June 18, 2024

Markets:

S&P 500 futures are near flat Tuesday morning after a winning day on Wall Street as investors gear up for May retail sales data.

Those moves follow a positive session on Wall Street that propelled the S&P 500 higher by nearly 0.8%, while the Nasdaq Composite finished with a gain of almost 1%. Both indexes reached all-time highs during the session and closed at records. The 30-stock Dow advanced about 0.5% to end four days of losses.

Tech stocks performed well in the session, helping the tech-heavy Nasdaq outperform and aiding the broader S&P 500′s rise. Notably, Broadcom climbed more than 5%, while Apple jumped around 2%. Nvidia touched an all-time intraday record as State Street said the chipmaker would likely see a weighting of more than 20% in the rebalance of its popular exchange-traded fund focused on tech. But the stock rolled over, ending the day down 0.7%. Despite that pullback, shares are still up nearly 165% on the year.

Looking ahead, investors will closely watch retail sales data for May due Tuesday morning for insights into the health of the consumer. Economists polled by Dow Jones forecasted growth of 0.2% from April.

Other economic reports on topics like industrial production and business inventories are also expected in the morning. Several Federal Reserve officials including Boston Fed President Susan Collins and Richmond Fed President Tom Barkin are expected to speak at events across the country throughout the day.

Portfolio:

Great start to the week and we enter todays session holding set-ups in ASTS, SIRI, GBTC, and MARA.  Tomorrow, markets will be closed for a U.S. holiday.  Actually really curious to see how we trade into the close.  Markets continues to build and our tech sector continues to ignite. For those who continue to doubt this move and tech revolution taking place; just keep this in mind.  The Evercore ISI Research came out yesterday from Bloomberg and U.S. households continue to sit on hoarded cash in 2024.  The chase into the market has yet to even begin.  The real euphoria is still to come.  Like we stated, still early stages of this cycle.  Be ready today but stay patient.  Having a holiday smack in the middle of the week is something we do not care for.  Options expiration this Friday and always need to anticipate a downward move day into weeks like this.  But ready to attack and add as queue continues to ignite.