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May 5, 2021
Growth stocks had a tough go of it yesterday, but when the going gets tough, the tough get going. Many are on the rebound this morning, evidenced by the 96-point gain in the Nasdaq 100 futures, which are trading 0.7% above fair value.
April 27, 2021
There has been a flood of corporate news since yesterday’s close, but like many other days of late, there has only been a drizzle in terms of the reaction in the futures market.
April 26, 2021
The S&P 500 made a run Friday at running its winning streak to five consecutive weeks. In the end, it failed. That winning streak was broken, but when it was all said and done, it felt more like a gain than a loss.
April 19, 2021
The S&P 500 has gone up in each of the last four weeks, gaining 7.0% in the process. That’s a big move in its own right and a massive move on an annualized basis, so it can be forgiven (and understood) that the S&P 500 futures are looking a little tired this morning.
April 15, 2021
There hasn’t been a break in the bull market action. Granted there have been pauses here and there, with growth leading one day and value leading the next or the stay-at-home trade outperforming one day and the reopening trade outperforming the next.
April 12, 2021
The stock market rode into the weekend on a high note. In fact, it was the highest of notes for the Dow Jones Industrial Average and S&P 500, which closed at record highs.
April 9, 2021
There is some mixed action in the futures market this morning that — surprise, surprise — is the opposite of what was seen yesterday. Recall that yesterday featured the outperformance of the Nasdaq 100 thanks to leadership from the growth stocks.
April 7, 2021
The calendar says we’re in the month of April, yet the “action” in the stock market makes it feel more like mid-August (aka “the summer doldrums”). Things have settled down, but the question is, for how long?
April 1, 2021
The S&P 500 futures trade 21 points, or 0.5%, above fair value to begin the month of April amid follow-through strength from the mega-cap/growth stocks. The Nasdaq 100 futures outperform and trade 1.2% above fair value.
March 29, 2021
The S&P 500 futures trade 20 points, or 0.5%, below fair value to give back some of Friday’s late-day rally. The negative bias partially appears to be an extension of last week’s choppy price action.
March 25, 2021
This has been a defiant market so far this week. The yield on the 10-yr note has dropped 14 basis points to 1.60%, yet the major indices are down.
March 22, 2021
It’s not quite the end of March, but we’re getting close. What that means is that millions of NCAA Basketball Tournament brackets have been busted. It also means that one is likely to hear the word “rebalancing” quite a bit this week.
March 19, 2021
The spike in long-term rates yesterday was the catalyst for the weakness in the growth stocks, which broadened out to include more stocks as the day progressed. The selling was the most pronounced, though, in the high multiple stocks.
March 16, 2021
The early action today shows a similar line of thinking versus yesterday. That line leads to the outperformance of the growth stocks, many of which could also be classified as technology stocks.
March 9, 2021
Currently, the S&P 500 futures are up 38 points and are trading 1.0% above fair value, the Nasdaq 100 futures are up 300 points and are trading 2.5% above fair value, and the Dow Jones Industrial Average futures are up 97 points and are trading 0.3% above fair value.
March 2, 2021
It will be interesting to see if yesterday was the high watermark for the week for the major indices. It’s possible given how strong the gains were.
February 26, 2021
Currently, the S&P 500 futures are up 15 points and are trading 0.4% above fair value, the Nasdaq 100 futures are up 116 points and are trading 1.0% above fair value, and the Dow Jones Industrial Average futures are down 29 points and are trading slightly below fair value.
February 22, 2021
There is a slate of M&A activity; there are reports that the House is expected to pass the $1.9 trillion stimulus proposal by the end of the week; Dr. Fauci said he thinks the U.S. will see a significant degree of normality by the end of 2021; the press is highlighting the growing potential for a really strong economic recovery this year; and Deutsche Bank has upgraded the airlines.
February 19, 2021
It will come down to the wire today to determine if the S&P 500 has a winning week or a losing week. Over the last three trading sessions, the S&P 500 has declined 0.5%. Currently, the S&P 500 futures are up 19 points and are trading 0.5% above fair value.
February 17, 2021
The capital markets were busy yesterday reacting to rising long-term rates and reports of debilitating power outages in Texas and other locales due to freezing temperatures.
February 16, 2021
U.S. equity index futures are extending last week’s record-setting gains in a continuation of the bullish momentum, aided by a risk-on signal in the Treasury market.
February 10, 2021
Positive responses to the earnings reports from Lyft (LYFT), Twitter (TWTR), and Coca-Cola (KO) have offset some downcast responses to the earnings reports and guidance from Cisco (CSCO), General Motors (GM), and Akamai Technologies (AKAM).
February 5, 2021
It is said that “the trend is your friend,” and if this week so far is any indication, the trend has been the stock market’s best friend. There have been four trading sessions and the S&P 500 is up 4.2% for the week. The S&P 500 is also at a new record high, as are the Nasdaq Composite and Russell 2000.
February 4, 2021
Three days down so far for the week and it has been three up days so far for the stock market, which has that invincible feel about it again.
February 3, 2021
Alphabet (GOOG) and Amazon.com (AMZN) crushed it with their latest earnings results. Those stocks are indicated 6.7% and 1.8% higher, respectively. They should be higher, but what might surprise some readers is that the market isn’t indicated sharply higher.
February 1, 2021
Stories about the GameStop trade are on the front page of The Wall Street Journal, at the top of the page on CNBC.com, in the Most Read section on Bloomberg.com, and appear in the featured news section on Yahoo! Finance.
January 29, 2021
The market is a mess. Sometimes, it’s a beautiful mess. This time, it’s just a mess. This characterization doesn’t even have so much to do with the standing of the futures market as it does with the tonality of market conditions.
January 27, 2021
AMC is up 277% because it is the new chosen one of the short-squeeze mafia. What about GameStop (GME), you ask? Eh, it is up only 70% from yesterday’s close to $247.00.
January 20, 2021
There is a bid in the futures market this morning. That’s nothing new, as it seems like there is a bid in the futures market most mornings.
January 15, 2021
There was a time when the behavior of the market was characterized as risk on or risk off. These days, the characterization is more like recovery trade on or recovery trade off. It’s a subtle, but important, nuance.
