June 27, 2023

Markets:

Stock futures were mostly higher Tuesday as investors looked toward the next batch of economic data and readied for the end of the second quarter and first half.

Those moves follow a losing day on Wall Street. The Nasdaq Composite led the way down, dropping nearly 1.2% as investors took profits on some technology stocks. Tesla slid 6%, while Nvidia, Alphabet and Meta Platforms all finished more than 3% lower.

The S&P 500 closed down by about 0.5%, while the Dow was finished slightly below flat. It was the sixth consecutive negative session for the 30-stock Dow, its longest losing streak since September 2022.

Despite Monday’s leg down, the S&P 500 and Nasdaq are still on pace to finish June more than 3% higher, while the Dow is poised for a monthly advance of nearly 2.5%.

Friday’s close will mark the end of the second quarter and first half of 2023.

Investors will be watching Tuesday for a crop of morning data that includes home sales, durable goods and consumer confidence.

Portfolio:

We enter the new trading session holding positions in SOFI, EXEL, and ARLO. We witnessed some wild swings yesterday with positions racing to only fall under pressure with the overall market in the afternoon. Watching this price activity closely but truly want to remain patient here with the understanding of the long holiday week coming for most and the quarter end cycle we continue to see over the last few quarters. Technically, we are still on the positive line we like to see. Be on alert today and ready. Queue continues to ignite here.