US equity indexes mostly closed significantly higher, SPX +122pts (1.6%) at 7554. Nasdaq comp' +3.1%. Dow +0.9%. The Transports settled -1.1%. R2K +0.8%
SPX – daily
VIX – daily
Summary
Equities opened significantly higher, on the hope an MOU between the USA and Iran will be agreed within the near term. The SPX printed a high of 7577, and settling at 7554.
Volatility was crushed, the VIX settling -8.4% to 16.20.
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It was a bullish week for US equity indexes, with net weekly gains ranging from +4.0% (R2K), +3.1% (Trans), +1.5% (NYSE comp'), +0.7% (Nasdaq comp', Dow), to +0.6% (SPX).
Lets take our regular look at six of the main US indexes
sp'500
Nasdaq comp'
Dow
R2K
NYSE comp'
Trans
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Summary
All six US equity indexes were net higher for the week.
The R2K lead the way up, whilst the SPX lagged.
The NYSE comp' and R2K broke new historic highs.
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Looking ahead
It will be a short four day trading week, with Friday CLOSED for 'Juneteenth'.
Earnings:
M - $CGC $AIOT $DOMO $HITI $PLAY $RFIL
T - $VNCE $WLY $LZB
W - $PGR $JBL $KMX
T - $KR $ACN
F - *CLOSED*
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Econ-data/events
M - Empire state manu', Indust' prod'
T - Import prices, housing starts, building permits
W - retail sales, pending home sales, home builder conf', busin' invent'
2pm, FOMC announcement. 2.30pm Press conf' with Warsh
T - Weekly jobs, Phil' Fed manu'
F - *CLOSED*
As Friday is closed, I'd expect Thursday to be subdued on light vol', as many walk away early.
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Final note
A net bullish week, but we sure did see a fair few bounces get sold into. The collective of indexes are clearly m/t bullish.
With SpaceX trading, that leaves OpenAI and Anthropic, both of which might get listed by late summer. The market will inherently be propped up by a couple more giant IPOs.
There are a few concerns. The first... the middle east and oil. The second... is inflation and interest rates. The third... the market will be vulnerable Sept-Oct', not least ahead of the midterms.
Episode 2026 of 'Planet Krazy'... is only going to get more wild.
As things are, I'm not going to experience ep'2027.
Too many problems.
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Have
a good weekend
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*the next post on this page will likely appear 4.20pm EST on Monday.
US equity indexes closed on a positive note, SPX +37pts (0.5%) at 7431. Nasdaq comp' +0.3%. Dow +0.7%. The Transports settled +0.3%. R2K +0.9%
SPX – daily
VIX – daily
Summary
US equities saw a few swings, the SPX printing a high of 7456, and settling at 7431.
Volatility was ground lower into the weekend, the VIX settling -9.0% to 17.68.
As for SpaceX...
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| Sunny, but it is still a hellscape |
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| I should have died a year ago |
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