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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.
While the US was closed in observance of Juneteenth, stocks worldwide were mostly higher, and US futures are playing catchup this morning as the Nasdaq and S&P 500 are indicated higher. At the same time, the Dow, which doesn’t include Nvidia (NVDA), is modestly lower. A bunch of economic data just hit the tape, and it was mostly weaker than expected. While jobless claims were only slightly higher than expected on an initial and continuing basis, Building Permits and Housing Starts were significantly weaker than expected. Those two reports covered the month of May, but the June Philly Fed Manufacturing report also came in weaker than expected, although it remained in positive territory.
Tech stocks are leading the charge again this morning as the ETF that tracks the sector (XLK) trades up more than 0.65% in the pre-market. Heading into today, the sector was already riding an eight-day winning streak, the longest since last November and the 31st such streak since the start of 1990. If the sector rallies again today, it would be the longest streak since September 1, 1990, and just the 17th such streak since 1990. In the chart below we show where each of the prior streaks that ended at eight days and those that stretched on to nine days occurred. Surprisingly, during the late 1990s, these types of streaks were pretty much non-existent.
While the Technology sector has had no problems hitting new highs this month, the same can’t be said for other sectors. Using June 18th as an end date, the chart below shows how many calendar days it has been since each sector’s 52-week high. The only other sector with a 52-week high in June is Communication Services. For three other sectors, their respective 52-week highs were just over a month ago, but for the majority of sectors, their 52-week highs were more than two months ago, including Real Estate where its high over the last year was nearly six months ago in late December!
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