Daily Insights
US markets point to a higher open. Markets opened higher, reversing lower closes across the board Thursday after talks of potential new COVID-19 restrictions.
- Value sectors underperformed growth for the second day in a row Thursday.
- European equities are modestly higher during midday trading.
- Asian markets closed mostly lower. China ended its session almost 1% lower.
- There’s marginal progress in Washington on stimulus efforts.
Do you have triskaidekaphobia? Today is Friday the 13th, and triskaidekaphobia is a fear of the number 13. Although we would never suggest investing based on this, it is worth noting that during November, this fearful day has the worst returns all year! Not all is bad though, as the last time we had a Friday the 13th in March 2020, the S&P 500 Index added 9.3%, for the best Friday the 13th return ever.
LPL rings NASDAQ bell. LPL celebrated the 10-year anniversary of its initial public offering (IPO) on the NASDAQ by taking part in NASDAQ’s November 9 Opening Bell ceremony, which was streamed on NASDAQ’s seven-story tower in Times Square, New York City. Watch the ceremony here.
Technical update. The S&P 500 will have one final chance this week to make a new all-time closing high, after recording an intraday record on Monday. The index is moving higher this morning, but in early trading is tracking short of the 1.3% gain it will need to eclipse the 3580 level. Despite many year-to-date winners such as technology moving lower in recent months, participation has continued to broaden, with more than 80% of the S&P 500 components above their respective 200-day moving averages for the first time since February.
COVID-19 news. COVID-19 cases in the United States rose 29% week over week on Thursday to over 150,000 and another record high. The weekly uptrend in cases is 40%, more than double the growth trend at the start of this month. California surpassed 1 million cases, while Chicago’s mayor issued a stay-at-home advisory. Renewed restrictions have helped in parts of Europe, with cases falling in Belgium and France and early positive signs in Germany (source: COVID Tracking Project).
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