S&P 500, Nasdaq reach new highs as stocks prep for Fed, CPI

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S&P 500, Nasdaq reach new highs as stocks prep for Fed, CPI

The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) cannot be stopped even on the slowest days as the two indices close at yet another set of record highs. The Dow Jones Industrial Average (^DJI) fell by 120 points in Tuesday’s session as stocks prepare for Wednesday’s eventful agenda: May CPI data (Consumer Price Index) and the Federal Reserve’s June monetary policy decision.

Market Domination Overtime Host Julie Hyman breaks down the day’s market performances, while Senior Markets Reporter Jared Blikre monitors sector losses and trends in tech leaders.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Luke Carberry Mogan.

Video Transcript

The Dow is staying pretty steadily in the red throughout the session, down about 100 and 20 points, or a third of 1%.

However, we have new records.

Guess what?

For the S and P and the NASDAQ, the S and P up about a quarter percent by day.

And remember, of course we are going into tomorrow morning CP I report the Consumer Price index and then the Federal Reserve going to be holding its press conference in the afternoon, not expecting any change to rates, but we’ll get a new dot and of course, any commentary that Jay Powell has on inflation and on rates.

So that could certainly push things around.

The NASDAQ finishing the day higher and also at a record up by 9/10 of 1%.

Jared another day where we sort of had a little bit of a drift.

Hire.

Yes, we did.

I think a lot of this has to do with Apple, which is just putting on a clinic today.

This is this is how a break up break out is made.

And if we can go to the Wi Fi Interactive, I’ll show you briefly what I mean by that also, check out the sector action today.

In fact, let’s start with the sector action.

You will notice only tech XL K is outperforming the actual S and P 500 communication services also in the green.

But this is a tech story and guess what?

Apple front and centre in that haven’t seen.

A dark green square for Apple means it’s really up performing there up over 3% in some time.

And I’m going to be doing a deeper dive later in about 30 minutes later on in the show.

But I did find when you have a breakout like this and I’ve measured tw uh, basically 15 of them over the last 20 years, you tend to get average returns of 30% over the next year with a green positivity rate of about 90%.

So stay tuned for that.

Also, tracking financials that is a worse sector of the day.

Utilities and industrial is not doing so well.

Uh, we can take a look inside the tech sector at unprofitable tech just to show you how the how the bifurcation is going.

We have kind of a balance board here between green and red.

Uh, but you take a look at software.

Here you go.

See, a little bit of red there.

Here, the semiconductors, more red Here, Uh, just really haven’t seen the tech sector structured like this in some time.

So we’ll measure the entire ramifications of all this in about 30 minutes.

Now, I should also point out that Bitcoin is flagging today.

That’s my number one leader to the downside.

And just taking a quick look at Bitcoin where we are, we can see we are having the worst day in a few weeks there.

But as I like to point out, we are still in the upper end of its trading range.

And just consolidating doesn’t mean much until it breaks to the upside or to the downside here.

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