Major indices moved lower after Iran struck US military bases in Qatar and Iraq, but are reversing higher as Qatar announced Iranian missiles were intercepted.

If you spent the weekend glued to the television, you probably didn’t get much sleep last night.

Most of the coverage is focused on Iran’s retaliation for the United States' bombing of three nuclear sites on Saturday.

Iran has many reasons not to follow through on another threat to close the Strait of Hormuz. But one must wonder why they pushed the envelope so much in the first place.

During the first Trump administration, Iran put its nuclear weapons ambitions on ice.

But they ramped it up big time during the Biden years and had great momentum.

This could be a Kennedy moment, as the market made a monumental move after the Cuban Missile Crisis.

There is a formula that could take the S&P 500 on a similar rally.

Fed Front

Powell is no longer data dependent, but today Bowman joined Waller in saying a cut is possible in July.

Recently, the odds of a rate cut in July have moved to 25%.

Hot July

On September 29, 1980, Stevie Wonder released “Hotter than July” featuring several hits including "Master Blaster (Jammin')." 

 

Well, this July is promised to be even hotter than that album.

Consumer Discretionary (XLY) is the best performing sector this afternoon, driven by strong gains from Tesla (TSLA) following their robotaxi rollout. Energy (XLE) is the laggard today, with WTI crude oil futures down over 4%.

Economic Data

Existing home sales rose by 0.8% M/M in May, rebounding from a 0.5% drop in April and above a forecasted decline.

Comments

I hesitate to look at stock market data before the advent of online trading in 1995. That's when the stock market began a process toward democratization. That process may have been completed last April when Main Street drove the current recovery while Wall Street got pounded. August Belmont on 6/23/2025 4:10:43 PM

We will see John Cowger on 6/24/2025 5:10:37 PM

Tweet

 

Home | Products & Services | Education | In The Media | Help | About Us | Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.