April 29, 2024

Markets:

S&P 500 futures edged higher on Monday morning as the broad index came off its best week in several months. Traders are looking ahead to a week with more corporate earnings, key labor data and a Federal Reserve meeting.

Tesla jumped more than 11% in premarket trading after clearing a key hurdle to rolling out full self-driving technology in China. Apple, one of several big names releasing financial results this week, advanced around 2.5% before the bell on the heels of a bullish upgrade from investment firm Bernstein.

It’s shaping up to be a strong quarter: Of the more than 45% S&P 500-listed firms that have posted results so far, about four out of every five have surpassed expectations, according to FactSet

Monetary policy will take center stage later in the week, with the Fed set to release its latest interest rate announcement on Wednesday. While the central bank is widely anticipated to keep the borrowing cost unchanged, investors will still closely monitor the post-announcement press conference with Chair Jerome Powell.

That announcement comes ahead of April’s nonfarm payrolls report expected Friday. Traders analyze the data for insights into the strength of the labor market given its role in the monetary policy decision making process and the country’s broader economic health.

Another monster week for earnings highlighted by AMZN, AMD, QCOM, PINS, ETSY, AAPL, COIN, SQ, and SBUX.

 

Portfolio:

We enter the new trading week holding set-ups in AI, PLTR, NYCB, PATH, and S. We will be adding over the next few sessions as the queue continues to ignite. About a week ago, the market trapped new bears as folks thought we were heading into a correction. Friendly reminder, in bull markets it’s normal for 8 to 12 percent corrections before the next leg develops. Sometimes, you just need to expand your view on that chart and see what’s building. Of course, it's never great to go through that 8 to 12 percent downturn but the ride back up and through into new highs always produces extraordinary profits. Be ready, let's position ourselves further.