Market Recap - June 26-30, 2023

June 30, 2023

The US stock market ended the 2q with a bang!

• SPY +1.18%  DIA +.79%  QQQ +1.54%

US Macro Data of Consumer Spending & Inflation  May consumer spending & Core CPE

• Consumer spending edged up 0.1% last month. Data for April was revised lower to show spending accelerating 0.6% instead of 0.8% as previously reported. 

• Economists polled by Reuters had forecast consumer spending, which accounts for more than two-thirds of U.S. economic activity, rising 0.2%.

• Spending on goods, which are typically bought on credit dropped 0.5%, with motor vehicle outlays plunging 23.3%. 

• Spending on gasoline and other energy goods tumbled 23.4%. 

• Goods spending increased by 0.9 in April

June 29, 2023

It is a timid day in the US stock market today, with mixed performance, the Technology sector took a pause on rallying today, while the Financial sector rebounded after the positive result of the FED stress test and the Oil stocks rebounded as well.

• June 2023 Fed bank stress test result
  
• Weekly jobless claims falls 26k to 239k; Continuing claims fall 19k to 1.742 million

The US major benchmarks/ ETF performance:

• DIA +.75%  QQQ -.20%  SPY +.39%

The Crypto market is showing some bull activity as Bitcoin holds $30k levels.

Microstrategy owns plenty of Bitcoin, this moves with Bitcoin price action.

June 27, 2023

The US equities rebounded from yesterday's sell-off erasing Monday's losses

• DIA +.62%  QQQ +1.72%  SPY +1.10%

The S&P 500 and QQQ bounced off 20 days moving average, and AAPL +1.51% continues to print another record high.

Macro news  ECB Lagarde says won't declare peak of rates yet

The US stock market winners are a handful of select sectors, some sectors remain laggard to S&P 500.

The blockchain rallies at Bitcoin trades above $31k

• MARA +13.49%  RIOT +8.17%  MSTR +6.26% COIN +12.84%

The Homebuilders and Home related stocks are outperforming:

• W +7.23%  WSM +2.31%  RH +2.86%  OSTK +4.38%
• Z +3.71%  TOL +3.26%  HD +1.90%

The weak sectors are Oil, Solar, Financials, and Biotechs:

• ILMN -4.40%  AMGN -.94%  REGN -8.71% 
• XOM +.25%  PXD -.81%
• 
  

The solar energy names bounced today after suffering heavy losses last week-

•  SEDG +3.08%  ENPH +1.14% FSLR +2.34%

As for Emerging Market the China ADRs showed some strength while MELI continues to be weak:

• BABA +1.94%  BIDU +3.09%  NTES +4.69%  MELI +.57%

June 26, 2023

The US equities opened the Monday trading session with strength but faded throughout the day. As the stocks approach the last week of Q3, the notable strong sector - Technology stock is seeing some profit-taking.

• DIA -.01%  SPY -.41%  QQQ -1.34%

Notable events today What's going on in Russia? Is Putin out of reign?

Today has been QQQ's and SPY's second-day red performance, for DIA or Industrials, it's the 6th-day streak of meager red performance.

The notable strong tech names or the leader of the bull run at the beginning of this Q2 has experienced a group selling today.

• AAPL -.76%  MSFT -1.92%  GOOGL -3.27%  META -3.55%
• NFLX -1.91%  NVDA -3.74%  TSLA -6.06% [TSLA & GOOGL downgraded today]

Other notable moves today:

• MELI -5.79% - it has been printing a lower high since hitting 52 weeks high early in May, 
• SEDG +1.63%  ENPH +.33% - A little bounce today on these names, following last week huge sell-off without macro or corporate news