[Chart courtesy of MarketWatch.com] The Nasdaq was lagging as today’s session got underway with traders rotating out of the overbought tech sector and into financials, utilities, and energy, with oil climbing above the $81 level. Only the Dow managed a green close. Nvidia dropped some 5% on top of last week’s 4% decline, after the stock snapped an eight-week winning …
ETF Tracker Newsletter For June 21, 2024
ETF Tracker StatSheet You can view the latest version here. TRIPLE WITCHING LEAVES MARKETS UNSHAKEN, BUT ECONOMIC INDICATORS SUGGEST CAUTION AHEAD [Chart courtesy of MarketWatch.com] The major indexes wavered around their unchanged lines, as this monster of an options expiration session got underway. Nvidia slipped over 3% but given its 150% gain YTD, that move is insignificant. For sure, …
Nvidia’s Meteoric Rise Leads Market Rally, Dotcom Déjà Vu?
[Chart courtesy of MarketWatch.com] The major indexes opened slightly higher despite disappointing retails sales. While they rose 0.1% in May, expectations were for a more solid 0.2%. This latest result is a sign that consumer demand is weakening, and this 0.1% growth may simply have been the result of inflation. Rising consumer demand is critical for the markets, because without …
Market Resilience Tested As Retail Sales Loom, Yet Majors Rally On Economic Optimism
[Chart courtesy of MarketWatch.com] The indexes were closely hugging their respective unchanged line at the start of the session, as we entered the Holiday shortened week. Some of this uncertainty was based on tomorrow’s release of the May retail sales numbers, which can represent the financial health of the consumer. After the early dip, buyers stepped in and pulled the …
ETF Tracker Newsletter For June 14, 2024
ETF Tracker StatSheet You can view the latest version here. TECH TITANS TUSSLE FOR TOP SPOT AMIDST MARKET MELT-UP AND MAIN STREET MALAISE [Chart courtesy of MarketWatch.com] Stocks fell right after the opening, as a decline in consumer sentiment gave the bears a reason to cheer. However, the S&P 500 ended only marginally lower but gained for the week. …
Inflation Eases, Equities Rally: Dow Recovers While Jobless Claims Hit 10-Month Peak
[Chart courtesy of MarketWatch.com] The major indexes wavered with the Dow being the weakling of the day, despite more inflation data showing better-than-expected results. May’s Producer Price Index (PPI), which was anticipated to rise 0.1%, came in lower by 0.2% from the month of April. That sort of confirms the Fed’s view yesterday that “progress has been made on the …