The market’s upward momentum continues as earnings season progresses and oil moves lower on the prospect of peace with Iran. Notably, both the S&P 500 and Dow Jones are making new all time highs.

The Fear and Greed Index is making a move back into greed territory after being in fear or neutral for the past month.

There are reports circulating that Iran is considering allowing European countries to assist in de-mining the Strait of Hormuz. Combined with the administration's comments on a deal to open the Strait, this has driven oil and rates lower.

Technology (XLK) is leading the pack, with both semiconductors and software moving higher. Palantir Technologies (PLTR) is giving a notable boost to the sector and the software niche, while semiconductors are receiving a boost from several news developments (more below). Materials (XLB) is the runner up and getting a boost as metal commodity prices rising, driven by lower rates due to Iran peace prospects. Industrials (XLI) are in third place and benefiting from AI-related names in the niche and favorable earnings in the space, including Caterpillar (CAT). On the other hand, Utilities (XLU) and Energy (XLE) are the laggards.

AI Update

Anthropic reportedly signed a $10 billion 6-year deal with Volta Infra Holdings for computing capacity.

Meanwhile, reports are also circulating that Blackstone is considering a $36 billion financing deal for Anthropic to access Alphabet’s (GOOG/L) custom AI chips.

Nvidia (NVDA) released Alpamayo 2 Super, an open weight model built for autonomous machines, including robotaxis.

Economic Data

Factory orders eased by 0.3% M/M in June from a revised 1.1% decline, missing expectations of a 0.2% increase. Non-durable goods fell 1.2%, due to lower chemical and petroleum derived product prices, partially offset by a 0.5% increase in durable goods orders. The rise in durable goods was in part due to a rise in machinery as well as computers and electronic products, partially offset by a decline in fabricated metals and transportation equipment.

Job openings fell by 178,000 in June to 7.359M, below the forecast of 7.4M.

Job openings fell in June, with declines led by health care and social assistance, leisure and hospitality, wholesale trade, and professional and business services, partly offset by gains in transportation and warehousing, retail trade, finance and insurance, and federal government.

SpaceX

The company is reporting its highly anticipated second quarter results after the bell today, its first report as a public company. The company is expected to report Q2 revenue of $6.81 billion and a loss per share of $0.24. The stock has shed nearly 30% from its $150 market debut last month.

Tweet

 

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