Market Recap 7/9/24

Dow -52.82 at 39291.97, Nasdaq +25.55 at 18429.29, S&P +4.13 at 5576.98

It was another lackluster day in the stock market. The three major indices traded slightly higher or slightly lower than prior closing levels, ultimately settling in mixed fashion. Today’s price action led the S&P 500 (+0.1%) and Nasdaq (+0.1%) further into record territory.

There wasn’t a lot of conviction on either side of the tape in front of influential economic data this week. The June CPI and PPI (will be a market mover) will be released Thursday and Friday, respectively.

It looks like they bought financials in front of earnings which happens later in the week.

The muted action is also in front of the start of earnings season. JPMorgan Chase (JPM 207.63, +2.46, +1.2%), Wells Fargo (WFC 59.88, +0.87, +1.5%), and Citigroup (C 66.55, +1.81, +2.8%) were among the top performing names in the heavily-weighted financial sector (+0.7%) ahead their quarterly results on Friday.

The SPDR S&P Bank ETF (KBE) closed 1.7% higher and the SPDR S&P Regional Banking ETF (KRE) jumped 1.8%.

The 10-yr note yield settled three basis points higher at 4.30% and the 2-yr note yield rose one basis point to 4.63%. This price action was also in response to today’s $58 billion 3-yr note auction, which met strong demand.

I’m watching the Russell 2000 closely for a massive catch up trade (TNA).

Why? Regional banks and biotech are a big component of Russell and both look good. Keep you posted.





………NVDA/NVDL still looks a lot higher. Prefer NVDL. Mentioned this in the chartroom last week.

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