June 9, 2022

Markets:

Stock futures were slightly higher in early morning trading Thursday after the major averages ended the Wednesday regular session lower and U.S. Treasury yields rose.

Sentiment appeared to get a boost early Thursday after Bloomberg News reported that China may let the Ant Group IPO move forward, another sign that Beijing could be dialing back its tech crackdown.

On Wednesday, the Dow dipped 269.24 points, or 0.81%, to 32,910.90, while the S&P 500 shed 1.08% to close at 4,115.77. The Nasdaq Composite slid 0.73% to finish at 12,086.27.

Investors on Wednesday continued to look for signs of slowing economic growth ahead of May’s consumer price index reading slated for Friday. The data is expected to come in slightly below April’s numbers and could indicate that inflation has reached its peak.

Meanwhile, the bond market gave little hope to investors as the 10-year Treasury yield rose above the 3% mark. Oil prices also spiked to a 13-week high, with U.S. West Texas Intermediate crude gaining 2.26% to settle at $122.11 per barrel.

Initial jobless claims and earnings from Nio, DocuSign and Rent the Runway are on deck for Thursday.

Portfolio:

We enter the new session holding positions in PINS, EGY, CVE, and ITRM.  Queue continues to ignite but we want to be patient as here as we expect the market to swing over the next two sessions but set-ups continue to develop. The swings over the next to sessions could be wild.  Be patient! Be on alert and be ready today and let's have a great session!