May 29, 2024

Markets:

Stock futures slid on Wednesday, as rising Treasury yields once again pressured the broader market while artificial intelligence darling Nvidia kept climbing.

Nvidia shares rose slightly in premarket trading, extending gains since its earnings last week. Over the three trading days after the report was released, Nvidia surged roughly 20%. It was one of few bright spots in megacap tech before the bell, with Tesla, Alphabet
and Microsoft and Meta all in the red.

Outside of tech, American Airlines tumbled more than 8% in the premarket after slashing its sales outlook for the second quarter. Southwest Airlines dipped about 3% in sympathy. On the other hand, Dick’s Sporting Goods jumped more than 7% on the back of strong earnings and raised guidance.

The advances arrive even as traders have lowered their expectations for Federal Reserve rate cuts. Indeed, fed funds futures trading data suggests a nearly 54% chance that rates will hold steady in September, according to the CME FedWatch Tool.

ConocoPhillips is in talks to take over Marathon Oil in an all-stock deal that values the energy company just north of $15 billion, The Financial Times reported.

Portfolio:

Nice start to the week and we enter today's session holding positions in IOT, AI, PLTR, and TSLL. Expect swings as we head into month end trading. Been a pattern recently with close of month versus the start of a new month – especially when it involves end/start of a new quarter. Watching the pattern closely over the next few sessions. Also, never a fan of shortened holiday weeks. The price action always different with volume / patterns. Just staying patient here and allowing this runway to continue to build. Be ready and on high alert for updates and potential new trades.