Morning Commentary
Yesterday was another strong session for the stock market, which continues to underscore one of the oldest axioms on Wall Street: success begets success. (I think it applies to all facets of life, not just the stock market.) It’s working even more this year, because so many brilliant professional investors missed the rally and must play catch-up.
There is a good shot to see the S&P 500 eclipse the 2013 29.6% gain; perhaps, the 31.0% gain in 1997 is a bridge too far.
The Message of the Market
There were balanced gains across most sectors with Netflix (NFLX) sparking Communication Services.
Symbol |
Sector |
Last |
Change |
% Change |
---|---|---|---|---|
XLC |
Communication Services |
53.88 |
+0.49 |
+0.92 |
XLY |
Consumer Discretionary |
124.77 |
+0.39 |
+0.31 |
XLP |
Consumer Staples |
63.14 |
+0.34 |
+0.54 |
XLE |
Energy |
61.37 |
-0.02 |
-0.03 |
XLF |
Financials |
30.80 |
-0.01 |
-0.03 |
XLV |
Health Care |
102.40 |
+0.40 |
+0.39 |
XLI |
Industrials |
81.47 |
+0.22 |
+0.27 |
XLB |
Materials |
60.92 |
+0.21 |
+0.35 |
XLRE |
Real Estate |
38.36 |
+0.36 |
+0.95 |
XLK |
Technology |
90.72 |
+0.65 |
+0.72 |
XLU |
Utilities |
64.65 |
+0.02 |
+0.03 |
Biggest Winners
Portfolio Approach
Today’s Session
The markets are set for another higher open. The latest third quarter GDP estimates were in line. Real GDP was up 2.1% and the GDP Price Deflator rose 1.88%. There was nothing unexpected in the report, and GDP is in a Goldilocks place. Personal consumption continues to rise, up to 3.2% from the second quarter estimate of 2.9%.
At 10 am ET, we will get a read on the health of the U.S. consumer with personal income and spending.
Tweet |
7/2/2025 1:44 PM | Materials' Strength Continues |
7/2/2025 9:38 AM | BARNBURNER |
7/1/2025 1:29 PM | Rotation |
7/1/2025 9:45 AM | FEAR OF MISSING OUT IS CREEPING IN |
6/30/2025 1:24 PM | Steady As She Goes |
6/30/2025 9:54 AM | SUMMER RALLY STARTS |
6/27/2025 1:35 PM | Reaching New Heights |
6/27/2025 9:39 AM | THERE'S MORE! |
6/26/2025 1:10 PM | S&P Approaches Record |
6/26/2025 9:51 AM | CHIPS MOMENTUM CONTINUES |
6/25/2025 1:42 PM | Tech Stocks Power Nasdaq 100 |
6/25/2025 9:47 AM | CLIMBING MOUNTAINS OF WORRY |
6/24/2025 1:47 PM | Peace Rally |
6/24/2025 9:48 AM | PEACE THROUGH STRENGTH: THE MARKET LOVES IT |
6/23/2025 1:47 PM | Getting Some Resolve |
6/23/2025 9:51 AM | BRACING |
6/20/2025 1:29 PM | Second Triple Witching |
6/20/2025 9:38 AM | POWELL BLEW IT |
6/18/2025 12:41 PM | FED Day |
6/18/2025 9:45 AM | ROOM WITH A VIEW |
6/17/2025 1:26 PM | Tension Continues |
6/17/2025 9:50 AM | THE BIG TECH TEN & CO |
6/16/2025 1:34 PM | Fears Subside |
6/16/2025 9:44 AM | DRUMBEATS OF PEACE |
6/13/2025 1:30 PM | Showing Resilience |
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