June 20, 2024

Markets:

S&P 500 futures climbed on Thursday morning as investors look for the benchmark to add to its latest record high.

Stocks are headed for a winning week after the S&P 500 reached a fresh record on Tuesday, alongside the Nasdaq Composite. The stock market was closed Wednesday for the Juneteenth holiday.

Nvidia led the charge higher as the artificial intelligence darling and chipmaker surpassed Microsoft to become the most valuable company in the world. Nvidia stock has climbed 174% in 2024, as the AI boom continues to boost equities. On Thursday, the stock was up another 2.9%.

Nvidia already surpassed Apple by market cap earlier in June, and has cemented its place as the de facto market leader at the helm of the roaring AI theme on Wall Street. Investors continue to pile into AI heavyweights even as consumers show slowing signs of spending and signaling potential economic weakness. The rise of Nvidia has spilled over to peer chipmaker Broadcom, which has surged more than 61% in 2024.

The Bank of England kept interest rates steady at 5.25% even after inflation U.K. inflation eased to the central bank’s 2% target. Seven policymakers voted to hold rates at their current level, and two were in favor of a cut.

 

Portfolio:

Monster session in play and we continue to build! We enter the new session holding set-ups in ASTS, SIRI, GBTC, and MARA.  We will be releasing new trades today.  Please have your targets working on NVDA for the open.  The Q's continue to build on their breakout and here we now have SPY at 550.  It's all coming together and the chase has yet to begin.  Be ready folks, the next 12 to 18 months will be a monster period!