September 12, 2024

Markets:

U.S. stock futures inched higher Thursday as investors digested fresh inflation data following a volatile trading session.

Nvidia shares climbed 0.9% higher in premarket trading, continuing the chipmaker’s rally that almost singlehandedly led Wednesday’s market turnaround after CEO Jensen Huang touted the company’s “great” demand.

The latest producer price index, which measures the average change in prices businesses receive for their goods and services, reflected a 0.2% rise in wholesale prices in August. That’s in line with expectations, as economists polled by Dow Jones had anticipated a rise of 0.2% last month in the headline and core readings, up from 0.1% and 0.0% previously.

Investors are coming off a choppy trading session that saw a late-day advance in tech shares help the major benchmarks rebound from their lows.

Stocks dropped earlier Wednesday when August’s consumer price index showed an uptick in core inflation, which excludes volatile food and energy prices. The reading spooked investors hoping for a half-percentage point cut from the Federal Reserve at its Sept. 17-18 meeting.

The European Central Bank on Thursday reduced interest rates by 25 basis points, marking the second time it has cut rates this year.

Portfolio:

What a trading day yesterday and recovery. Great day yesterday booking two monster profits and we enter todays session holding only two trades, NIO and TSLL.  We do want to add and will add but want to be patient as we head into next week's fed meeting.  

Levels today, SPY 557 to the upside. Dare we break and hold that, could have some serious fun into the Fed next week. We just want to get through this event and then everything will open up to trade. Last short-term piece before the focus once again goes into tech cycle, election cycle, and end of year cycle. Be ready today.