Next Day Prep: Tech & Mega-Caps Surge Propels Market Optimism
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 managed to claw back some of Friday’s losses today, showing resilience despite concerns over the Israel-Iran conflict easing.
Overnight Headlines
- SATS (EchoStar) surged nearly fifty percent on reports of Trump facilitating a resolution with the FCC, stabilizing its wireless spectrum licenses.
- AMD (Advanced Micro Devices) rallied almost nine percent on a potential GPU deal with Amazon, boosting the semiconductor sector.
- Significant News: Amazon expands in Australia, Apple plans Siri upgrade, Boeing delivers 787 to China, and healthcare companies like AbbVie and Regeneron have ongoing clinical trials.
Economic Announcements
The Empire State Manufacturing Survey for June came in weaker than expected, reflecting a softening trend in New York State’s manufacturing activity. However, positive sentiment for future conditions emerged.
Earnings Highlights
Lennar (LEN) reports after the bell today. Key earnings to watch this week include JBL, WLY, GMS, KFY, SWBI, ACN, KMx, DRI, and KR.
Top Movers
- Up: Information Technology, Communication Services, and Consumer Discretionary sectors led by mega-caps like the Vanguard Mega-Cap Growth ETF (MGK).
- Down: Energy sector faces downside pressure amid easing geopolitical tensions.
Quick Trade Ideas
- Continuation Plays: Look for setups in KLAC, LGND, MEDP, and OLLI for potential upward momentum.
- Anticipation Setups: Keep an eye on CW, FSLR, INSM, and Cisco for possible breakout opportunities.
Key Takeaway
Maintain a cautious stance despite market resilience. Monitor key index levels closely for potential breakout signals. Focus on growth sectors while keeping an eye on economic data releases for further market direction.