July 8, 2022

Markets:

Stock futures fell slightly on Friday as investors believe a stronger-than-expected jobs report will likely keep the Federal Reserve on track for its aggressive rate hikes.

Nonfarm payrolls increased 372,000 in the month of June, better than the 250,000 Dow Jones estimate and continuing what has been a strong year for job growth, according to data Friday from the Bureau of Labor Statistics.

The action in futures followed a winning session Thursday in which the S&P 500 posted a four-day positive streak, matching its longest of the year thus far. The index is now down about 19% from its all-time high in January.

Energy stocks led gains during Thursday’s trading, as the price of oil reversed from a recent dip. Exxon Mobil climbed nearly 3.2%, while Occidental Petroleum added close to 4%. Chipmakers boosted the tech sector after strong earnings from Samsung.

Portfolio:

We enter the new trading session and the last day of the trading week holding positions in FNKO, APPS, ALLY, and ITRM. Should be a wild Friday with price activity and we will be monitoring this closely. All indicators present us with strong opportunity across multiple sectors. The next several weeks / months should be outstanding to trade. Be ready today, although it's Friday, we would love to position ourselves further for next week. Let's have a great session.