May 28, 2024

Markets:

Stock futures moved marginally on Tuesday morning as investors await inflation data due at the end of the shortened trading week for a better picture of the market’s outlook.

Nvidia shares ticked up more than 2% in the premarket, putting them on track to build on last week’s strong gains.

Stocks are on track to end May’s trading month, which concludes with Friday’s closing bell, on a strong note. Softer inflation data earlier this month and better-than-expected quarterly earnings reports lifted sentiment, with the former suggesting Federal Reserve rate cuts could come earlier than investors had anticipated.

Recently, however, stronger economic data and fresher concerns about a potential consumer spending pullback have dampened the interest rate outlook.

Minneapolis Federal Reserve President Neel Kashkari said Tuesday he wants to see “many more months” of data pointing to easing inflation before cutting rates. He also said he wouldn’t rule out further rate hikes if price pressures tick up again.

Looking ahead to this week, investors are watching for consumer confidence data out Tuesday and the April personal income and expenditures report, which includes the PCE inflation reading, out Friday.

Portfolio:

We enter the shortened holiday trading week holding set-ups in AI, PLTR, and TSLL. Have your targets working on AAPL for the open, would not be surprised at all to see that trigger. We will be releasing new setups this week as the markets continue to ignite and now we continue to see nice follow through. I feel sorry for those who refuse to welcome this market and the possibilities it will provide. So many continue to want to short this market. Be ready and let's end this strong month for us on a high note!