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Briefing.com Summary:
*After a spirited buy-the-dip rally on Friday, the market is in a cooling-off period this morning.
*Bitcoin is back below $70,000 after rebounding Friday from the threshold of $60,000.
*Macro focal points this week will be the retail sales, employment situation, and CPI reports.
Unlike the Super Bowl, Friday's session was chock full of exciting plays, culminating in one touchdown after another for the broad universe of stocks. The biggest play of the day, though, was the Dow Jones Industrial Average topping 50,000 for the first time ever. It was akin to spiking the ball in the end zone.
It was a positive show of force from the buy-the-dip crowd, which carried the S&P 500 back above its 50-day moving average and carried a collection of tech stocks and other high-beta stocks back from the brink. The market started higher and stayed higher into the close and repaired a large chunk of the intra-week damage incurred by the cap-weighted indices.
Things are starting on a much less ebullient note this morning. Some may attribute that to post-Super Bowl grogginess, but it has the feel simply of being a consolidation trade after Friday's big comeback.
The S&P 500 futures are down 10 points and are trading 0.1% below fair value, the Nasdaq 100 futures are down 64 points and are trading 0.2% below fair value, and the Dow Jones Industrial Average futures are down 65 points and are trading 0.1% below fair value.
That same consolidation feeling is working its way through the cryptocurrency market. Bitcoin (-3.3% to $69,129) is back below $70,000 after a move on Friday that saw it rally back from the threshold of $60,000.
Elsewhere, Japan's Nikkei scored a touchdown of its own today, gaining 3.9% amid reports that Prime Minister Takaichi's party won a supermajority in a snap election, even before accounting for the seats won by the LDP's coalition partner Ishin. Investors assumed that the big election win will be an opening for additional fiscal stimulus.
Closer to home, Congress will be tangling this week over figuring out DHS funding before Friday's deadline. The Hill reports that Republicans and Democrats remain far apart on the issue.
There aren't a lot of other macro items in play today. That will change as the week unfolds, starting with the December retail sales report on Tuesday and continuing with the January employment report on Wednesday and the January CPI report on Friday.
Treasuries are little changed. The 2-yr note yield is down one basis point to 3.49%, and the 10-yr note yield is up one basis point to 4.22%.
