The stock market was mostly higher on Friday following the June jobs report with another round of record highs for Tech and the broader market. Specifically, non-farm payrolls rose by 850,000, the sixth-straight monthly gain, versus forecasts for a print of 720,000. The unemployment rate, however, unexpectedly ticked up to 5.9% versus expectations for a dip to 5.6%. The small-caps failed to show continued strength but volatility eased for the third-straight session. Technology and Healthcare were the strongest sectors while Energy and Financials were slightly weak. The Nasdaq traded to a fresh all-time high of 14,649 before ending at 14,639 (+0.8%). Unchartered territory and lower resistance at 14,600-14,750 was cleared and held. A move above the latter would indicate ongoing momentum towards 14,850-15,000.
The S&P 500 was up for the seventh-straight session after settling at 4,352 (+0.8%) with the record peak hitting 4,355. Fresh and lower resistance at 4,350-4,375 was breached and held. A close above the latter would signal additional upside towards 4,400-4,425.
The Dow ended at 34,786 (+0.4%) following the intraday run to 34,821. Key resistance at 34,750 was recovered. Continued closes above this level would suggest a retest towards 35,000 with the lifetime top from early May at 35,091.
The Russell 2000 went out at 2,305 (-1%) with the midday low tapping 2,302. Current and upper support at 2,325-2,300 failed to hold. A drop below the latter would likely lead to a continued fade towards 2,275-2,250. Below is a chart of the IWM.
Hurry! This sale ends in …
Alsea (ALSSF) upgraded to Neutral from Underweight at JPMorganNational Storage (NSA) upgraded to Outperform from Neutral at BairdPNC Financial (PNC) upgraded to Outperform from Underperform at Wolfe Research
Atotech (ATC) downgraded to Hold from Buy at Deutsche BankContextLogic (WISH) downgraded to In Line from Outperform at Evercore ISIKeysight Technologies (KEYS) downgraded to Equal Weight from Overweight at Barclays
TUESDAY’S EARNINGS ANNOUNCEMENTS Before the open: SemiLEDs (LEDS)After the close: SMART Global Holdings (SGH)
TUESDAY’S ECONOMIC NEWSPMI Services Index – 9:45amISM Manufacturing Index – 10:00am
METALS/ OILGold closed at $1,783.30 an ounce, up $6.50Silver settled at $26.50 an ounce, up $0.40Copper finished at $4.28 a pound, up $0.04Crude Oil was at $75.19 a barrel, up $0.26Bitcoin Investment Trust (GBTC) ended at $28.58 up $0.11
I hope this helps you prepare for the trading day. Make it a great one!
Todd Mitchell
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