June 5, 2024

Markets:

Stock futures are were slightly higher Wednesday as investors geared up for private payroll data while analyzing the latest corporate earnings.

Tuesday brought the first of several data points offering insight to the state of the labor market, an important topic for traders looking for signs that the Federal Reserve has seen enough economic tightening to begin cutting interest rates. Job opening and labor turnover data came out Tuesday morning — known as JOLTS — and showed 8.059 million vacancies in April, the lowest level in more than three years. It also came in well below the 8.4 million consensus forecast from economists surveyed by Dow Jones.

The next notable set of employment stats come Wednesday morning with a release from ADP. Economists polled by Dow Jones are anticipating the data will show private employers added 175,000 jobs in May.

Traders will also monitor data on services and nonmanufacturing purchasing due Wednesday. After that, attention will turn to weekly jobless claims numbers on Thursday and Friday’s all-important May jobs report.

On the earnings front, discount retailer Dollar Tree is expected to share results before the bell. Athleisure maker Lululemon is slated to post earnings after the market closes.

European stocks opened higher Wednesday, with investors in the region looking ahead to the next meeting of the European Central Bank (ECB).

Portfolio:

We enter the new trading session holding set-ups in MARA, AI, AMDL, PLTR, and TSLL.  There are a few monster set-ups igniting in the market but the data to be received has us trying to be super patient here.  Few names to look at – just on your radar right now,; WIX, SMCI, MU, QQQ, SPY, SG, and COIN.  Just to name a few.  We also printed 3 higher lows and this continues to build like the start of May rather than what we experienced to start April.  Final month of the quarter, lots of window dressing to come with clear sector winners to be chased.  Be ready today.