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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Return to Sender who wrote (86976)

6/8/2021 5:00:58 PM

From: Return to Sender

2 Recommendations

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Respond to of 95521

Market Snapshot

briefing.com

Dow	34599.82	-30.42	(-0.09%)
Nasdaq	13924.91	+43.19	(0.31%)
SP 500	4227.26	+0.74	(0.02%)
10-yr Note	+3/32	1.539

NYSE	Adv 2063	Dec 1180	Vol 940.1 mln
Nasdaq	Adv 2572	Dec 1626	Vol 5.8 bln

Industry Watch

Strong: Consumer Discretionary, Energy, Real Estate

Weak: Utilities, Health Care, Consumer Staples

Moving the Market

-- S&P 500 found resistance at all-time high levels

-- Strength in small-caps and micro-caps

-- Longer-dated Treasury yields edged lower

S&P 500 closes shy of record highs
08-Jun-21 16:15 ET

Dow -30.42 at 34599.82, Nasdaq +43.19 at 13924.91, S&P +0.74 at 4227.26
[BRIEFING.COM] The S&P 500 closed relatively unchanged on Tuesday after flirting with all-time highs during the session. The Nasdaq Composite (+0.3%) and Dow Jones Industrial Average (-0.1%) closed mixed and little changed, while the Russell 2000 (+1.1%) and iShares Micro-Cap ETF (IWC 157.30, +1.75, +1.1%) each gained 1.1%.

The session started with the S&P 500 inching past its all-time closing high (4232.60) and coming within two points of its all-time intraday high (4238.04). Like the breakout attempts before today, the benchmark index unfortunately struggled to attract follow through from buyers and later spent some time in negative territory.

Sellers eventually gave up control, paving the way for cyclical, small-cap, and micro-cap stocks to claim the leadership positions alongside Apple (AAPL 126.74, +0.84, +0.7%) and Amazon.com (AMZN 3264.11, +66.10, +2.1%). The S&P 500 made a second attempt at a closing record high but was rejected late in the day.

Amazon lifted the S&P 500 consumer discretionary sector (+1.0%) to the top of the sector leaderboard, and the energy sector (+0.9%) followed closely behind as WTI crude futures ($70.08/bbl, +0.83, +1.2%) settled above $70 per barrel. The utilities (-0.9%), consumer staples (-0.9%), and health care (-0.4%) sectors underperformed.

Meme stocks remained an entertaining sideshow for the market despite some participants voicing honest concerns about their unprecedented runs. Shares of Clover Health (CLOV 22.15, +10.12, +85.8%) and Wendy's (WEN 28.87, +5.93, +25.9%) surged noticeably amid increased mentions on the WallStreetBets subreddit. CLOV was targeted as a short-squeeze opportunity.

In the Treasury market, the 10-yr yield flirted with the low-end of its three-month consolidation range. The benchmark yield settled lower by four basis points at 1.53% after touching 1.51% following the release of the April Trade Balance report, which showed the U.S. trade deficit narrow to $68.9 billion (Briefing.com consensus -$68.6 billion) from $75.0 billion in March.

The 2-yr yield decreased two basis points to 0.14%. The U.S. Dollar Index increased 0.2% to 90.11.

Reviewing Tuesday's economic data, which included a record-setting JOLTS report:

The trade deficit in April narrowed to $68.9 billion (Briefing.com consensus -$68.6 billion) from a downwardly revised $75.0 billion (from -$74.4 billion) in March. April exports were $2.3 billion more than March exports while April imports were $3.8 billion less than March imports.
- The key takeaway from the report is the understanding that supply shortages are weighing on both exports and imports of automotive vehicles, parts, and engines as they were down $1.0 billion and $1.1 billion, respectively.
Job openings increased to a record 9.286 million in April from a revised 8.288 million in March (from 8.123 million), according to the JOLTS report.
The NFIB Small Business Optimism Index for May decreased to 99.6 from 99.8 in April.

Looking ahead, investors will receive Wholesale Inventories for April and the weekly MBA Mortgage Applications Index on Wednesday.

Russell 2000 +18.7% YTD
Dow Jones Industrial Average +13.1% YTD
S&P 500 +12.5% YTD
Nasdaq Composite +8.0% YTD

Crude futures settle above $70 per barrel
08-Jun-21 15:30 ET

Dow +18.73 at 34648.97, Nasdaq +53.76 at 13935.48, S&P +5.21 at 4231.73
[BRIEFING.COM] The S&P 500 is up 0.1% and is trading one point below its all-time-closing high.

One last look at the S&P 500 sectors shows consumer discretionary (+1.1%) and energy (+0.9%) still in the lead, while the utilities (-0.9%), consumer staples (-0.7%), and health care (-0.4%) sectors underperform in negative territory.

WTI crude futures settled higher by 1.2%, or $0.83, to $70.08/bbl.