December 3, 2024
Markets:
Stock futures were little changed early Tuesday after the S&P 500 concluded the first trading session of the month at a record closing high.
While the S&P 500 and technology-heavy Nasdaq Composite closed at records on Monday after hitting fresh intraday highs, the Dow ended more than 100 points lower, or about 0.3%. That is despite the blue-chip index at one point topping the closely watched 45,000 level during the day.
Investors awaited the October job openings report on Tuesday. It is the first in a salvo of data releases expected this week that can provide insight into the strength of the labor market. The main event will be Friday’s November payrolls report.
The data arrives ahead of the Federal Reserve’s policy meeting on Dec. 17-18. Fed funds futures are currently pricing in a nearly 73% probability that the central bank lowers interest rates during its policy gathering, according to CME’s FedWatch Tool.
Traders will also monitor Tuesday speeches from Fed Governor Adriana Kugler and Chicago Fed President Austan Goolsbee slated for the afternoon.
On the earnings front, investors will follow releases from Salesforce and Okta due after the bell.
Portfolio:
We enter the new trading session holding setups in ACHR, TSLL, GRAL, and MARA. Greatest thing we saw yesterday was the size of upside calls surging in by the lots on Feb 540 strike on the Q's. Absolutely love to see that once we saw 511 with conviction break and hold. Now, what you also have building and we spoke about this in November, is the semi sector. Keep an eye on SOXL once again. SMH also experienced a monster bounce over the 200d. SPY next level is 605 for us, break above and run it towards 6020. Some stocks that have been basing for a while have started to break higher; MSFT, META, COST among a few in our queue. We want to point this out as few fail to see the strength being shown and printed. This is still early stages and will only continue to build for the next few months.
Be ready today, expect an active session.