March 8, 2024

Markets:

S&P 500 futures were little changed Friday as traders analyzed conflicting signals in February’s jobs report.

The U.S. added 275,000 jobs in February, higher than the estimate of 198,000 from economists polled by Dow Jones. But the unemployment rate rose to 3.9% from 3.7%, while wages — another closely followed data point — increased at a slower pace than anticipated.

Semiconductor manufacturer Broadcom slipped almost 2% after issuing full-year revenue guidance that was in line with analysts’ expectations. Costco
shares dropped 4% on the back of quarterly revenue that missed the Street’s estimates.

Stocks climbed during Thursday’s regular session, with tech lifting the S&P 500 and the Nasdaq Composite to all-time highs. The broad market index gained 1% and closed at a new record, while the tech-heavy Nasdaq added 1.5%. The 30-stock Dow ticked higher by 0.3%.

With just Friday’s session left in the trading week, the three major indexes are on pace to show diverging weekly performances.

 

Portfolio:

We enter the last trading session of the week holding set-ups in CLSK, HIMS, IOVA, and PATH.  Strong week, and I can't emphasize enough how unfortunate it is for those who refuse to acknowledge the transformative shifts occurring in this market. Can you imagine missing out on these opportunities over the past few months? Despite the challenges, it's still the early stages, and believe it or not, there's more to come! The next two years hold the potential for a tech and earnings revolution, and we're committed to uncovering every opportunity for our community.

It's amusing to hear persistent calls for selloffs and market tops. Just yesterday, more predictions of downturns on CNBC, we couldn't help but laugh. Eventually, they might be right, but after consistently forecasting market sell-offs for over 1500 points higher on the S&P, credibility wanes.

The next target on our radar is 5200 for the S&P. Once we surpass and maintain that level, we'll be eyeing the next milestone for this market. Look out for new trade opportunities to position ourselves further for the upcoming week. Let's have another great day!