June 27, 2024

Markets:

Stock futures fell Thursday after a slate of mixed quarterly results dampened investor sentiment.

Micron shares slipped more than 5% in the premarket after the chipmaker issued fourth-quarter revenue guidance in line with estimates. Levi Strauss dropped 15% after the jeans maker’s latest quarterly revenue disappointed investors.

Bank stocks were in focus after the Federal Reserve said Wednesday that the biggest U.S. firms are able to withstand a severe recession scenario. Goldman Sachs shares slid 1.6%, while JPMorgan Chase traded near the flatline.

Those moves come as Wall Street awaits the latest inflation data on Friday with the release of May’s personal consumption expenditures price index. Investors hope the report will show easing pricing pressures that could cement the likelihood the Fed will lower interest rates later this year.

Even with the sluggish trading activity, megacap tech names continued to outperform on Wednesday, bouncing back from a recent slide. On Wednesday, Amazon shares reached an all-time high, breaching $2 trillion in market capitalization for the first time.

On the economic front, traders will also watch for the latest reading of weekly jobless claims, durable goods orders and pending home sales.

Portfolio:

We enter the new trading session holding positions in ENVX, NVDA, PLTR, GBTC, and MARA.  We will be looking to add over the next two sessions with setups emerging with strong value and price action.  Heavy focus today on semi reaction off MU earnings.  Keep in mind, price action AFTER the open is much more important for an earnings reaction over the extended hours / pre market activity.  Also, we have mega caps really on the cusp of breaking out; AMZN has begun, MSFT chart is sitting on a catapult, and AAPL has room to run another 30% with ease.  Watching a few others, like GOOG,  but these three really stand out right now.  Be on high alert today and expect a trade trigger to ignite.