June 15, 2023

Markets:

U.S. stock futures dipped Thursday after the Federal Reserve skipped a rate hike at its most-recent meeting but signaled two more rate hikes may still be in store later this year.

Fed Chair Jerome Powell said during a post-meeting press conference that the Federal Open Market Committee would use the six weeks until its next meeting to “take into account the cumulative tightening of monetary policy.” He added that a decision on July’s policy move has not yet been made.

Additional economic data releases Thursday morning will give investors and policymakers better insight on the strength of the labor market and consumer spending. Weekly jobless claims numbers and retail sales for May are set to be released tomorrow morning. Investors will also keep an eye on the Philadelphia Fed’s June manufacturing survey, as well as the Fed’s May industrial production and capacity utilization numbers.

Wall Street will be looking at a handful of corporate earnings. Kroger, Jabil and John Wiley are scheduled to announce earnings Thursday morning, with Adobe reporting after the close.

Portfolio:

We enter the new trading session holding positions in PATH, APLD, ARLO, and DKNG. Big swings yesterday with the Fed but technically, nothing has changed. Allow these head fakes to materialize and let's see where we bounce from. The only concern we would have is to see us break and hold below 4250. This price action is healthy and needed. New opportunities will only generate from this. Be ready and let's take advantage once we see it stabilize.