March 6, 2024

Markets:

U.S. stock futures rose Wednesday, following a sharp sell-off for all three major averages.

CrowdStrike soared more than 22% on a top-and-bottom line beat for the latest quarter and a strong outlook. Palantir popped more than 6% after winning a significant army contract.

In prepared remarks for his appearances on Capitol Hill, Federal Reserve Chair Jerome Powell said the central bank has likely completed its tightening cycle and could lower interest rates this year. But the Fed chief said the bank is not immediately ready to cut the cost of borrowing money.

Powell will speak before the House Financial Services Committee on Wednesday and the Senate Banking Committee on Thursday.

Wednesday’s action comes after the three major averages notched a second consecutive day of declines. The Dow, S&P 500 and Nasdaq Composite all fell at least 1%.

Investors dumped large-cap tech names, fueling Tuesday’s losses and notching the worst day since Jan. 2 for the tech sector. Apple shares dropped nearly 3% on a report from Counterpoint Research, which said that iPhone sales in China slid in the first six weeks of 2024. Microsoft
tumbled close to 3%, dragging down the broader market.

Portfolio:

We enter the new trading session holding positions in HIMS, IOVA, NU, PATH, and PLTR. Our positions are running in premarket and look great technically. Markets whipped around in anticipation of Powell's testimoney over the next two sessions.  Staying patient here will be key and do not chase the day to day move but rather use te price activity to add new set-ups in our favor.  So many sectors continue to have outstanding price activity and we will continue to find these opportunities.  Queue is igniting, be ready today!