Don Voyage… Man those 4 years breezed by, didn’t they? It’s obviously a special day in America (despite the pomp and circumstance being socially-distanced and watched over by the National Guard) and US equities are doing what they do best lately in rising to meet the occasion. After all, a rally that’s feasted so heavily on ”hope” should have no trouble cheering on what is essentially a ceremonial exercise. That said inauguration days for 1st term presidents are historically down days for the Dow, which is poised at the moment for its best Inauguration Day performance in the last 100 years (after a cool +73% gain since Trump’s swearing in…). The Nasdaq is still the bigger story/outperformer today, with the good ole FANG Gang powering higher despite all the stimulus fervor whipped up by Yellen’s testimony yesterday. Netflix (NFLX +16%) reminding everyone last night why “Growth” is labeled as such is a big reason for that; more on that below, but Media, Tech, Software, and Retail perched atop the sector table shows the sway the big boys have today. The BKX (-2.1%) finds itself still unable to break out of its earnings season stall out, as more disappointing results from non-IB banks (BK -7.6%, USB -5.5%, CFG -2.7%) have overshadowed an impressive trading-driven beat from Morgan Stanley (MS -0.1%). Household Goods are also lagging despite P&G (-1.2%) boosting its FY guidance after a solid Q2 and Colgate-Palmolive getting a broker upgrade (CL -1.1%).
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