Morning Note - 7/16/25

"There is always some kid who may be seeing me for the first time. I owe him my best." – Joe DiMaggio

On this day in 1941, Yankees star Joe DiMaggio extended his record hit streak to 56 games, which would end the next day. July 16th was also the day of the first atomic bomb test in New Mexico in 1945. J.D. Salinger's Catcher in the Rye was published on July 16th, 1951, and the Apollo 11 moon-landing mission launched on this day in 1969.

In the commentary section of today's Morning Lineup PDF, we've got in-depth analysis of earnings results from the major banks and brokers that have already reported this season. You can click here to read a snippet of it. Start a trial to Bespoke All Access to receive our full Morning Lineup in your inbox each morning. We think it’s the best pre-market report on the Street.

Breadth Cools

While the S&P is down just 0.3% over the last week, we've seen overbought levels work themselves off for some of the key breadth levels we watch.

The S&P's 10-day advance/decline line had gotten to one of its most overbought levels of the last year earlier in the month, but it's currently sitting just below the flat-line.

The percentage of overbought stocks in the S&P has also fallen from a reading above 50% down to 32%, while 22.6% of stocks in the index are now oversold.

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