Morning Commentary
Yesterday was a slow lumbering session that never had a chance, as seesaw investors focused on mega-cap growth, led by Apple’s (AAPL) new iPhone hype, Amazon’s (AMZN) new TV hype, and a Tesla (TSLA) short squeeze.
But this was one of those rare sessions where all three growth sectors (Financials, Communication Services, and Technology) were higher, and yet, the S&P 500 finished lower.
Market breadth was negative, but there were more new highs than lows. The real problem was total volume.
Market Breadth |
NYSE |
NASDAQ |
Advancing |
1,023 |
1,663 |
Declining |
2,305 |
2,762 |
52 Week High |
128 |
181 |
52 Week Low |
34 |
50 |
Up Volume |
1.67B |
1.96B |
Down Volume |
2.09B |
1.97B |
Summer Breeze
Summer breeze makes me feel fine
Blowin' through the jasmine in my mind
Summer breeze makes me feel fine
Blowin' through the jasmine in my mind
-Seals & Crofts
While summer is usually over for most folks after Labor Day, it’s clear investors were still somewhere else, soaking up the rays as the jasmine frolicked in their minds. As a result, it was the lowest volume session of the year for the S&P 500 and the fifth lowest for the NASDAQ Composite.
Interestingly, while the market was calm on the outside, the CBOE Volatility (VIX) Index popped 10.7%. It’s low enough not to be consequential at the moment, but it’s on our radar.
Bond Market & Stagflation
Gold, silver, and cryptocurrencies all took a dip yesterday, as attention shifted to stagflation concerns versus inflation concerns.
I’m not convinced about stagflation yet, but there is something odd about those recoveries, which might have been permanently skewed by all the money pouring into the economy- and possibly more to come.
Portfolio Approach
There are no weighting changes this morning to our Hotline Model Portfolio.
Today’s Session
Futures have turned lower as the global growth outlook is coming under increasing pressure. The dollar hit a one-week high, and the 10-year yields dipped to 1.355%, as investors reduced exposure to riskier assets. Oil is trading up, with WTI at $69.42 per barrel.
The August JOLTS (Job Opening and Turnover) report will be out at 10am ET.
Tweet |
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 |
6/13/2025 9:37 AM | THE NEW NUCLEAR AGE |
6/12/2025 1:27 PM | Interest Rates in Focus |
More commentary archives |
Home |
Products & Services |
Education |
In The Media |
Help |
About Us |
Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.
|