Next Day Prep: Apple’s AI Boost Ignites S&P Surge
A quick analysis of today’s market outlook and key trading opportunities to start your day.
Intro & Market Mood
Welcome to Next Day Prep – What We Are Watching Tomorrow. The market closed the quarter on a high note with the S&P 500 surpassing 6200, driven by strong momentum and a monster move in a mega-cap name.
Overnight Headlines
- Apple (AAPL) surged on news of potential A-I help for Siri, propelling the entire market higher.
- S&P gained 10.6% for the quarter, Nasdaq up by 17.8% since April lows.
- Positive political headlines from Washington, including progress on the reconciliation bill.
Economic Announcements
The CBO estimates a significant addition to the deficit, yet the Treasury market rallied with the ten-year yield dropping to 4.23%. Positive trade chatter adds to the risk-on sentiment.
Earnings Highlights
- Goldman Sachs (GS) hits record high following Fed’s stress test clearance.
- Oracle reports strong start to fiscal year, upgraded by Stifel.
- Disney receives Buy rating upgrade from Jefferies.
Top Movers
Hewlett Packard Enterprise (HPE) and Juniper (JNPR) deal receives DOJ settlement, boosting both stocks significantly.
Quick Trade Ideas
- HubSpot (HUBS): Look for an entry around 556 for a target near 560-562.
- MercadoLibre (MELI): Entry above 2610 targeting 2620-2635.
- HCA Healthcare (HCA): Potential entry near 382 with first target at 384.
Key Takeaway
Market remains bullish with a consolidation phase. Watch key levels for SPY (615 support, 620 resistance) and QQQ (550 support, 553 resistance). Keep an eye on ISM Manufacturing Index and JOLTS job openings report for market-moving potential.