We Can’t Go Up Every Day

We were bound to have at least one down day. After four straight days of gains and the biggest 10-day rally since 2009, futures are setting up to take a breather today. If equities can manage to turn things around following some very disappointing results from Macy’s that really will be impressive. Jobless Claims were just released and came in better than expected (216K vs 227K).  

It hasn’t only been the equity market seeing tremendous gains in the last two weeks. Check out high yield. Since the lows in late December, the Merrill Lynch High Yield Master Index has seen a total return of 3.9%! That may not sound like much, but it takes the index all the way back to levels last seen in early November. For perspective, when high yield was last at these levels, the S&P 500 was more than 5% higher than yesterday’s close.

 

 

Read today’s Bespoke Morning Lineup below for major macro and stock-specific news events, ...

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