May 23, 2022

Markets:

Stock futures rose Monday morning, as the market tried to recover some of the losses from a relentless sell-off that has gripped Wall Street.

Shares of VMWare jumped more than 20% after Bloomberg News and Reuters reported, citing sources, that chipmaker Broadcom is in talks to acquire the cloud services company. Broadcom shares fell 5%.

Sentiment appeared to have gotten a boost after President Joe Biden said he was considering reducing tariffs on some products imported from China. “I am considering it,” Biden said. “We did not impose any of those tariffs. They were imposed by the last administration and they’re under consideration.”

The Nasdaq saw its seventh negative week in a row for the first time since March 2001. The tech-heavy index also saw its lowest intraday level since November 2020 on Friday.

Investors are looking ahead to a new batch of earnings this week, including an array of big retail names. Zoom Video is set to report results Monday followed by Costco, Nvidia, Dollar General, Nordstrom and Macy’s later in the week.

There is no U.S. economic data on the calendar for Monday, but investors will keep an eye on the World Economic Forum in Davos, Switzerland, which is back after a two-year absence.

Portfolio:

We enter the new trading week and session holding positions in PHR, BBAI, PENN< and holding ITRM. Looking forward to this week and the opportunities that could potentially develop here. The potential for the next period, especially for June with end of quarter trading to come, could be explosive. Welcome this volatility; it's only going to fuel the next wave of set-ups / opportunities for us all. Let's have an incredible week ahead and be ready!