June 12, 2025

Markets:

Stock futures fell early Thursday as U.S. President Donald Trump threatened setting unilateral tariffs on trading partners in two weeks.

Wall Street continues to wait for for more developments on trade, especially between the U.S. and China, as talks between the two countries have been a focal point this week. Trump said Wednesday he would be willing to extend a July 8 deadline for finishing trade talks with countries before higher U.S. levies take effect, but that the extensions may not be necessary.

U.S. and Chinese officials reached a framework for future talks in London after two days of discussion this week, but the vague deal outline still awaits approval from Trump and Chinese President Xi Jinping. The two countries did agree to ease some restrictions around rare earth metals and foreign students.

The market is coming off of a losing session on Wednesday, as the S&P 500 snapped its three-day win streak along with the Nasdaq Composite. But the moves were slight. While the day’s losses put the S&P 500 a bit further away from reaching a new record high, the index is also still just more than 2% below its late February record. The previous session’s losses come after consumer prices rose less than expected in May.

Portfolio:

We enter the new session holding setups in NVTS, BBAI, LCID.

Technically, Bulls keep pushing at the upper trendline where the bears are definitely holding the fort.  A lot of call buying on tech names still but nothing individually that stood out yesterday.

SPY needs to get back above 600.  595 is strong support.  QQQ above 530 is relatively strong but would love to see it trade above 533 and hold that line.  

Be on alert today.