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Huge Post Debate Uncertainty For Investors, New Data On Fed&#39;s Favorite Inflation Gauge And Personal Spending

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Good Morning Traders! In today&#39;s Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.

Market Clubhouse Morning Memo - June 28th, 2024 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META And TSLA)

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The major index futures pointed up on Friday, potentially reacting to the outcome of the first presidential debate between the two presumptive 2024 candidates. Most experts view a victory for former President Donald Trump as a positive for the market, given his inclination toward deregulation and stance on taxation.

US Stocks Set To Finish Q2 On Upbeat Note But Will Inflation Play Spoilsport? Analyst Says Seasonality Data Supports Buying Potential Dips

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Adobe Inc. (NASDAQ: ADBE) shares traded higher Thursday as part of a broader rally in software stocks. This movement comes amid a decline in yields, which typically benefits growth stocks like those in the software sector.

Adobe Stock Jumped On Thursday: What Happened?

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AI Stocks Show Asymmetry On Expectations Proving Too High, Wall Street Preps For Presidential Debate

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US economy grew 1.4% in Q1 2024, slower than Q4 2023 due to reduced consumer spending, exports, and gov. spending. Inflation rose slightly, and layoffs may lead to higher unemployment in June. Fed may cut rates later this year. Stock market reacts negatively.

GDP Growth Upwardly Revised In Q1 But Consumer Spending Weakens, Continuing Jobless Claims Hit Nearly 3-Year Highs: Thursday&#39;s Economic Digest

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AMD shares down in sympathy with Micron after Q3 report. New AI-driven technology to improve gaming; AMD acknowledges need to catch up with Nvidia.

What&#39;s Going On With AMD Stock On Thursday?

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The two-day rally the broader market witnessed could stall, as traders choose to remain cautious ahead of a string of economic catalysts.

Wall Street Set For Weak Opening As Tech Rally Falters With Micron, Nvidia Edging Lower: Analyst Says Narrow Market Performance To Persists Unless One Of These Materializes

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Traders await release of key inflation data on Friday, focusing on potential decrease in Fed&#39;s preferred gauge. Economists predict slowing rates.

Fed&#39;s Preferred Inflation Gauge Set To Drop To 38-Month Low: &#39;This Could Provide The Impetus For Another Rally To Fresh Highs&#39;

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Quarter End Window Dressing And Fed&#39;s Favorite Inflation Gauge Ahead, Hopes Of Two Rate Cuts In Europe

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To gain an edge, this is what you need to know today.
<img alt="" src="https://thearorareport.com/wp-content/uploads/2024/06/2024-06-28_08h43_52.png" style="height:385px; width:700px" />
<h3>PCE</h3>
Please <a href="https://thearorareport.com/chart-analysis-stock-market-pce-inflation-data-presidential-debate-spy-mc-06282024">click here</a> for an enlarged chart of SPDR S&amp;P 500 ETF Trust (ARCA:SPY) which represents the benchmark stock market index S&amp;P 500 (SPX).
Note the following:
<ul>
<li>The chart shows that the stock market is attempting to break to a new high.</li>
<li>RSI on the chart shows that there is a technical set up for the stock market to go higher.</li>
<li>The chart shows that the stock market is significantly above the support zone.&nbsp;This indicates that buying here does not have a favorable risk reward ratio.</li>
<li>The chart shows low volume.&nbsp;This indicates a lack of conviction.</li>
<li>We previously shared with you that economists have become good at predicting the Fed&rsquo;s favorite inflation gauge PCE.&nbsp;PCE data came as expected.&nbsp;Here are the details:
<ul>
<li>Headline PCE came at 0.0% vs. 0.0% consensus.</li>
<li>Core PCE came at 0.1% vs. 0.1% consensus.</li>
</ul>
</li>
<li>The U.S. economy is 70% consumer based.&nbsp;For this reason, prudent investors pay attention to personal income and personal spending.&nbsp;Personal spending dropped.&nbsp;This is inline with the other data of the consumer pulling back that we have been sharing with you.&nbsp; Here are the details:
<ul>
<li>Personal spending came at 0.2% vs. 0.3% consensus.</li>
<li>Personal income came at 0.5% vs. 0.4% consensus.</li>
</ul>
</li>
<li>First and foremost, The Arora Report is politically agnostic.&nbsp;The Arora Report strives to be objective and rigorously analytical to help investors.&nbsp;To make money in the markets, it is important for investors to separate their political views from investing.&nbsp; Here are the key points:
<ul>
<li>The presidential debate has thrown huge uncertainty in the American economy and U.S.&rsquo;s international standing.</li>
<li>Prudent investors should wait for the air to clear post debate.</li>
<li>There will be winning and losing investments from the election.</li>
<li>Depending upon what happens over the coming days, changes may be made in the portfolios.</li>
<li>In The Arora Report analysis, if nothing changes, the Magnificent Seven stocks,other mega cap stocks, and fossil fuel energy stocks are the winners post debate; clean energy stocks, environmental stocks, and Chinese stocks are losers; and companies that compete with Chinese companies are the winners.</li>
<li>In The Arora Report analysis, if nothing changes, the U.S. dollar is a potential loser and gold is a potential winner.&nbsp;&nbsp;</li>
</ul>
</li>
<li>Quarter end window dressing continues.</li>
<li>As an actionable item, the sum total of the foregoing is in the protection band, which strikes the optimum balance between various crosscurrents. Please scroll down to see the protection band. The protection band is one of the large number of unique edges that are available to members of The Arora Report.</li>
</ul>
<h3>France</h3>
The first round of French elections will take place this weekend.&nbsp;The far right National Rally is projected to make gains.&nbsp;President Macron&rsquo;s party is projected to lose.&nbsp;There are significant implications from the French elections for investors.&nbsp;Please see prior Capsules for details.
<h3>Magnificent Seven Money Flows</h3>
In the early trade, money flows are positive in Apple Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>), Amazon.com, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>), NVIDIA Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>), and Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>).
In the early trade, money flows are neutral in Microsoft Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>).
In the early trade, money flows are negative in Alphabet Inc Class C (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goog#NASDAQ">GOOG</a>), and&nbsp;Meta Platforms Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>).
In the early trade, money flows are mixed in SPDR S&amp;P 500 ETF Trust (ARCA:SPY) and Invesco QQQ Trust Series 1 (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>).
<h3>Momo Crowd And Smart Money In Stocks</h3>
Investors can gain an edge by knowing money flows in SPY and QQQ. &nbsp;Investors can get a bigger edge by knowing when smart money is buying stocks, gold, and oil. The most popular ETF for gold is SPDR Gold Trust (ARCA:GLD). The most popular ETF for silver is iShares Silver Trust (ARCA:SLV). &nbsp;The most popular ETF for oil is United States Oil ETF (ARCA:USO).
<h3>Bitcoin</h3>
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is range bound.
<h3>Protection Band And What To Do Now</h3>
It is important for investors to look ahead and not in the rearview mirror.
Consider continuing to hold good, very long term, existing positions. Based on individual risk preference, consider a protection band consisting of cash or Treasury bills or short-term tactical trades as well as short to medium term hedges and short term hedges. This is a good way to protect yourself and participate in the upside at the same time.
You can determine your protection bands by adding cash to hedges.&nbsp;The high band of the protection is appropriate for those who are older or conservative. The low band of the protection is appropriate for those who are younger or aggressive.&nbsp;If you do not hedge, the total cash level should be more than stated above but significantly less than cash plus hedges.
A protection band of 0% would be very bullish and would indicate full investment with 0% in cash.&nbsp;A protection band of 100% would be very bearish and would indicate a need for aggressive protection with cash and hedges or aggressive short selling.
It is worth reminding that you cannot take advantage of new upcoming opportunities if you are not holding enough cash.&nbsp;When adjusting hedge levels, consider adjusting partial stop quantities for stock positions (non ETF); consider using wider stops on remaining quantities and also allowing more room for high beta stocks.&nbsp; High beta stocks are the ones that move more than the market.
<h3>Traditional 60/40 Portfolio</h3>
Probability based risk reward adjusted for inflation does not favor long duration strategic bond allocation at this time.
Those who want to stick to traditional 60% allocation to stocks and 40% to bonds may consider focusing on only high quality bonds and bonds of seven year duration or less.&nbsp;Those willing to bring sophistication to their investing may consider using bond ETFs as tactical positions and not strategic positions at this time.
The Arora Report is known for its accurate calls. The Arora Report correctly called the big artificial intelligence rally before anyone else, the new bull market of 2023, the bear market of 2022, new stock market highs right after the virus low in 2020, the virus drop in 2020, the DJIA rally to 30,000 when it was trading at 16,000, the start of a mega bull market in 2009, and the financial crash of 2008. Please click here to sign up for a free forever <a href="https://thearorareport.com/generate-wealth-newsletter-benzinga">Generate Wealth Newsletter</a>.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

Huge Post Debate Uncertainty For Investors, New Data On Fed's Favorite Inflation Gauge And Personal Spending

Good Morning Traders! In today&#39;s Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.
Our proprietary formula, exclusive to Market Clubhouse, dictates these price levels. This dynamic equation takes into account price, volume, and options flow. These levels are updated every day and shared with all Clubhouse Members, prior to the opening of the market.
We recommend closely monitoring these stocks, and be prepared to leverage potential breakouts or reversals. As always, stay alert and ready to adjust your tactics based on the market&#39;s pulse to optimize your trading gains. Now, let&#39;s dive into the stock analysis:
<h3>SPDR S&amp;P 500 ETF Trust</h3>
The SPY&nbsp;(ARCA: SPY) is currently trading near our key level of 548.13. For the bulls, we want to see a move higher to 549.00. If this level holds, we anticipate buyers pushing the price up to our next support at 549.67. Should 549.67 maintain during regular trading hours, we could see a further climb to 550.45. Our high bull target for SPY today is set at 551.33.
On the flip side, if 548.13 fails to hold as support, the bears will likely test the strength of 547.56. If sellers dominate, a drop to 546.46 is probable. Breaking this level on heavy selling pressure may push the price down to a strong support at 545.24. In an aggressive sell-off scenario, our low bear target for SPY today is 544.04.
<h3>Invesco QQQ Trust Series 1</h3>
The Q&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>) are currently trading around our significant level of 483.95. For the bulls, we need to see buying activity above this level. If 483.95 holds, we aim for a move to 486.10 as the next strong support. Sustained bullish momentum could drive the price to 488.96. Should the auction remain strong, we expect a test of 491.82. Our high bull target for QQQ today is 493.60.
If the price struggles to hold above 483.95 during trading hours, we anticipate bears taking control, pushing the price down to 481.73. Continued weakness could see a test at 479.03. If sellers remain in charge, a move to 476.85 is likely. Should this support fail, our low bear target for QQQ today is 474.66.
<h3>Apple Inc.</h3>
Apple (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) is currently trading around our level of 215.25. For the bulls, we look for 215.25 to hold as support. If buyers step in, we anticipate a rally to 216.70. Continued bullish activity could see the price rising to 218.08. If bulls maintain control, we expect a push to our high bull target for Apple today at 219.19.
If 215.25 fails as support, bears will likely test the lower level at 214.07. Continued selling pressure may drive the price down to 212.44. If sellers dominate, we could see a test of 211.12. Should this level break, our low bear target for Apple today is 209.81.
<h3>Microsoft Corp.</h3>
Microsoft&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) is currently trading around our key level of 453.02. For the bulls, we need to see the price hold above 453.02 and rally to 455.77, establishing this as support during trading hours. If this level holds, we could see a push to 457.25. Sustained buying pressure may drive the price to our high bull target for Microsoft today at 459.18.
If 453.02 fails to hold as support, bears will likely target 450.26. A breakdown here could see the price fall to 448.18. Continued bearish pressure might push the price down to 446.33. Our low bear target for Microsoft today is 444.95.
<h3>NVIDIA Corporation </h3>
NVIDIA&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>) is currently trading around our crucial level of 125.21. For the bulls, we want to see a move to 126.84, reclaiming this as a strong support. If this level holds, the next target is 128.10. Continued buying could drive the price to 129.53. Our high bull target for NVIDIA today is 131.42.
If 125.21 fails to hold as support, bears will likely test lower at 123.41. If this level breaks, a drop to 121.97 is expected. Further selling could push the price to 120.27. In a weaker auction, our low bear target for NVIDIA today is 119.44.
<h3>Alphabet Inc Class A</h3>
Alphabet (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>) is currently trading around our level of 184.52. For the bulls, we need 184.52 to hold as support and aim for a rise to 186.02. If buying momentum continues, the price could reach our high bull target of 186.68.
If 184.52 fails as support during trading hours, bears will likely drive the price down to 183.40. A breakdown here could see an initial probe at 181.77. In case of heavy selling, the auction could move down to our low bear target for Alphabet today at 180.46.
<h3>Meta Platforms Inc </h3>
Meta (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>) is currently trading around our level of 520.27. For the bulls, we want to see strong support at 520.27 and a move up to 526.29. Continued bullish momentum could drive the price higher to 531.03. If the rally continues, we expect the price to reach our high bull target of 537.68.
If 520.27 fails as support during trading hours, bears will likely push the price down to 515.39. Continued selling pressure could see a drop to 512.85. If this level breaks, bears might drive Meta down to our low bear target for the day at 508.25.
<h3>Tesla Inc. </h3>
Tesla&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) is currently trading around our key level of 198.87. For the bulls, we aim for a move up to 200.43. Sustained buying could see the price rally to our key level of 201.85. If the broader market is bullish, Tesla might test higher at 204.33. A strong rally could push the price to our high bull target for Tesla today at 206.71.
If 198.87 fails as support, we expect a test lower at 197.50. Continued selling might bring 195.91 into play. If 193.81 breaks down and sellers persist, we anticipate a drop to our low bear target for Tesla today at 191.52.
Final Word: Today&#39;s session concludes a highly anticipated week, highlighted by the release of the PCE data at 8:30 AM ET. This data point is crucial as it provides insight into consumer spending and inflation, which are key indicators for economic health and Fed policy decisions. Later in the morning, at 10 AM ET, we&#39;ll receive the Final University of Michigan Sentiment report for June. This report includes the 1-year and 5-10 year inflation outlooks, which will be closely watched for any signs of changing consumer expectations about future price levels.
Additionally, at 11 AM ET, the Bi-Annual Fed Monetary Policy Report will be released, offering a comprehensive review of the central bank&#39;s economic outlook and policy strategy. This will be followed by speeches from Fed members Barkin and Bowman, whose remarks could provide further insights into the Fed&#39;s future policy direction.
Today is also the final trading day of Q2, which means we should anticipate significant end-of-quarter and end-of-first-half rebalancing flows. Fund managers often adjust their portfolios during this time to align with their mid-year strategies, which can lead to increased volatility.&nbsp;
Traders should be prepared for a potentially volatile session with multiple market-moving events on the schedule. It&#39;s crucial to stay informed and cautious, managing risks appropriately. Good luck, trade safely, and enjoy your Friday!
The Morning Memo is curated by RIPS, a pro trader with years of experience in equities, options, and futures trading. RIPS is at the heart of the exclusive Market Clubhouse community, offering his insights, expertise, and real-time mentorship.
Start your day with a live daily market analysis, a carefully selected watch list, early access to the Morning Memo, and exclusive Market Clubhouse price levels, providing precise support and resistance indicators. When you become a member of Market Clubhouse, you will gain early access to the Morning Memo, just like this one, every single day&mdash;hours before it&#39;s published. You will also have access to a live stream with zero latency and screen sharing, enabling you to witness Rips executing his trades in real-time and sharing his exclusive trading plans, strategies, and live decision-making.
For a limited time during our special promotion, you can join RIPS and get a full access pass to Market Clubhouse for 7 full days for just $7. Check it out at <a href="https://marketclubhouse.club/7Days/" title="https://marketclubhouse.club/7Days/">https://marketclubhouse.club/7Days/</a> where you can trade live with him and tap into his wealth of knowledge and experience. You can also catch Rips on his live day trading streams every Monday-Friday at 8 am EST on the Market Clubhouse YouTube channel: <a href="https://www.youtube.com/@MarketClubhouse" title="https://www.youtube.com/@MarketClubhouse">https://www.youtube.com/@MarketClubhouse</a>.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

WIIM

SPDR Dow Jones Industrial Average ETF Trust

Major indexes are higher after May PCE figures were in line with estimates but fell from prior readings.

<ul>
<li>NVDA</li>
<li>NKE</li>
<li>DJT</li>
<li>TSLA</li>
<li>WAY</li>
<li>AI</li>
<li>AAPL</li>
<li>AMZN</li>
<li>MU</li>
<li>QQQ</li>
</ul>
Data from <a href="https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment">https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment</a>
&nbsp;

Top 10 Trending Stocks On WallStreetBets As Of June 28 2024 (Via Swaggy Stocks)

The major index futures pointed up on Friday, potentially reacting to the outcome of the first presidential debate between the two presumptive 2024 candidates. Most experts view a victory for former President Donald Trump as a positive for the market, given his inclination toward deregulation and stance on taxation. In the interim, the market is left to contend with another earnings disappointment from a consumer stock. The rally also faces a key test as a <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39513292/feds-preferred-inflation-gauge-set-to-drop-to-38-month-low-this-could-provide-the">key inflation measure</a> &#8211; considered the Federal Reserve&#8217;s preferred gauge, is due out ahead of the market open. The market has factored in the annual rate of the measure to drop to its lowest level since March 2021.
The S&amp;P 500 and the Nasdaq Composite are on track to finish the month and quarter on an upbeat note, thanks to earnings momentum and slowing inflation. 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.42%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.37%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.10%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.66%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">In premarket trading on Friday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged down 0.05% at $545.25 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.08% to $479.98, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>. Cues From Last Session:</figcaption></figure>
Stocks went about in a lackluster manner on Thursday, as traders digested the revised first-quarter GDP report that showed slightly better growth than initially estimated and a slight upward revision to inflation metrics. Jobless claims for the recent reporting week fell, while durable goods orders ticked up. Stocks also reacted to disappointing earnings from a couple of consumer-facing companies and soft guidance from memory chipmaker Micron Technology, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MU#NYSE">MU</a>).
The S&amp;P 500 Index and the Nasdaq Composite closed higher for a third straight session and yet settled just shy of their record highs. Small-cap stocks outperformed the major averages, with the Russell 2,000 Index closing notably higher.
Among the sector indices, consumer discretionary, communication services and real estate stocks advanced notably, while most other sectors, including IT stocks, moved to the downside.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+0.30%</td>
<td>17,858.68</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.09%</td>
<td>5,482.87</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.09%</td>
<td>39,164.06</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+1.00%</td>
<td>2,038.34</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
The market could be digesting June&#8217;s strong gains, according to fund manager Louis Navellier. &#8220;The VIX is flat and the market is not moving with much conviction in either direction,&#8221; he said.&nbsp;&#8220;The market appears to want to move quietly into the month&#8217;s end tomorrow and lock in the gains already in place.&#8221;&nbsp;&nbsp;
LPL Chief Technical Strategist Adam Turnquist raised the specter of a potential pause or pullback in the second half of the year as the first half draws to a close. He noted that the equity market is entering the second half with &#8220;impressive momentum,&#8221; primarily powered by a handful of mega-cap names.
Among the positives that are supporting the upside are impressive earnings growth and easing inflationary pressure that provides scope for a Fed rate cut, he said.
&#8220;Technically, the S&amp;P 500 remains in a bull market and above its long-term uptrend, but overbought conditions — especially in technology and semiconductors— and notable divergences in market breadth point to a potential short-term pause or pullback in this rally,&#8221; Turnquist said. 
&#8220;Seasonality data suggests dips should be bought, as the S&amp;P 500 historically finishes higher in the second half, especially after a strong first half.&#8221;
Upcoming Economic Data:
<ul>
<li>The Bureau of Economic Analysis will release its personal income and spending report for May at 8:30 a.m. EDT. Personal income and spending may have increased 0.4% and 0.3%, respectively, month-over-month. This compares to the April rates of 0.3% and 0.2%. The annual rates of the personal consumption expenditure index and the core PCEI are expected at 2.6% each. In April, these measures rose by 2.7% and 2.8%, respectively.</li>
<li>The ISM-Chicago is due to release the results of its regional manufacturing survey at 9:45 a.m. EDT. The Chicago business barometer may have increased from 35.4 in May to 40 in June, still below the 50 mark that separates expansion and contraction.</li>
<li>The University of Michigan&#8217;s revised consumer sentiment index for June, due at 10 a.m. EDT, is expected to be revised up from the preliminary reading of 65.6 to 66, although lower than May&#8217;s 69.1. Traders may also focus on the inflation expectations readings of the survey.</li>
<li>Among the Fed speeches scheduled for the day are:
<ul>
<li>San Francisco Fed President Mary Daly at 8:40 a.m. EDT and 12:40 p.m. EDT</li>
<li>Fed Governor Michelle Bowman&nbsp;at 12 p.m. EDT</li>
</ul>
</li>
</ul>
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Stocks In Focus:
<ul>
<li>NIKE, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) fell over 14.50% <a href="https://www.benzinga.com/premarket">in premarket trading</a> following the company&#8217;s earnings announcement. Under Armour, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UA#NYSE">UA</a>) moved in sympathy. </li>
<li>Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) climbed over 9.50% after Donald Trump was perceived as the winner of the first presidential debate held late Thursday.</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil advanced past the $82-a-barrel mark and gold futures also gained ground. The benchmark 10-year U.S. Treasury note rose 2.2 basis points to 4.31%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose modestly toward the $61.5K level.
Among equity markets, Asian stocks closed mostly higher, led by the Indonesian, Chinese and Japanese markets, as traders weighed in on the positive close by Wall Street stocks overnight, the presidential debate and the impending U.S. inflation. The New Zealand market remained closed for a public holiday. European stocks were mixed, with the French market pulling back, while the U.K. market firmed up following the release of revised first-quarter GDP data that came in stronger than initially estimated.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39542910/time-to-buy-small-and-mid-cap-stocks-cathie-wood-sees-broadening-rally-after-market">Time To Buy Small And Mid-Cap Stocks? Cathie Wood Sees Broadening Rally After Market Concentration Exceeds 1932 Great Depression Levels</a>
Stocks Photo by Jirapong Manustrong on Shutterstock

Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) shares traded higher Thursday as part of a broader rally in software stocks. This movement comes amid a decline in yields, which typically benefits growth stocks like those in <a href="https://www.benzinga.com/insights/options/24/06/39532857/10-information-technology-stocks-with-whale-alerts-in-todays-session">the software sector</a>.
What&#8217;s Going On: Thursday&#8217;s economic indicators, including an <a href="https://www.benzinga.com/general/macro-notification/24/06/39527471/gdp-growth-upwardly-revised-in-q1-but-consumer-spending-weakens-continuing-jobless-cla#">upward revision</a> in first-quarter GDP growth to 1.4% and mixed consumer spending data, have influenced market sentiment. Despite the modest GDP growth, concerns over weakening consumer spending have been highlighted by economists, potentially signaling a slower economic trajectory for the rest of the year.
Investors in tech stocks, including Adobe, Salesforce and Meta Platforms, have responded positively, with these stocks seeing strong gains on Thursday. The outperformance in the tech sector is reflected in indices such as the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which closed up 0.17% and the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which closed up 0.26%.
See Also:<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39533195/levis-continues-to-be-best-in-brand-despite-week-outlook-say-analysts"> Levi&#8217;s Continues To Be Best In Brand Despite Week Outlook, Say Analysts</a>
<h2 class="wp-block-heading">How To Buy ADBE Stock</h2>
By now you're likely curious about how to participate in the market for Adobe &#8211; be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of <a href="https://www.benzinga.com/money/best-stock-trading-platforms">possible trading platforms here.</a> Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. In the case of Adobe, which is trading at $546.76 as of publishing time, $100 would buy you 0.18 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a <a href="https://www.benzinga.com/money/how-to-short-a-stock">stock can be found at this resource.</a> Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading &#8211; either way it allows you to profit off of the share price decline.
ADBE Price Action: Adobe shares closed Thursday up 3.42% at $546.76, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a>
Photo via Shutterstock.

To gain an edge, this is what you need to know today.
<img alt="" src="https://thearorareport.com/wp-content/uploads/2024/06/2024-06-27_09h08_34.png" style="height:392px; width:624px" />
<h3>AI Expectations</h3>
Please <a href="https://thearorareport.com/chart-analysis-stock-market-ai-expectations-presidential-debate-mu-mc-06272024">click here</a> for an enlarged chart of Micron stock (MU).
Note the following:
<ul>
<li>This article is about the big picture, not an individual stock. The chart of MU stock is being used to illustrate the point.</li>
<li>MU has become a favorite AI stock of Wall Street.</li>
<li>The chart shows that MU stock has fallen after earnings.</li>
<li>MU reported good earnings, but the stock fell because Micron&rsquo;s guiding revenue was inline with consensus.&nbsp;Whisper numbers were for MU to guide higher than the consensus.</li>
<li>The chart shows that MU is now below the trendline.</li>
<li>The chart shows the volume was high going into earnings, indicating the market&rsquo;s conviction for the stock to go higher after earnings.</li>
<li>RSI on the chart shows that MU can go lower.</li>
<li>Technical analysis is fine, but investors should perform a 360 degree analysis that synergistically optimizes technical analysis, fundamental analysis, macro analysis, and quantitative analysis.</li>
<li>In The Arora Report analysis in the case of MU, even though technical analysis is giving a sell signal, after earnings, MU is still a buy on fundamental analysis, macro analysis, and quantitative analysis.</li>
<li>In The Arora Report analysis, there are two very important observations from Micron earnings for investors:
<ul>
<li>AI is real, but the momo crowd has driven expectations too high.&nbsp;</li>
<li>There is a strong asymmetry in AI stocks for the time being.&nbsp;The reaction to MU earnings illustrates the point. As of this writing in the premarket, MU stock is down about $6.&nbsp;On the other hand, if the revenue projection was only slightly higher, the stock would have been heading for about a $40 gain in the zone of $175 - $182 in the coming days.&nbsp; Members and readers&nbsp;of The Arora Report have a long core position in MU from $21.77.&nbsp; &nbsp;&nbsp;</li>
</ul>
</li>
<li>The presidential debate between Donald Trump and Joe Biden is tonight.&nbsp;Here are the key points for investors:
<ul>
<li>&nbsp;First and foremost, The Arora Report is politically agnostic.&nbsp;The Arora Report&rsquo;s sole job is to help investors make money by staying independent, objective, and highly analytical.</li>
<li>The prevailing wisdom on Wall Street is that if Trump wins the debate, the stock market will go down.</li>
<li>In The Arora Report analysis, investors should not buy into Wall Street&rsquo;s prevailing wisdom.</li>
<li>Long time members of The Arora Report may recall that prior to the 2016 election, when Wall Street had anointed Hillary Clinton as the next president, The Arora Report had correctly called that Trump would win.&nbsp;At that time, The Arora Report was among the very tiny minority with the correct call.</li>
<li>When Trump won in 2016, Wall Street&rsquo;s wisdom was that the stock market would fall.&nbsp; In contrast, after Trump&rsquo;s win, The Arora Report call was that the stock market would rise with DJIA reaching 30,000 in Trump&rsquo;s first term.&nbsp; At that time, no one had a call for DJIA to reach higher than 20,000.&nbsp; History shows that The Arora Report had two perfect calls benefiting Arora Report members and readers.</li>
</ul>
</li>
<li>Initial claims came at 233K vs. 238K consensus. Investors should focus on the four week average.&nbsp;In the short term, momo gurus are not going to like this number.</li>
<li>Durable orders are mixed.&nbsp; Here are the details:
<ul>
<li>Headline durable orders came at 0.1% vs. -1.2% consensus.</li>
<li>Durable orders ex-transport came at -0.1% vs. 0.2% consensus.</li>
</ul>
</li>
<li>Q1 GDP-third estimate came at 1.4% vs. 1.3% consensus.&nbsp;This is a lagging indicator showing that the economy has been strong.</li>
<li>As an actionable item, the sum total of the foregoing is in the protection band, which strikes the optimum balance between various crosscurrents. Please scroll down to see the protection band. The protection band is one of the large number of unique edges that are available to members of The Arora Report.</li>
</ul>
<h3>Magnificent Seven Money Flows</h3>
In the early trade, money flows are positive in Apple Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) and Amazon.com, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>).
In the early trade, money flows are neutral in Alphabet Inc Class C (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goog#NASDAQ">GOOG</a>), Meta Platforms Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>), and Microsoft Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>).
In the early trade, money flows are negative in NVIDIA Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>), and Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>).
In the early trade, money flows are positive in SPDR S&amp;P 500 ETF Trust (ARCA:SPY) and Invesco QQQ Trust Series 1 (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>).
<h3>Momo Crowd And Smart Money In Stocks</h3>
Investors can gain an edge by knowing money flows in SPY and QQQ. Investors can get a bigger edge by knowing when smart money is buying stocks, gold, and oil. The most popular ETF for gold is SPDR Gold Trust (ARCA:GLD). The most popular ETF for silver is iShares Silver Trust (ARCA:SLV). The most popular ETF for oil is United States Oil ETF (ARCA:USO).
<h3>Bitcoin</h3>
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is seeing buying.
<h3>Protection Band And What To Do Now</h3>
It is important for investors to look ahead and not in the rearview mirror.
Consider continuing to hold good, very long term, existing positions. Based on individual risk preference, consider a protection band consisting of cash or Treasury bills or short-term tactical trades as well as short to medium term hedges and short term hedges. This is a good way to protect yourself and participate in the upside at the same time.
You can determine your protection bands by adding cash to hedges.&nbsp;The high band of the protection is appropriate for those who are older or conservative. The low band of the protection is appropriate for those who are younger or aggressive. If you do not hedge, the total cash level should be more than stated above but significantly less than cash plus hedges.
A protection band of 0% would be very bullish and would indicate full investment with 0% in cash.&nbsp;A protection band of 100% would be very bearish and would indicate a need for aggressive protection with cash and hedges or aggressive short selling.
It is worth reminding that you cannot take advantage of new upcoming opportunities if you are not holding enough cash.&nbsp; When adjusting hedge levels, consider adjusting partial stop quantities for stock positions (non ETF); consider using wider stops on remaining quantities and also allowing more room for high beta stocks.&nbsp; High beta stocks are the ones that move more than the market.
<h3>Traditional 60/40 Portfolio</h3>
Probability based risk reward adjusted for inflation does not favor long duration strategic bond allocation at this time.
Those who want to stick to traditional 60% allocation to stocks and 40% to bonds may consider focusing on only high quality bonds and bonds of seven year duration or less.&nbsp;Those willing to bring sophistication to their investing may consider using bond ETFs as tactical positions and not strategic positions at this time.
The Arora Report is known for its accurate calls. The Arora Report correctly called the big artificial intelligence rally before anyone else, the new bull market of 2023, the bear market of 2022, new stock market highs right after the virus low in 2020, the virus drop in 2020, the DJIA rally to 30,000 when it was trading at 16,000, the start of a mega bull market in 2009, and the financial crash of 2008. Please click here to sign up for a free forever <a href="https://thearorareport.com/generate-wealth-newsletter-benzinga">Generate Wealth Newsletter</a>.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

The U.S. economy saw a modest increase in real gross domestic product (GDP) at an annual rate of 1.4% in the first quarter of 2024, according to the &#8220;third&#8221; estimate from the Bureau of Economic Analysis (BEA). This outcome represents a slight rise from the 1.3% second estimate but a slowdown from the 3.4% <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/03/37981569/us-economic-growth-upwardly-revised-to-3-4-in-q4-jobless-claims-slow-thursdays-economi">growth in Q4 2023. </a>
The slowdown compared to the Q4 2023 was driven by reduced consumer spending, exports, and government spending. 
Compared to the second estimate of Q1 2024, downward revisions in imports and consumer spending were partly offset by upward revisions in nonresidential fixed investment, state and local government spending, exports, federal government spending, private inventory investment, and residential fixed investment.
Inflation, as measured by the price index for gross domestic purchases, rose by 3.1% in the first quarter, up 0.1 percentage point from the previous estimate. 
Concurrently, the Labor Department reported a decrease in weekly jobless claims by 6,000 to 233,000 for the week ending June 22, slightly below market expectations of 236,000. 
Conversely, the continuing claims rose by 18,000 to 1,839,000 for the week ending June 15, reaching the highest level since November 2021. 
Chart: Continuing Unemployment Claims Hit November 2021 Highs
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="500" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/27094324/image-60-1024x500.png" alt="" class="wp-image-408847" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/27094324/image-60-1024x500.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/27094324/image-60-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/27094324/image-60-768x375.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/27094324/image-60-1536x750.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/27094324/image-60.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Expert Insights</h3>
Jeffrey Roach, chief economist for LPL Financial, highlights the stronger-than-expected residential fixed investment, which grew at an annualized rate of 16% from the previous quarter, contributing approximately 0.6% to the headline GDP growth of 1.4%.
However, he said that the downward revision in consumer spending signals a weakening trajectory for the rest of the year. 
&#8220;Continuing claims inching higher indicate the labor market could be softening. We expect both consumer and business activity to slow in the latter half of 2024, giving the Fed ample opportunity to begin cutting rates later this year,&#8221; Roach commented.
Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, acknowledged the slight upward revision in Q1 GDP to 1.4% as solid, yet indicative of a slowing economic growth. 
&#8220;The Personal Consumption data shows a slowing in the consumer – down to 1.5% from 2.0% previously – and that is a cause for concern. The cycle that we're in has been led by consumer spending, and if that slows, it could signal the beginning of a downturn in economic activity, which would negatively impact corporate profits and the stock market,&#8221; Zaccarelli warned.
&#8220;This softness doesn't reach the Fed's bar to justify a rate cut at the July 31 decision, especially since the U.S. economy's return to more normal inflation took a bigger step back in the first quarter than previously understood,&#8221; said Bill Adams, chief economist for Comerica Bank. 
Adams highlighted that layoffs are expected to result in higher unemployment in next week&#8217;s June jobs report, potentially raising the unemployment rate to 4.1% from May&#8217;s 4.0%.
<h3 class="wp-block-heading">Market Reactions</h3>
The S&amp;P 500, as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), was up 0.2% by 09:45 a.m. ET, while tech stocks, as tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), outperformed up 0.4%. 
Top tech gainers were Salesforce Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>), Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), up 2.4%, 1.6% and 1.5% respectively.
CVS Health Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CV#NYSE">CV</a>) and Goldman Sachs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) were the laggards within the S&amp;P 500, down 4.4% and 2.6%, respectively, with the latter likely impacted by the <a href="https://www.benzinga.com/markets/equities/24/06/39513681/fed-stress-test-2024-large-banks-face-greater-losses-but-maintain-strong-capital-positions-in-se">Fed&#8217;s stress tests results. </a>
Traders are now gearing up for the first presidential debate between President Joe Biden and former President Donald Trump, scheduled at 9 p.m. ET. 
Read Next:
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39525918/major-banks-fall-short-in-feds-2024-stress-test-results-the-market-will-view-the-re">Maj</a><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39525918/major-banks-fall-short-in-feds-2024-stress-test-results-the-market-will-view-the-re">or Banks Fall Short In Fed&#8217;s 2024 Stress Test Results: &#8216;The Market Will View The Results As Disappointing&#8217;</a>
Photo: Shutterstock

GDP Growth Upwardly Revised In Q1 But Consumer Spending Weakens, Continuing Jobless Claims Hit Nearly 3-Year Highs: Thursday's Economic Digest

Advanced Micro Devices, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) shares were trading lower on Thursday in the premarket session in sympathy with Micron Technology Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) after the company reported <a href="https://www.benzinga.com/news/earnings/24/06/39512382/micron-q3-earnings-revenue-beat-eps-beat-q4-earnings-guidance-expanding-ai-driven-opportunities-ahe" target="_blank" rel="noreferrer noopener">third-quarter financial results</a> Wednesday.
The stock has recovered from the losses in the regular trading session on Thursday. 
Meanwhile, AMD is set to introduce a new technology that promises to enhance the gaming experience by significantly reducing download times.
The Neural Texture Block Compression system, harnessing the power of artificial intelligence, will be showcased at the upcoming Eurographics Symposium on Rendering in London this July.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39463584/nvidia-dominates-gpu-market-as-generative-ai-adoption-grows-analyst-says" rel="noreferrer noopener">Nvidia Dominates GPU Market as Generative AI Adoption Grows, Analyst Says</a>
This development comes at a busy time for AMD, with the expected release of the first Zen 5 CPUs in July 2024.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/27090630/newplot-39.png" alt="" class="wp-image-408711" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/27090630/newplot-39.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/27090630/newplot-39-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
AMD emphasizes AI, rebranding its laptop gaming CPUs under the AMD AI moniker, similar to its competitor Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>). Despite this focus, AMD acknowledges the strides needed to match Nvidia&#8217;s prowess in AI.
A statement from the AMD GPUOpen platform highlighted the universal disdain for lengthy game downloads, asserting that their novel AI-driven compression technique will substantially reduce data sizes. Nvidia previously explored a similar concept.
AMD stock gained 43% in the last 12 months. Investors can gain exposure to the stock via Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), and SPDR S&amp;P 500 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>).
Price Actions: AMD shares were trading higher by 0.48% at $158.30 at the last check on Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

What's Going On With AMD Stock On Thursday?

The two-day rally the broader market witnessed could stall, as traders choose to remain cautious ahead of <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39513292/feds-preferred-inflation-gauge-set-to-drop-to-38-month-low-this-could-provide-the">a string of economic catalysts. </a>The negative reaction to Micron Technology, Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) earnings could generate weakness in the tech space. AI stalwart Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) two-day rally is cooling off following its annual shareholder meeting. Bond yields have ticked up, with the 10-year-old Treasury yield holding above the 4.3% mark.
Traders may bide their time amid the fluid situation in a bid to see off late Thursday&#8217;s presidential debate and Federal Reserve&#8217;s preferred inflation gauge due on Friday.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.12%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.11%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.16%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.12%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">In premarket trading on Thursday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged down 0.05% at $545.25 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.08% to $479.98, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>. Cues From Last Session:</figcaption></figure>
Stocks closed higher on Wednesday although sentiment remained lackluster throughout the session amid caution. The major averages opened lower and the tech strength kept the Nasdaq Composite Index mostly above the unchanged line but the S&amp;P 500 Index and the Dow Jones Industrial Average traded mostly below the flat line before recovering by the close of the session.
Most S&amp;P 500 sector stocks ended weaker, while consumer discretionary stocks found strong buying interest. IT and communications stocks rose modestly.
On the Main Street front, new home sales came in weaker than expected, although one could take comfort from the fact that previous months&#8217; readings were upwardly revised. House prices remained weak.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+0.49%</td>
<td>17,805.16</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.16%</td>
<td>5,477.90</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.04%</td>
<td>39,127.80</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.21%</td>
<td>2,018.12</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Morgan Stanley&#8217;s Chief U.S. Equity Strategist Matt Wilson advised against the temptation to play for a true broadening out until the macro environment makes a meaningful shift. &#8220;The ongoing policy mix of heavy fiscal spending and tight interest rate policy is crowding out many companies and consumers in a way that is unsustainable in our view,&#8221; he said.
Investors are therefore bidding up the few stocks of the companies that are doing well in this environment, Wilson said. &#8220;Until the bond market pushes back via higher term premium or growth slows down in a more meaningful way, we expect this narrow market performance to persist,&#8221; he added.
The strategist said he continues to recommend a &#8220;barbell of large-cap quality growth with defensives while fading cyclicals.&#8221;
On the other hand, Fund Strat&#8217;s Tom Lee expects the momentum to continue for multiple years. The S&amp;P 500 Index can compound at more than 15% annually over the next seven years and hit 15,000 by 2030, <a href="https://www.benzinga.com/markets/equities/24/06/39519696/fundstrats-tom-lee-predicts-s-p-500-will-hit-15-000-by-2030-driven-by-gen-z-and-ai-wave">he said in an interview </a>with CNBC. His optimism is predicated on favorable demographics, ie millennials and Gen X driving growth in prime-age works, and AI driving a surge in demand for U.S. technology.
Upcoming Economic Data:
<ul>
<li>The Bureau of Economic Analysis is scheduled to release its final first-quarter GDP estimate at 8:30 a.m. EDT. Economists, on average, expect quarter-over-quarter GDP growth to be revised up from 1.3% to 1.4%. Traders may also keep an eye on the inflation components of the report.</li>
<li>The Census Bureau will release the durable goods orders report for May at 8:30 a.m. EDT. The consensus estimate calls for a 1% month-over-month drop in durable goods orders, reversing all of the 0.6% growth in April. Core durable goods orders that strip off transportation orders may have increased by 0.2%, half as much as the growth seen in the previous month.</li>
<li>The National Association of Realtors&#8217; pending home sales index, due at 10 a.m. EDT, is expected to show a 0.4% month-over-month drop for May versus April&#8217;s 7.7% fall. </li>
<li>The Treasury will auction four- and eight-week notes at 11:30 a.m. EDT and seven-year notes at 1 p.m. EDT.</li>
</ul>
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Stocks In Focus:
<ul>
<li>Micron fell nearly 4.75% <a href="https://www.benzinga.com/markets/equities/24/06/39520174/micron-technology-stock-drops-over-5-in-pre-market-despite-beating-q3-revenue-estimates-heres-wh">in premarket trading </a>in reaction to the memory chipmaker&#8217;s results.</li>
<li>H.B. Fuller Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FUL#NYSE">FUL</a>) rose nearly 3%, Worthington Steel, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WS#NYSE">WS</a>) climbed over 3% and Levi Strauss &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEVI#NYSE">LEVI</a>) plunged over 15%, also on earnings.</li>
<li>Acuity Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AYI#NYSE">AYI</a>), Apogee Enterprises, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APOG#NASDAQ">APOG</a>), McCormick &amp; Company, Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>), Walgreens Boots Alliance, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>) and NIKE, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) are among the companies due to <a href="https://www.benzinga.com/calendars/earnings">release their quarterly results.</a></li>
<li>International Paper Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IP#NYSE">IP</a>) fell nearly 15% on a <a href="https://www.benzinga.com/markets/equities/24/06/39519611/international-paper-shares-dip-15-in-pre-market-after-suzano-drops-acquisition-pursuit">scuttled buyout deal.</a></li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil and futures firmed up, and the benchmark 10-year U.S. Treasury note rose 1.1 basis points to 4.327%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued to flatline around the $61K mark.
Micron&#8217;s earnings and caution ahead of key U.S. data dragged the Asian stocks lower, as the major averages in the region, with the exception of those in India, Indonesia and Singapore, closed lower. The yen plunged to a 38-year low against the dollar amid worries concerning domestic growth. European stocks also showed tentativeness in early trading. 
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39513681/fed-stress-test-2024-large-banks-face-greater-losses-but-maintain-strong-capital-positions-in-se">Fed Stress Test 2024: Large Banks Face Greater Losses But Maintain Strong Capital Positions In Severe Recession Scenario</a>
Image Via Shutterstock

Traders are preparing for the release of the Personal Consumption Expenditure (PCE) price index data, widely regarded as the Federal Reserve&#8217;s preferred inflation <a href="https://www.benzinga.com/calendars/economic">measure, scheduled for Friday.</a>
The Bureau of Economic Analysis will release this key inflation indicator alongside data on personal income and personal spending.
The key focus for investors is whether the Fed&#8217;s inflation gauge has decreased as economists currently predict. A drop would bolster confidence in efforts to steer price pressures toward the 2% target and strengthen expectations for upcoming interest rate cuts.
<h3 class="wp-block-heading">May&#8217;s PCE Price Index Report: What Economists Expect</h3>
<ul>
<li>The PCE price index is expected to slow from 2.7% year-on-year in April to 2.6% year-on-year in May, as estimates gathered by Econoday show. The consensus range is between 2.5% and 2.7%. </li>
<li>On a monthly basis, the PCE price index is seen advancing at a 0.1% pace, slowing down from the previous 0.3%. </li>
<li>The core PCE price index is set to ease from 2.8% to 2.6% year-on-year in May, which could mark the lowest level since March 2021. </li>
<li>On a monthly basis, the core PCE price index is predicted to slow from 0.2% to 0.1%. </li>
</ul>
<h3 class="wp-block-heading">Previous Report And Economist Views</h3>
In April, the headline PCE inflation rate remained steady at 2.7% year-on-year. The core PCE price index also matched expectations with a 2.8% year-on-year increase, though it came in slightly lower than monthly estimates (0.2% vs. 0.3%).
In its June economic projections, the Fed revised the Personal Consumption Expenditure (PCE) inflation forecast for 2024 from 2.4% to 2.6% and for 2025 from 2.2% to 2.3%. Expectations for 2026 and the longer term remained unchanged. The forecast for core PCE inflation also increased from 2.6% to 2.8% in 2024 and from 2.2% to 2.3% in 2025.
Bank of America economist Michael Gapen expects core PCE inflation to rise by only 0.16% month-on-month in May (down from 0.3% previously) and to decrease a tenth to 2.6% year-on-year. 
&#8220;This supports our view that disinflation is the most likely path forward, making a sustained reacceleration in inflation unlikely,&#8221; Gapen added. 
Bill Adams, chief economist for Comerica Bank, predicts the overall headline PCE inflation rate will fall to 2.4% year-on-year. &#8220;In annual terms, PCE inflation likely slowed to the lowest rate since inflation began skyrocketing in early 2021.&#8221; When excluding food and energy items, Comerica Bank sees core PCE inflation falling to 2.6%.
&#8220;We expect the Fed&#8217;s preferred inflation gauge will continue to show progress toward its 2.0% target,&#8221; Wall Street veteran investor Ed Yardeni, stated. 
&#8220;Bulls will be hoping for further evidence that inflation is continuing to soften. If so, this could provide the impetus for another rally to fresh highs,&#8221; David Morrison, senior market analyst at Trade Nation, said. 
On Wednesday, the tech-heavy Nasdaq 100 index, tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), traded just 1.4 percentage points below its record high set last week, while the S&amp;P 500, monitored through the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was less than a percentage point away from its peak.
Read Now: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39506069/yen-plummets-to-160-against-dollar-lowest-since-december-1986-is-bank-of-japan-inte">Yen Plummets To 160 Against Dollar, Lowest Since December 1986: Is Bank Of Japan Intervention Imminent?</a></li>
</ul>

Fed's Preferred Inflation Gauge Set To Drop To 38-Month Low: 'This Could Provide The Impetus For Another Rally To Fresh Highs'

To gain an edge, this is what you need to know today.
<img alt="" src="https://thearorareport.com/wp-content/uploads/2024/06/2024-06-26_08h15_39.png" style="height:383px; width:700px" />
<h3>Window Dressing</h3>
Please&nbsp;<a href="https://thearorareport.com/chart-analysis-stock-market-window-dressing-pce-ahead-spy-mc-06262024">click here</a>&nbsp;for an enlarged chart of SPDR S&amp;P 500 ETF Trust (ARCA:SPY) which represents the benchmark stock market index S&amp;P 500 (SPX).
Note the following:
<ul>
<li>The chart shows that the stock market has continued to levitate way above the support zone. This indicates that there is significant risk if buying here.</li>
<li>The chart shows that the volume is low.&nbsp;This indicates lack of conviction.</li>
<li>RSI on the chart shows that, at least temporarily, the stock market is losing its upward momentum and can pull back.</li>
<li>This is the end of the quarter.&nbsp; Window dressing is underway.&nbsp;In window dressing, some money managers buy the best performing stocks of the quarter and sell the weakest stocks of the quarter.&nbsp;The purpose is to show their clients in the quarter end reports that they were holding the best performing stocks.</li>
<li>The Fed&#39;s favorite inflation gauge, PCE, will be released on Friday.&nbsp;Economists have become good at correctly predicting PCE.&nbsp;Nonetheless, PCE has the potential to move the market.</li>
<li>Micron Technology Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mu#NASDAQ">MU</a>) will report earnings after the close.&nbsp; MU earnings will impact the artificial intelligence trade.&nbsp;Please see <a href="https://blog.thearorareport.com/micron-earnings-062424/">prior Morning Capsules</a> and <a href="https://blog.thearorareport.com/signal-micron-062524/">articles on Micron</a> for more details.</li>
<li>In noteworthy action, traders have been running up NVIDIA Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>) stock after it touched the top band of the mini support zone.&nbsp; Please&nbsp;<a href="https://thearorareport.com/chart-analysis-stock-market-nvidia-bounces-semiconductors-nvda-mc-06252024">click here</a>&nbsp;for the chart.&nbsp; For the sake of complete transparency, this chart has not been changed from the chart published yesterday morning before the market open.</li>
<li>In the early trade, traders ran up NVDA to $129.97, where selling came in.&nbsp; As of this writing, selling is persisting.</li>
<li>In noteworthy news, Volkswagen A G Unsponsored Represent 1 10th Sh ADR (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>) has thrown a lifeline to EV maker Rivian Automotive Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rivn#NASDAQ">RIVN</a>) with a $1B initial investment and plans to invest up to $5B.&nbsp;As a full disclosure, there is a very nice profitable <a href="https://blog.thearorareport.com/volkswagen-062624/" style="color:#467886; text-decoration:underline">trade on RIVN</a> in The Arora Report&#39;s ZYX Buy.</li>
<li>Olli Rehn, an ECB policy maker, said that two rate cuts this year are reasonable.&nbsp; In The Arora Report analysis, every ECB meeting this year will be live for a potential rate cut.</li>
<li>In The Arora Report analysis, ECB actions are going to put pressure on the Fed to cut rates.</li>
<li>Options traders are betting on interest rate cuts of 3% over the next nine months in the U.S.&nbsp; These options traders belong to the momo crowd.&nbsp;Investors need to be aware that even though they are betting real money, these options traders have been consistently wrong.&nbsp; They started the year betting on six or seven rate cuts this year.&nbsp;For reference, there have been no rate cuts so far this year.&nbsp; If these options traders are right, the Fed would be very aggressively cutting rates this year and early next year.</li>
<li>As an actionable item, the sum total of the foregoing is in the protection band, which strikes the optimum balance between various crosscurrents.&nbsp;Please scroll down to see the protection band. The protection band is one of the large number of unique edges that are available to members of The Arora Report.</li>
</ul>
<h3>Magnificent Seven Money Flows</h3>
In the early trade, money flows are positive in Apple Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) and Amazon.com, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>).
In the early trade, money flows are negative in NVDA, Alphabet Inc Class C (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goog#NASDAQ">GOOG</a>), Meta Platforms Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>), Microsoft Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>), and Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>).
In the early trade, money flows are negative in S&amp;P 500 ETF (SPY) and Invesco QQQ Trust Series 1 (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>).
<h3>Momo Crowd And Smart Money In Stocks</h3>
Investors can gain an edge by knowing money flows in SPY and QQQ. &nbsp;Investors can get a bigger edge by knowing when smart money is buying stocks, gold, and oil. The most popular ETF for gold is SPDR Gold Trust (ARCA:GLD). The most popular ETF for silver is iShares Silver Trust (ARCA:SLV). &nbsp;The most popular ETF for oil is United States Oil ETF (ARCA:USO).
<h3>Bitcoin</h3>
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is range bound and trading above $60,000.
<h3>Protection Band And What To Do Now</h3>
It is important for investors to look ahead and not in the rearview mirror.
Consider continuing to hold good, very long term, existing positions. Based on individual risk preference, consider a protection band consisting of cash or Treasury bills or short-term tactical trades as well as short to medium term hedges and short term hedges. This is a good way to protect yourself and participate in the upside at the same time.
You can determine your protection bands by adding cash to hedges.&nbsp;The high band of the protection is appropriate for those who are older or conservative.The low band of the protection is appropriate for those who are younger or aggressive.&nbsp;If you do not hedge, the total cash level should be more than stated above but significantly less than cash plus hedges.
A protection band of 0% would be very bullish and would indicate full investment with 0% in cash.&nbsp; A protection band of 100% would be very bearish and would indicate a need for aggressive protection with cash and hedges or aggressive short selling.
It is worth reminding that you cannot take advantage of new upcoming opportunities if you are not holding enough cash.&nbsp;When adjusting hedge levels, consider adjusting partial stop quantities for stock positions (non ETF); consider using wider stops on remaining quantities and also allowing more room for high beta stocks.&nbsp; High beta stocks are the ones that move more than the market.
<h3>Traditional 60/40 Portfolio</h3>
Probability based risk reward adjusted for inflation does not favor long duration strategic bond allocation at this time.
Those who want to stick to traditional 60% allocation to stocks and 40% to bonds may consider focusing on only high quality bonds and bonds of seven year duration or less.&nbsp;Those willing to bring sophistication to their investing may consider using bond ETFs as tactical positions and not strategic positions at this time.
The Arora Report is known for its accurate calls. The Arora Report correctly called the big artificial intelligence rally before anyone else, the new bull market of 2023, the bear market of 2022, new stock market highs right after the virus low in 2020, the virus drop in 2020, the DJIA rally to 30,000 when it was trading at 16,000, the start of a mega bull market in 2009, and the financial crash of 2008. Please click here to sign up for a free forever <a href="https://thearorareport.com/generate-wealth-newsletter-benzinga" style="color:#467886; text-decoration:underline">Generate Wealth Newsletter</a>.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

Quarter End Window Dressing And Fed's Favorite Inflation Gauge Ahead, Hopes Of Two Rate Cuts In Europe

Futures trading reflects the <a href="https://www.benzinga.com/news/earnings/24/06/39476084/nasdaq-s-p-500-futures-firm-up-as-nvidia-poised-to-lead-tech-rebound-expert-says-a-major-gaffe-by-o">same trend seen on Tuesday,</a> with the Nasdaq and S&amp;P 500 futures firming up in early trading, while the Dow futures slipped. Notwithstanding the tech strength, the underlying sentiment is likely to be one of caution ahead of some key market-moving economic catalysts scheduled for the next two sessions. The Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) rally continues, with the stock firmer in premarket trading. It remains to be seen if the concentrated tech strength could be strong enough to lift the broader market.
The market could also receive a shot in the arm from FedEx Corp.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) positive earnings and M&amp;A rumors.
The Federal Reserve&#8217;s favorite inflation gauge, more Fed speeches, consumer sentiment data and durables goods order are among the key reports due on Thursday and Friday. More importantly, traders may also focus on the presidential debate that is scheduled for late Thursday.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.21%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.05%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.14%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.30%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">In premarket trading on Wednesday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged up 0.01% at $544.90 and the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.16% to $480.15, according to <a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>. Cues From Last Session:</figcaption></figure>
The tech rally, spearheaded by Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), imparted strength to the broader market on Tuesday, although weakness elsewhere dragged the Dow Jones Industrial Average lower. IT and communication services stocks launched into a strong rally and energy stocks saw modest strength but most other S&amp;P 500 sectors closed on the red.
The tech-heavy Nasdaq Composite outperformed, hovering in positive territory throughout the session, while the S&amp;P 500 Index braved some mid-session weakness before recovering. The two averages snapped a three-session losing streak but they did not have enough momentum to break above their previous highs.
Among the economic data released on Tuesday, consumer confidence slowed in line with expectations in June and house price growth slowed in April &#8211; all pointers toward softening growth.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+1.26%</td>
<td>17,717.65</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.39%</td>
<td>5,469.30</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.76%</td>
<td>39,112.16</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.42%</td>
<td>2,022.35</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Fund manager Louis Navellier is confident of the tech rally continuing. &#8220;Being underweight in tech remains a contrarian bet,&#8221; he said in a note to clients. &#8220;With the end of the quarter this week, we will shortly get another round of earnings which may give new perspectives on earnings momentum, but may also reemphasize the concentration at the top, as the AI theme gains momentum,&#8221; he said.
Carson Group&#8217;s Chief Market Strategist Ryan Detrick pointed to a historical trend that is positive for the market. Since 1950, the market has never peaked in June, he said. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Did stocks peak in June? History would say no, as stocks have never peaked for the year in June. This is the only month that can say this. Another feather in the cap for the bulls. <a href="https://t.co/Vt4L89So4P">pic.twitter.com/Vt4L89So4P</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1805786314706448417?ref_src=twsrc%5Etfw">June 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Upcoming Economic Data:
<ul>
<li>The Commerce Department is scheduled to release the new home sales data for May at 8:30 a.m. EDT. Economists, on average, expect new home sales to come in at a seasonally adjusted annual rate of 640,000 up from a 634,000 rate in April.</li>
<li>The Energy Information Administration will release its weekly petroleum status report at 10:30 a.m. EDT.</li>
<li>The Treasury is set to auction five-year notes at 1 p.m. EDT.</li>
</ul>
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures</a>
Stocks In Focus:
<ul>
<li>Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) climbed over 33% in premarket in reaction to its <a href="https://www.benzinga.com/markets/equities/24/06/39497161/rivian-stock-skyrockets-premarket-set-to-open-at-4-month-high-whats-going-on">plan to forge a partnership </a>with Volkswagen AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>). Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) moved higher in sympathy.</li>
<li>FedEx climbed over 14% in reaction to the company&#8217;s quarterly results, while Worthington Enterprises, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOR#NYSE">WOR</a>) fell over 7.50%.</li>
<li>Whirlpool Corporation (WHR) rose nearly 14% after Reuters reported that Bosch is weighing a bid for the former.</li>
<li>General Mills, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GIS#NYSE">GIS</a>) and Paychex, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAYX#NYSE">PAYX</a>) are among the notable companies reporting earnings ahead of the market opening.</li>
<li>Those reporting after the close include Micron Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>), H.B. Fuller Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FUL#NYSE">FUL</a>), Worthington Steel, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WS#NYSE">WS</a>) and Levi Strauss &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEVI#NYSE">LEVI</a>).</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures firmed up, while gold futures pulled back. The benchmark 10-year U.S. Treasury note rose 4.1 basis points to 4.279%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) flatlined around the $61K mark.
Asian stocks closed higher, tracking the positive close on Wall Street overnight amid the tech rally, although the Australian market bucked the uptrend. The European markets showed tentativeness in early trading.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39495728/nvidia-set-for-another-100-rally-before-year-end-says-fund-manager-theyve-got-80-ya">Nvidia Set For Another 100% Rally Before Year-End, Says Fund Manager: &#8216;They&#8217;ve Got 80 Yards Of A Clear Turf…Nobody&#8217;s Catching Up To Them&#8217;</a>
Image Via Shutterstock

LCID

PAYX

Nasdaq, S&P 500 Set To Open Higher On Nvidia Prop, FedEx Earnings, But Traders Could Move To Sidelines Ahead Of Key Data: Analyst Says Underweighting Techs 'Contrarian Bet'

Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) <a href="https://www.benzinga.com/markets/equities/24/06/39454317/nvidia-stock-slides-nearly-2-in-premarket-following-last-weeks-pullback-whats-going-on">gained over 6% </a>on Tuesday after losing a staggering $550 billion in market value since Thursday, June 20. The company had become the most valuable on the planet last week when it reached a market capitalization of $3.46 trillion.
The artificial-intelligence company has risen back to $3.10 trillion by Tuesday after falling 16% since Thursday, settling in as the third most valuable corporation behind Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), which is valued at $3.34 trillion, and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), which holds $3.22 trillion in value.
Concerns about Nvidia's grip on the S&amp;P 500 Index after soaring almost 140% this year have some analysts warning that a large enough sell-off for the chipmaker could spark a broader market slump, the Financial Times <a href="https://www.ft.com/content/7332b1f8-cf7c-4bfa-82f4-88d0deb23f98">reported</a>.
Also read: <a href="https://www.benzinga.com/trading-ideas/technicals/24/06/39482710/nvidia-stock-drops-over-12-in-3-trading-days-indicators-suggest-whats-next">Nvidia Stock Drops Over 12% In 3 Trading Days: Indicators Suggest What&#8217;s Next</a>
"If Nvidia corrects pretty hard in the coming months, it becomes very difficult for the [S&amp;P 500] to keep rising," Barry Bannister, chief equity strategist at Stifel, told FT. &#8220;And Nvidia will decelerate.&#8221;
Shares fell 4% on Monday, following disclosures on Friday that chief executive and co-founder, Jensen Huang, sold almost $95 million worth of the stock in the days around its climb to the world's most valuable company. The trades were part of a previously scheduled Rule 10b5-1 sale plan set up in March, filings show, according to the Financial Times.
Nvidia's fall from Thursday, June 20, to Tuesday has weighed on the broader chipmaking sector, with the PHLX Semiconductor Index (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOX#NASDAQ">SOX</a>) down 2.5% and the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which tracks the tech-dominated Nasdaq Composite, was down 0.4% since Thursday.
On Tuesday the iShares U.S. Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>) gained 1.7%, Fidelity MSCI Information Technology Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTEC#NYSE">FTEC</a>) jumped1.4% and First Trust Dow Jones Internet Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDN#NYSE">FDN</a>) rose by 1.4%.
Read now: <a href="https://www.benzinga.com/news/earnings/24/06/39476084/nasdaq-s-p-500-futures-firm-up-as-nvidia-poised-to-lead-tech-rebound-expert-says-a-major-gaffe-by-o">Nasdaq, S&amp;P 500 Futures Firm Up As Nvidia Poised To Lead Tech Rebound: Expert Says &#8216;A Major Gaffe By One Of The Candidates&#8217; In Presidential Debate Could Alter Market Trajectory</a>
Photo: Shutterstock

First Trust Dow Jones Internet Index Fund

FTEC

iShares Dow Jones US Technology Sector Index Fund

Nvidia Rebounds Over 6% After $550B Market Cap Loss

To gain an edge, this is what you need to know today.
<img alt="" src="https://thearorareport.com/wp-content/uploads/2024/06/2024-06-25_08h55_07.png" style="height:358px; width:624px" />
<h3>Nvidia Bounces</h3>
Please <a href="https://thearorareport.com/chart-analysis-stock-market-nvidia-bounces-semiconductors-nvda-mc-06252024">click here</a> for an enlarged chart of NVIDIA Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>).
Note the following:
<ul>
<li>This article&nbsp;is about the big picture, not an individual stock.&nbsp;The chart of NVDA stock is being used to illustrate the point.</li>
<li>The chart shows Arora&rsquo;s call to hedge semiconductors including NVDA just before the blow-off top.&nbsp;This is as good as it gets in real life.</li>
<li>The chart shows the Arora call that Nasdaq 100 internals were deteriorating on the exact day when the NVDA stock blow-off top occurred.&nbsp;The call was made in the Morning Capsule before the market open at a time when NVDA stock was making a new high.</li>
<li>The chart shows the mini support zone for NVDA stock.</li>
<li>The chart shows that NVDA bounced off of the top band of the mini support zone.&nbsp;NVDA stock touched the top band of the mini support zone in overnight trading.&nbsp;In some systems, the data for overnight trading may be missing.</li>
<li>The chart shows from peak to trough NVDA fell about 18% before the bounce.</li>
<li>As full disclosure, The Arora Report system triggered a Signal Limited for a trade around position when NVDA touched the top band of the mini support zone.&nbsp;However, the signal was triggered during overnight trading and was not published because most investors do not trade overnight.&nbsp; Now, the signal has been negated because the stock quickly bounced.</li>
<li>The chart shows the next support zone.&nbsp;If NVDA stock dips to the next support zone, a signal may be given for a trade around position.</li>
<li>As full disclosure, The Arora Report&#39;s&nbsp;core NVDA position is long from $12.55.&nbsp;The Arora Report&#39;s NVDA position is partially hedged and a signal may be coming to take partial profits on the hedge.</li>
<li>What happens next will come down to Micron Technology Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mu#NASDAQ">MU</a>) earnings that will be reported tomorrow after the close.&nbsp;For details, <a href="https://blog.thearorareport.com/micron-earnings-062424/">please click here</a> to read more in yesterday&rsquo;s Morning Capsule, and <a href="https://blog.thearorareport.com/signal-micron-062524/">please click here</a> for a separate Micron article.</li>
<li>Previously, it was Boeing Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ba#NYSE">BA</a>).&nbsp;Now, Airbus SE (OTC: <a class="ticker" href="https://www.benzinga.com/stock/eadsy#OTC">EADSY</a>) is also faltering due to problems at suppliers.</li>
<li>San Francisco Fed President Mary Daly is warning that the U.S. labor market is near an inflection point.&nbsp;If she is right, more layoffs are coming.</li>
</ul>
<h3>Magnificent Seven Money Flows</h3>
In the early trade, money flows are positive in Apple Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>), Amazon.com, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>), Alphabet Inc Class C (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goog#NASDAQ">GOOG</a>),&nbsp;NVDA,&nbsp;and Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>).
In the early trade, money flows are neutral in Meta Platforms Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>) and Microsoft Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>).
In the early trade, money flows are mixed in SPDR S&amp;P 500 ETF Trust (ARCA:SPY) and Invesco QQQ Trust Series 1 (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>).
<h3>Momo Crowd And Smart Money In Stocks</h3>
Investors can gain an edge by knowing money flows in SPY and QQQ. &nbsp;Investors can get a bigger edge by knowing when smart money is buying stocks, gold, and oil. The most popular ETF for gold is SPDR Gold Trust (ARCA:GLD).&nbsp;The most popular ETF for silver is iShares Silver Trust (ARCA:SLV).&nbsp;The most popular ETF for oil is United States Oil ETF (ARCA:USO).
<h3>Bitcoin</h3>
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is bouncing after falling below $60,000.
<h3>Protection Band And What To Do Now</h3>
It is important for investors to look ahead and not in the rearview mirror.
Consider continuing to hold good, very long term, existing positions. Based on individual risk preference, consider a protection band consisting of cash or Treasury bills or short-term tactical trades as well as short to medium term hedges and short term hedges. This is a good way to protect yourself and participate in the upside at the same time.
You can determine your protection bands by adding cash to hedges.&nbsp;The high band of the protection is appropriate for those who are older or conservative. The low band of the protection is appropriate for those who are younger or aggressive.&nbsp;If you do not hedge, the total cash level should be more than stated above but significantly less than cash plus hedges.
A protection band of 0% would be very bullish and would indicate full investment with 0% in cash.&nbsp;A protection band of 100% would be very bearish and would indicate a need for aggressive protection with cash and hedges or aggressive short selling.
It is worth reminding that you cannot take advantage of new upcoming opportunities if you are not holding enough cash.&nbsp; When adjusting hedge levels, consider adjusting partial stop quantities for stock positions (non ETF); consider using wider stops on remaining quantities and also allowing more room for high beta stocks.&nbsp;High beta stocks are the ones that move more than the market.
<h3>Traditional 60/40 Portfolio</h3>
Probability based risk reward adjusted for inflation does not favor long duration strategic bond allocation at this time.
Those who want to stick to traditional 60% allocation to stocks and 40% to bonds may consider focusing on only high quality bonds and bonds of seven year duration or less.&nbsp;Those willing to bring sophistication to their investing may consider using bond ETFs as tactical positions and not strategic positions at this time.
The Arora Report is known for its accurate calls. The Arora Report correctly called the big artificial intelligence rally before anyone else, the new bull market of 2023, the bear market of 2022, new stock market highs right after the virus low in 2020, the virus drop in 2020, the DJIA rally to 30,000 when it was trading at 16,000, the start of a mega bull market in 2009, and the financial crash of 2008. Please click here to sign up for a free forever <a href="https://thearorareport.com/generate-wealth-newsletter-benzinga">Generate Wealth Newsletter</a>.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

European Aeronautic Defence And Space Unsponsored

EADSY

Nvidia Bounces After Touching Mini Support, Wait For Micron Earnings, Airbus Falters

The Nasdaq is higher amid a rebound in NVIDIA.

Good Morning Traders! In today&#39;s Market Clubhouse Morning Memo, we will discuss SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META, and TSLA.
Our proprietary formula, exclusive to Market Clubhouse, dictates these price levels. This dynamic equation takes into account price, volume, and options flow. These levels are updated every day and shared with all Clubhouse Members, prior to the opening of the market.
We recommend closely monitoring these stocks, and be prepared to leverage potential breakouts or reversals. As always, stay alert and ready to adjust your tactics based on the market&#39;s pulse to optimize your trading gains. Now, let&#39;s dive into the stock analysis:
<h3>SPDR S&amp;P 500 ETF Trust </h3>
The SPY&nbsp;(ARCA: SPY) is currently trading around our level of 545.24. For the bulls, a push higher to 546.46 is desired. If the price can maintain strength above 546.46, we anticipate buyers to drive the price up to our support level of 547.56. Holding 547.56 during regular trading hours could result in a further rise to 548.13. Our high bull target for SPY today is 549.00.
If 545.24 fails to hold as support, the bears may test the 544.04 level. If sellers gain momentum, we could see a move down to 542.93. Should this level be breached under heavy selling, a robust support at 541.49 is expected. In a scenario of significant selling pressure, our low bear target for SPY is 540.07.
<h3>Invesco QQQ Trust Series 1</h3>
The QQQs&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qqq#NASDAQ">QQQ</a>) are currently trading near our critical level of 476.85. For bullish momentum, buyers need to sustain levels above 476.85. If this level holds firm, the next target is 479.03 as a robust support. Continued bullish activity could drive the price to 481.73. If the buying momentum persists, we could see a test of 483.95. The highest bullish target for today is 486.10.
If the price struggles to stay above 476.85 during regular trading hours, we anticipate the bears will push it down to 474.66. Further weakness could lead to a test of 471.33. Persistent selling pressure might bring the price to 469.27. If this support level breaks, we expect the bears to aim for a low target of 467.60.
<h3>Apple Inc.</h3>
Apple&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) is currently trading around 209.81. Bulls need to ensure this level holds as support. If successful, we expect a rally towards 211.12. Continued bullish strength could see the price advancing to 212.44. Should the bulls maintain control, we look for a push towards our high target of 214.07 for the day.
If 209.81 fails to hold as support, we anticipate a test of 208.81. With further selling, the bears could drive the price down to 207.93. Continued downward pressure might lead to a drop to 207.18. If this level breaks, the bears will likely aim for a low target of 206.55.
<h3>Microsoft Corp.</h3>
Microsoft&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) is currently trading around 446.33. Bulls need this level to hold strong to target 448.18. Sustaining this support during regular trading hours could lead to a rally towards 450.26. If the bullish momentum continues, the price might reach our high target of 453.02.
If 446.33 does not hold as support, we expect the bears to test 444.95. Should this level break, a further decline to 442.95 is likely. Continued selling could push the price down to 441.34. Our low target for Microsoft today is 438.72.
<h3>NVIDIA Corporation</h3>
NVIDIA&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>) is currently trading around the key level of 121.97. Bulls should push for an increase to 123.41 and reclaim it as a defined support area. A successful move here could drive the price to 125.21. Continued buying strength might lead to a rally towards 126.84. Our bullish target for the day is 128.10.
If 121.97 fails as a strong support level, we expect the bears to test 120.27. Should this level break down, a drop to 119.44 is possible. Weakness in the auction could bring a test of 117.86. On further selling pressure, our low target for NVIDIA is 116.61.
<h3>Alphabet Inc Class A</h3>
Alphabet&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>) is currently trading around 179.15. Bulls need this level to hold as support to target 180.46. Continued bullish momentum could drive the price towards 181.77, our high target for the day.
If 179.15 fails to hold as support, we expect the bears to push the price down to 177.28. If this level breaks, the bears might test 176.23. With heavy selling, we could see a drop to our low target of 175.12.
<h3>Meta Platforms Inc</h3>
Meta&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>) is currently trading around 498.03. Bulls need this level to hold as support to push the price higher to 500.83. Continued bullish activity could drive the price up to 504.54. If the momentum holds, we could see a rally to our high target of 508.25.
If 498.03 fails as support, we expect the bears to drive the price down to 495.54. Continued selling pressure might lead to a drop to 492.33. If this level breaks, the bears will likely aim for a low target of 488.81.
<h3>Tesla Inc. </h3>
Tesla&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) is currently trading around the key level of 182.53. Bulls should push for a move to 184.10. Continued buying could lead to a rally towards 186.10. If a broader market rally occurs, we might see Tesla testing higher at 189.22. Our high target for the day is 191.52.
If 182.53 fails as support, we expect a test of 179.79. Continued selling could bring the price down to 176.34. If this level breaks, we anticipate a drop to our low target of 172.61.
Final Word: Today&#39;s session begins with a series of significant economic releases. At 8:30 AM ET, we have the Canadian CPI for May, which is expected to provide insights into inflation trends north of the border. Simultaneously, the Philly Fed Non-Manufacturing Activity for June and the Chicago Fed&#39;s National Activity Index for May will be released, offering additional perspectives on economic conditions. These early reports could set the tone for market sentiment at the open.
At 9 AM ET, the FHFA House Price Index will be published, providing data on housing market trends which have been a focal point for both investors and policymakers. Shortly after the New York market opens at 10 AM ET, we will see the release of the Consumer Confidence data for June. This is a critical indicator of consumer sentiment and spending intentions, which could have a significant impact on market movements.
Additionally, today&#39;s session includes scheduled speeches from two voting Federal Reserve members, Bowman and Cook. Their comments on monetary policy could provide clues about the Fed&#39;s future actions, especially in the context of recent inflation data and economic performance. Their insights will be closely watched by market participants for any indications of policy shifts or reaffirmations of the current stance.
Traders should keep a close eye on volume and market reactions to these events. Sudden swings in volatility are possible, especially if the data surprises or if the Fed speakers provide unexpected commentary. As always, maintaining a cautious and disciplined approach is essential. Use these economic releases as opportunities to gauge market sentiment and adjust your strategies accordingly. Good luck and trade safely!
The Morning Memo is curated by RIPS, a pro trader with years of experience in equities, options, and futures trading. RIPS is at the heart of the exclusive Market Clubhouse community, offering his insights, expertise, and real-time mentorship.
Start your day with a live daily market analysis, a carefully selected watch list, early access to the Morning Memo, and exclusive Market Clubhouse price levels, providing precise support and resistance indicators. When you become a member of Market Clubhouse, you will gain early access to the Morning Memo, just like this one, every single day&mdash;hours before it&#39;s published. You will also have access to a live stream with zero latency and screen sharing, enabling you to witness Rips executing his trades in real-time and sharing his exclusive trading plans, strategies, and live decision-making.
For a limited time during our special promotion, you can join RIPS and get a full access pass to Market Clubhouse for 7 full days for just $7. Check it out at <a href="https://marketclubhouse.club/7Days/" title="https://marketclubhouse.club/7Days/">https://marketclubhouse.club/7Days/</a> where you can trade live with him and tap into his wealth of knowledge and experience. You can also catch Rips on his live day trading streams every Monday-Friday at 8 am EST on the Market Clubhouse YouTube channel: <a href="https://www.youtube.com/@MarketClubhouse" title="https://www.youtube.com/@MarketClubhouse">https://www.youtube.com/@MarketClubhouse</a>.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

Market Clubhouse Morning Memo - June 25th, 2024 (Trade Strategy For SPY, QQQ, AAPL, MSFT, NVDA, GOOGL, META And TSLA)

<ul>
<li>NVDA</li>
<li>AI</li>
<li>WAY</li>
<li>MU</li>
<li>TSLA</li>
<li>DJT</li>
<li>LOT</li>
<li>QQQ</li>
<li>AMD</li>
<li>CCL</li>
</ul>
Data from <a href="https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment">https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment</a>
&nbsp;

Top 10 Trending Stocks On WallStreetBets As Of June 25, 2024 (Via Swaggy Stocks)

Federal Reserve Governor Michelle Bowman stated on Tuesday that it is premature to lower the policy rate, and indicated her readiness to support further rate <a href="https://www.benzinga.com/topic/inflation">hikes if inflation worsens.</a>
While giving a speech in London, Bowman noted that &#8220;we have seen only modest further progress on inflation&#8221; in 2024 and warned that increased immigration and continued labor market tightness could sustain high core services inflation.
Bowman highlighted that the 12-month measures of total and core Personal Consumption Expenditure (PCE) inflation have been stable or slightly declined since December, standing at 2.7 percent and 2.8 percent, respectively, in April. 
The consumer price index (CPI) report for May indicated a decrease in 12-month core CPI inflation to 3.4 percent from 3.6 percent in April. 
However, average core CPI inflation for the year through May is 3.8 percent, higher than the second half of last year&#8217;s average, suggesting elevated inflation may persist. With tight labor markets, wage growth remains high at around 4%, surpassing the level consistent with the Fed&#8217;s 2% inflation goal given trend productivity growth.
&#8220;Looking ahead, I will be closely watching the incoming data,&#8221; Bowman noted, underscoring the Fed&#8217;s data-dependent stance. She expects inflation to eventually return to the 2% target, contingent on maintaining the federal funds rate at its current range of 5.25-5.50% &#8220;for some time.&#8221;
&#8220;We are still not yet at the point where it is appropriate to lower the policy rate,&#8221; she noted, adding that she &#8220;will remain cautious in the approach to future changes in policy stance.&#8221;
Bowman clarified that if data indicate inflation is moving sustainably towards the 2% goal, it will become appropriate to gradually lower the federal funds rate to avoid overly restrictive monetary policy. Conversely, she maintained a hawkish stance, stating, &#8220;I remain willing to raise the target range for the federal funds rate at a future meeting should progress on inflation stall or even reverse.&#8221;
<h2 class="wp-block-heading">Market Reactions</h2>
Following Bowman&#8217;s remarks, the U.S. Dollar Index (DXY), as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), saw a slight increase against major pairs between 7:00 and 8:00 a.m. ET.
The euro-dollar exchange rate dropped to about 1.07, partially reversing Monday&#8217;s gains. Treasury yields remained broadly flat at the short end of the curve but fell slightly in the longer-dated part. U.S. equity futures were broadly positive in premarket trading amid a tech rebound.
Contracts on the S&amp;P 500 rose 0.3%, while those on the Nasdaq increased by over 0.8%. The tech sector, as tracked by The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>), and the semiconductor industry, as tracked by the VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>), were up 0.7% and 1.1%,
Read now: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39467825/us-election-and-tariff-prospects-set-to-threaten-internationally-exposed-stocks-gol">US Election</a><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39467825/us-election-and-tariff-prospects-set-to-threaten-internationally-exposed-stocks-gol"> And Tariff Prospects Set To Threaten Internationally-Exposed Stocks, Goldman Sachs Warns</a></li>
</ul>
Image created using artificial intelligence via Midjourney and a picture from Wikimedia.

PowerShares DB US Dollar Index Bullish Fund

Fed's Bowman Shocks Traders: 'I Remain Willing To Raise' Interest Rates If Progress On Inflation Stalls

The U.S. stocks could be primed for another mixed session on Tuesday, with techs looking poised for a bounce back from <a href="https://www.benzinga.com/markets/equities/24/06/39462808/semiconductor-nvidia-woes-deepen-nasdaq-100-slips-dow-rallies-bitcoin-sinks-to-60-400-whats-driv">the previous session&#8217;s losses.</a> Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) could lead from the front, with the stock climbing over 2% in the premarket. The spotlight is likely to be on a couple of speeches by Federal Reserve officials and a consumer confidence reading.
Traders may, all the same, prefer staying on the sidelines as they look ahead to the back-end loaded economic calendar and the first presidential debate to be hosted late Thursday. Fund manager Louis Navellier sees the recent market pullback as a blessing in disguise. &#8220;For now, the bull market continues, and a stalling of the leaders finds investors turning to bargain shopping and broadening the breath, a healthy development,&#8221; he said.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.43%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.16%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.13%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.09%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">In premarket trading on Tuesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) gained 0.18% at $543.74 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.43 at $476.02, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>. Cues From Last Session:</figcaption></figure>
Tech stocks led the retreat by the Nasdaq Composite and the S&amp;P 500 indices on Monday, while the Dow Jones Industrial Average ended higher for the fifth straight session. Nvidia spearheaded the tech sell-off, as the stock pulled back further away from its record high and ended lower for a third straight session.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-1.09%</td>
<td>17,496.82</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.31%</td>
<td>5,447.87</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.67%</td>
<td>39,411.21</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.43%</td>
<td>2,030.81</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
LPL Financial analysts see disruptive technologies such as AI likely turning out to be an antidote to the headwinds of today. The firm&#8217;s Chief Economist Jeffrey Roach and Chief Equity Strategist Jeffrey Buchbinder noted that &#8220;excitement — plus maybe some &#8216;irrational exuberance&#8217; — on artificial intelligence and other disruptive technologies generated record highs for the major stock market indexes over the past week and pushed implied volatility to historical lows.&#8221;
The analysts shrugged off the comparisons with the late-1990s tech bubble. &#8220;This market environment is&nbsp;very&nbsp;different,&nbsp;given&nbsp;who&nbsp;is&nbsp;leading&nbsp;the&nbsp;charge&nbsp;–&nbsp;the&nbsp;highest&nbsp;quality,&nbsp;most&nbsp;profitable&nbsp;companies in the world – and much lower valuations,&#8221; they said.
&#8220;A likely path&nbsp;for&nbsp;markets,&nbsp;we&nbsp;believe,&nbsp;is&nbsp;a&nbsp;pullback&nbsp;or&nbsp;mild&nbsp;correction&nbsp;in&nbsp;the&nbsp;second&nbsp;half,&nbsp;offering&nbsp;investors the&nbsp;opportunity&nbsp;to&nbsp;buy&nbsp;on&nbsp;dips.&#8221;
Wharton Professor and Wisdom Tree Senior Economist Jeremy Siegel said the upcoming presidential debate could also play a key role in shaping market sentiment. &#8220;A major gaffe by one of the candidates could alter the trajectory,&#8221; he said.
Trump&#8217;s policies, though considered more favorable for the stock market, his approach brings a degree of unpredictability, which can be a double-edged sword for investors, the economist said. &#8220;On the other hand, while Biden might imply a shift towards higher taxes and increased regulation, his policy approach promises more stability and predictability,&#8221; he added.
Upcoming Economic Data:
<ul>
<li>S&amp;P/Case-Shiller and the Federal House Finance Agency are scheduled to release the results of two separate house price surveys at 9 a.m. EDT.</li>
<li>The Conference Board is due to release the results of its consumer confidence survey for June at 10 a.m. EDT. The consensus estimate calls for a dip in the index from 102 in May to 100 in June.</li>
<li>Fed Governor Lisa Cook will make a public appearance at 12 p.m. EDT. </li>
<li>The Treasury will auction two-year notes at 1 p.m. EDT.</li>
</ul>
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Stocks In Focus:
<ul>
<li>Carnival Corporation &amp; plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>), FedEx Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>), Progress Software Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>) and Worthington Enterprises, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOR#NYSE">WOR</a>) are among the companies due to <a href="https://www.benzinga.com/calendars/earnings">release their quarterly results </a>on Tuesday.</li>
<li>Nvidia is rebounding by over 2% <a href="https://www.benzinga.com/premarket">in premarket trading</a> following the sell-off in the previous three sessions.</li>
<li>Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) climbed over 2% on a positive analyst action.</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures pulled back but held above the $81-a-barrel level, while gold futures extended gains and were approaching the $2,350-an-ounce mark. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was flattish just above the $61K mark. The benchmark 10-year U.S. Treasury note eased 1.8 basis points to 4.23%.
Among the global equities, most Asian markets closed mostly higher, with the exception of Chinese, Indonesian and Malaysian markets. European stocks fell in early trading,
Read Next:<a href="https://www.benzinga.com/general/biotech/24/06/39450738/5-biotech-stocks-with-key-catalysts-this-week-merck-intellia-verona-and-more"> 5 Biotech Stocks With Key Catalysts This Week: Merck, Intellia, Verona, And More</a>
Photo via Shutterstock

PRGS

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Nasdaq 100 traders have been all over the place during the last couple weeks, but the overall attitude has been very bullish.
I think that probably continues to be the same overall situation.

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The second quarter ended with S&P 500 and Nasdaq at all-time highs. A narrowing group of companies and sectors, and the "AI traders" continue to power the indexes, while clear deterioration is surfacing in the broader market.

Week Of June 30: What's In Store For The Markets

In this recap of the most recent trading session, I take a look at options and discuss the various trades taken throughout the past week.


Scott FranklinHouse (R-FL)	$1K - $15K	Sale (Partial)	Oct 12, 2023	Sep 11, 2023	House
Scott FranklinHouse (R-FL)	$1K - $15K	Sale (Partial)	May 23, 2023	Apr 19, 2023	House
Scott FranklinHouse (R-FL)	$1K - $15K	Sale (Partial)	Mar 07, 2023	Feb 21, 2023	House
Scott FranklinHouse (R-FL)	$50K - $100K	Sale (Partial)	Mar 07, 2023	Feb 15, 2023	House
Marjorie Taylor GreeneHouse (R-GA)	$15K - $50K	Purchase	Jun 20, 2022	Jun 10, 2022	House
Pete SessionsHouse (R-TX)	$1K - $15K	Purchase	Feb 11, 2022	Feb 09, 2022	House
Tommy TubervilleSenate (R-AL)	$1K - $15K	Purchase	Jan 12, 2022	Dec 29, 2021	Senate
Pete SessionsHouse (R-TX)	$1K - $15K	Purchase	Feb 11, 2022	Aug 16, 2021	House
Pete SessionsHouse (R-TX)	$1K - $15K	Purchase	Oct 17, 2021	Aug 16, 2021	House
Tommy TubervilleSenate (R-AL)	$1K - $15K	Purchase	Aug 13, 2021	Jul 06, 2021	Senate

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Government Trades

Invesco QQQ Trust, Series 1

top performing QQQ trades