May 30, 2024

Markets:

U.S. stock futures pointed to another downbeat session on Thursday, as shares of Salesforce slid on a quarterly revenue miss and soft guidance.

Salesforce plunged more than 15% after missing revenue expectations for the fiscal first quarter. The company’s earnings and revenue outlook for the second quarter also fell short of the Street’s estimates. On the other hand, Foot Locker rallied more than 12% on stronger-than-expected earnings per share.

Those moves come after a difficult day on Wall Street, with more than 400 stocks in the S&P 500 and all 11 sectors of the broad index negative. The S&P 500 lost 0.7%, while the Nasdaq Composite pulled back by 0.7%. The Dow dropped 1.1%.

An uptick in the 10-year Treasury yield, which topped 4.6% for the first time in a month on Wednesday, weighed upon investor sentiment. Investors will parse weekly jobless claims numbers and the second reading of the real gross domestic product for the first quarter due Thursday. Those come ahead of Friday’s release of the personal consumption expenditures price index report for April, which is the Federal Reserve’s preferred inflation gauge.

Portfolio:

We enter the new session holding setups in IOT, AI, PLTR, and TSLL. Queue is igniting with force right now and we expect flurry of activity over the next week.

Few notes / technical to watch for: IWM formed an island top while eliminating another bull gap. Losing 201.78 will test the bear gap open starting at 201.13. Watching this closely.

SPY – head fake could be in play here. Watching 523 but don't think we see it. ES essentially testing last week's lows, keep that in mind.

AAPL has a monster chart working right now. AAPL has not really been involved over the last several months, but it can begin to lead. That chart looks incredible. Keep an eye on it, we want to see a break and hold above 192.

AMZN and DELL another top watch that both continue to build, especially DELL. Watching these two closely as well.

Just wanted to share a few top notes / charts we are seeing. This all can change short term with tomorrow's data.