Next Day Prep: Tech Surge Propels Small-Cap Rally
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. Today, the market showcased a strong performance with the S&P 500 nearly reaching a new all-time high, signaling bullish sentiment.
Overnight Headlines
- Micron reported impressive figures and a positive outlook, boosting optimism in the tech sector.
- Rumors of a potential replacement of Fed Chair Powell in 2026 led to expectations of easier policy, causing yields to drop.
Economic Announcements
The durable goods orders signal strong business spending, while jobless claims present a mixed picture with initial claims declining but continuing claims rising. The GDP report remained largely unchanged and outdated in light of current market focus.
Earnings Highlights
MillerKnoll (MLKN) stock surged over 12% on strong earnings, revenue beats, and upbeat guidance driven by office re-entry momentum.
Top Movers
Key sectors like Energy, Consumer Discretionary, and Industrials outperformed, while major stocks such as Marvell, Broadcom, and NVIDIA contributed to sector gains.
Quick Trade Ideas
For continuation setups, consider DoorDash (DASH) poised for upward momentum towards $244 resistance. Anticipation setups involve potential breakouts in NVIDIA, Microsoft, and Broadcom from key support levels for bullish trades.
Key Takeaway
With upcoming PCE inflation report, traders should stay nimble, using tight stops due to market fragility. Focus on proven leaders like NVIDIA and Microsoft, keeping a sniper approach to navigate opportunities in a potentially volatile market.