansas, hardly an underdog. The era of plucky mid-majors sneaking through seems to be fading fast, thanks to conference realignment, NIL money, and the transfer portal turning college hoops into a high-stakes game of musical chairs. Fans might miss the charm of a true underdog run, but the brands still draw big crowds. [Link]
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The Bespoke Report – Equity Market Pros and Cons – Q2 2025
This week’s Bespoke Report is an updated version of our “Pros and Cons” edition for Q2 2025.
With this report, you’re able to get a complete picture of the bull and bear case for US stocks right now. It’s heavy on graphics and light on text, but we let the charts and tables do the talking!
On page three of the report, you’ll see a full list of the pros and cons that we lay out. Slides for each topic are then provided on page four and beyond.
To read this report and access everything else Bespoke’s research platform has to offer, sign up for Bespoke’s 50/20 special today. Our 50/20 special gets you a full year of Premium for half off, then 20% off per month after the first year. SIGN UP HERE.
Below is a look at the performance of key ETFs across asset classes since Election Day and Inauguration Day. International markets, defensives, precious metals, and Treasuries have been the only areas of strength during Trump 2.0. What’s the right acronym for that?
Daily Sector Snapshot — 3/28/25
B.I.G. Tips – Nasdaq’s Month From Hell
Q4 2024 Earnings Conference Call Recaps: Lululemon Athletica (LULU)
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 Lululemon’s (LULU) Q4 2024 earnings call.
Lululemon Athletica (LULU) is an athletic apparel retailer specializing in technical athletic wear for activities such as yoga, running, and training. The company offers a range of products, including pants, shorts, tops, jackets, and accessories designed for both men and women. Known for its innovative, high-quality fabrics like Luon and Luxtreme, LULU has positioned itself as a premium brand in the athleisure market. Beyond apparel, Lululemon provides insights into the growing intersection of fitness and fashion, catering to consumers seeking both performance and style. To end its year, LULU reported a 13% YoY increase in revenue, reaching $3.61 billion. Despite this growth, the company experienced a slowdown in traffic at its 374 US stores, attributed to cautious consumer behavior amid economic uncertainties and high inflation. International markets, particularly China, showed strength, with a 21% increase in same-store sales. CEO Calvin McDonald highlighted ongoing challenges such as tariffs and increased competition from emerging brands like Alo Yoga and Vuori. Despite better-than-expected results, downbeat guidance spooked investors, dragging the stock down more than 15% in trading on 3/28…
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