The market is moving higher, with the S&P 500 and Nasdaq Composite reaching fresh all-time highs. The positive bias today was driven by reports that several trade deals will soon be announced and improving consumer sentiment (more below).

In addition, the Russell 2000 (IWM) broke above the 200-day moving average.

Meanwhile, oil erased this morning’s gains following news that OPEC+ is set to weigh another super-sized oil output increase. On the other hand, Natural gas has recovered back above its moving averages.

Consumer Discretionary (XLY) is the best performing sector with Nike (NKE) as the top performer after the company reported quarterly results that beat both top and bottom lines. Energy (XLE) is the worst performer driven by a decline in oil prices.

The market moved further into Greed territory this week.

On the economic front, the Michigan Final Consumer Sentiment Index for June jumped to 60.7 in June from 52.2 in May and mid-month reading of 60.5. The Current Conditions Index and Consumer Expectations Index saw a strong rebound from May’s readings. Inflation expectations cooled down, the 1-year dropped to 5% from 6.6% in May and five to ten-year inflation expectations fell to 4% from 4.2%.

Have a great weekend!