Market Wrap – Mega Caps Tesla, Amazon and Apple Take Charge June 6, 2022

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    Key factors driving the futures market:

    US jobs Report
    Elon Musk says he has a “super bad feeling” about the economy and that Tesla (TSLA) needs to cut about 10% of staff; TSLA down 4.5%
    Germany posts weaker-than-expected retail sales for April and South Korea posts higher-than-expected CPI for May
    Apple (AAPL) down 2.4% on report that European Commission has proposed plan to mandate a universal charging adapter for smartphones
    Nervousness ahead of May Employment Situation Report (8:30 a.m. ET)
    CNN reports that some Shanghai neighborhoods have returned to lockdown because of COVID cases
    White House said to be considering some Chinese tariff relief
    Travelers (TRV) down 1.7% after Goldman Sachs downgrades Dow component to Sell from Neutral on margin concerns
    RH, Inc. (RH) beats on earnings, but says it saw softening in demand and warned for Q2 and FY23 revenues; RH down 3.7%
    Okta (OKTA) jumps 15.8% on better-than-expected earnings and guidance
    acturing Index (10:00 a.m. ET)


    Equity indices in the Asia-Pacific region ended the week on a mostly higher note while markets in China and Hong Kong were closed for holidays.

    —Equity Markets—

    Japan’s Nikkei: +1.3% (+3.7% for the week)
    Hong Kong’s Hang Seng: CLOSED (+1.9% for the week)
    China’s Shanghai Composite: CLOSED (+2.1% for the week)
    India’s Sensex: -0.1% (+1.6% for the week)
    South Korea’s Kospi: +0.4% (+1.2% for the week)
    Australia’s ASX All Ordinaries: +1.0% (+0.8% for the week)


    Major European indices trade mostly in the red while the U.K.’s FTSE remains closed.

    —Equity Markets—

    STOXX Europe 600: FLAT (-0.6% week-to-date)
    Germany’s DAX: FLAT (+0.2% week-to-date)
    U.K.’s FTSE 100: CLOSED (-0.7% week-to-date)
    France’s CAC 40: UNCH (-0.3% week-to-date)
    Italy’s FTSE MIB: -0.8% (-1.6% week-to-date)
    Spain’s IBEX 35: UNCH (-2.2% week-to-date)


    After NFP Dow -185.26 at 33065.02, Nasdaq -213.02 at 12103.87, S&P -48.29 at 4128.53

    The major indices are trading in the red but have come off their session lows.

    The mega caps are underperforming quite a bit so far. The Vanguard Mega Cap Growth ETF (MGK) is down 1.9% compared to the Invesco S&P 500 Equal Weight ETF (RSP) which is down 0.8%.

    Besides Tesla (TSLA 720.79, -53.68, -6.7%), the biggest laggards for the mega caps are Apple (AAPL 146.29, -4.99, -3.3%), Meta (FB 193.68, -5.25, 2.6%), and NVIDIA (NVDA 190.00, -6.06, -2.9%).


    Today’s stock market major indices were run largely by sizable gains in Tesla $TSLA 714.84, +11.29, +1.6%), which reacted favorably to Elon
    [See the full post at: Market Wrap – Mega Caps Tesla, Amazon and Apple Take Charge June 6, 2022]

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