June 29, 2023

Markets:

Stock futures ticked higher on Wednesday, boosted by technology and bank names, as the market approached the end of the second quarter and first half.

Micron Technology shares ticked up 3% after the chipmaker posted revenue that came in higher than expected for its latest quarter, citing higher industry demand. Other popular chip names rose in sympathy, with Nvidia and Advanced Micro Devices last up 1% each.

Bank stocks got a boost in the premarket after the country’s biggest lenders passed the Federal Reserve’s annual stress test.

On Wednesday, the S&P 500 closed near the flatline as investors digested Federal Reserve Chair Jerome Powell’s latest comments about the tightening cycle. Speaking at a forum sponsored by the European Central Bank, Powell said more restrictive policy is still to come as the Fed continues to fight inflation. This includes the prospect of interest rate hikes at consecutive meetings, he added. Powell signaled similar sentiment speaking Thursday at a conference with the governor of the Bank of Spain in Madrid.

Just two trading days remain for the month, quarter and first half of the year. For June, the S&P 500 is up 4.7%, on pace for its best monthly performance since January. In the second quarter, the equity benchmark has gained 6.5%, on track for its third positive quarter in a row.

Portfolio:

We enter the new trading session holding positions in SRAD, S, SOFI, EXEL, and DKNG. Every position looks good in premarket.  Overall, the market is on a launch pad and truly believe we just need to get past the holiday next week and expect the market to run higher in July and August. Be ready, be on alert, and let's capitalize.