Bespoke’s Morning Lineup – 6/22/26 – Exit Maestro

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“I know you think you understand what you thought I said but I’m not sure you realize that what you heard is not what I meant.” – Alan Greenspan

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

After a long weekend, markets appear to be stuck in snooze. The S&P 500 is indicated to open 0.03% lower, while the Nasdaq prices in a gain of less than 0.2%. Treasury yields are modestly higher, but the 10-year yield remains below 4.5%. Oil Prices are modestly lower after Iran noted “major progress” in talks with the US. Gold is fractionally lower while Bitcoin bounces and makes a run towards $65K.

There’s some sad news to report this morning as former Fed Chair Alan Greenspan passed away at the age of 100. Greenspan earned the nickname “The Maestro” not just because he was credited with steering the economy through the longest peacetime expansion in history, but also because he was an accomplished musician who attended the Juilliard School, where he played the clarinet and sax.

Asian markets started the week on a positive note. The Nikkei 225 rallied 1.6% while South Korea gained 0.7%, with both hitting record highs. Hong Kong’s Hang Seng bucked the bullish trend, falling 0.7%. The big news in South Korea’s rally was SK Hynix overtaking Samsung as the country’s largest company by market cap after the stock has tripled – yes, tripled – since February.

In Europe, it’s been a listless session to start the week. The STOXX 600 is basically unchanged, while UK stocks are up fractionally following news that PM Starmer will resign. To the downside, Germany, France, and Italy are all down around 0.5% or less.

In the US today, there’s no economic or earnings data on the calendar.

With Japanese stocks rallying overnight, the Nikkei 225 did something it hasn’t done in 37 years by closing at a record high for six straight sessions. The chart below shows streaks of all-time closing highs in the Nikkei 225, and it is one of the stranger charts you’ll see, given that the index went decades without hitting a record high after the bubble burst in 1989. Before 1989, there were multiple streaks of six or more record highs, but the current one is the longest since 1989.

In addition to closing at six straight record highs, the Nikkei has also closed higher for eight straight sessions, and those types of streaks have been frequent throughout history, even during the drought of all-time highs. This current streak of higher closes is the first eight-day streak since September 2023 and tied for the longest since March 2022.

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