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Italy’s May Unemployment Rate 7.6% (expected 7.9%; last 7.8%). May non-EU trade surplus EUR4.47 bln (last surplus of EUR1.22 bln)
Spain’s April Current Account surplus EUR1.84 bln (expected surplus of EUR4.02 bln; last surplus of EUR5.58 bln)
Swiss June KOF Leading Indicators 90.8 (expected 89.1; last 91.4)
Nike (NKE 110.10, -3.27, -2.9%): misses by $0.02, beats on revs, gross margin decreased 140 bps yr/yr, inventories flat yr/yr, Greater China revenue up 25% in constant currency
Progress Software (PRGS 55.13, +0.25, +0.5%): beats by $0.16, beats on revs; guides AugQ EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus
Smart Global Holdings (SGH 27.66, +1.03, +3.9%): beats by $0.26, beats on revs; guides AugQ EPS in-line, revs in-line
Apple (AAPL 191.20, +1.61, +0.9%): Citigroup starts coverage with a Buy rating and $240 price target
Adobe (ADBE 480.00, -3.77, -0.8%): UK CMA refers case involving Adobe (ADBE) acquisition of Figma to phase two
Bausch & Lomb Corp. (BLCO 18.76, -0.42, -2.2%): will pay $1.75 bln for eye drug from Novartis (NVS), according to The Wall Street Journal
Dominion Energy (D 50.60, -1.22, -2.4%): sees Q2 EPS of $0.44-0.50, down from prior guidance of $0.58-0.68. The revised guidance reflects the estimated impact of historically mild weather, unplanned outages at the Millstone Power Station, and positive factors such as lower costs.
May Personal Income +0.4% (consensus 0.4%; prior revised to 0.3% from 0.4%),
Personal Spending +0.1% ( consensus 0.3%; prior revised to 0.6% from 0.8%),
PCE Prices +0.1% (consensus 0.1%; prior 0.4%),
Core PCE Prices +0.3% (consensus 0.3%; prior 0.4%).On a year-over-year basis, the PCE Price Index was up 3.8% versus 4.3% in April.
The core-PCE Price Index was up 4.6% year-over-year versus up 4.7% in April.Final reading for the June University of Michigan Consumer Sentiment Index checked in at 64.4 (consensus 63.9) versus the preliminary reading of 63.9.
Year ahead inflation expectations were 3.3% versus 3.3% in the preliminary reading.
Five-year inflation expectations were 3.0% versus the preliminary reading of 3.0%.The information technology sector (+1.6%), led by Apple and its $3 trillion+ market cap, is leading the market.
The energy sector (+0.4%) is showing the smallest gain among the 11 S&P 500 sectors.
To no one’s surprise, the stock market got off to a robust start, bolstered by strength in Apple (AAPL 192.43, +2.85, +1.5%) and other mega-cap stocks.
However, it isn’t just a mega-cap thing. There is ample participation in the early advance, evidenced by the 0.8% gain in the Invesco S&P 500 Equal-Weight ETF (RSP). The Vanguard Mega-Cap Growth ETF (MGK), though, is up 1.3%.
The Vanguard Mega-Cap Growth ETF (MGK) is up 1.6%, paced by gains in Apple (AAPL 192.81, +3.22, +1.7%),
Tesla (TSLA 263.39, +5.89, +2.3%), Amazon.com (AMZN 131.11, +3.21, +2.5%),
Microsoft (MSFT 342.36, +7.31, +2.2%), NVIDIA (NVDA 422.70, +14.48, +3.6%),
Alphabet (GOOG 121.77, +1.76, +1.5%).Vanguard Mega-Cap Growth ETF is up 15.2% for the quarter and 36.9% for the year.
Supreme Court blocked President Biden’s plan to cancel $430 billion in student loan debt.
– There were always questions about whether the president had legal authority to do this, but now #SCOTUS has officially blocked the plan, payments on that debt will need to be made …
How much will this #studentloan repayment obligation drag on discretionary spending?
Does it help drag inflation lower?Dow 34,407.60 285.18 0.84%
S&P 500 4,450.38 53.94 1.23%
Nasdaq 13,787.92 196.59 1.45%
VIX 13.15 -0.39 -2.88%
Gold 1,928.00 10.10 0.53%
Oil 70.57 0.71 1.02%Wishing happy & blessed 4th JULY holiday ahead 🙂
July 2 – 8, 2023 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… From France w
[See the full post at: Traders Market Weekly: Liberty Dichotomy; Paris Burns Ahead of Independance Day]
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