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Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

Is it summer already? Summer doesn’t officially start for another month, and the unofficial start isn’t until this weekend, but we’re in the doldrums regarding futures. Depending on the index, futures are slightly higher or lower, but they’re all off the overnight lows. There’s no economic data on the calendar this morning, but several Fed speakers are scheduled to speak throughout the day.

The only major earnings report of the day is Home Depot (HD). The company reported weaker-than-expected EPS and broke a streak of 19 straight quarters of EPS beats. Revenues were higher than expected, though, and the company reiterated full-year guidance and said they do not plan to raise prices due to tariffs.  In response, the stock is up about 2%.

Like the S&P 500, the Nasdaq 100 also comes into today riding a six-day winning streak.  After yesterday’s gain, the index is currently within 4% of its all-time high, meaning that all it would take is a rally almost as strong as the last six days to get us there. Given the magnitude of the gain over the last six days, though, it’s unlikely we’ll see a move like that in the next several days, not only because we’re now sitting at overbought levels in the short term but also because the index is bumping up against potential resistance.