| 6/12/2023 | Previous Day's Closing Price | Today Close | % CHANGE SINCE THE PRE-TRADING DAY CLOSE | CHANGE SINCE PRE-TRADING DAY CLOSE | |
| SPX | .INX | 4298.86 | 4338.93 | 0.93% | 40.07 |
| SPY | 429.9 | 433.8 | 0.91% | 3.9 | |
| QQQ | 354.5 | 360.49 | 1.69% | 5.99 | |
| TQQQ | 36.62 | 38.49 | 5.11% | 1.87 | |
| SQQQ | 21.79 | 20.69 | -5.03% | -1.09 | |
| SOXX | 486.86 | 502.54 | 3.22% | 15.68 | |
| SOXL | 22.4 | 24.6 | 9.82% | 2.2 | |
| SOXS | 11.48 | 10.38 | -9.58% | -1.1 | |
| DIA | 339.27 | 341.17 | 0.56% | 1.9 | |
| RUSSELL 2000 | IWM | 185.03 | 185.8 | 0.42% | 0.77 |
| DOW TRANSPORTATION | IYT | 232.1 | 233.93 | 0.79% | 1.83 |
| FINANCIAL | XLF | 33.15 | 33.14 | -0.03% | -0.01 |
| ENERGY | XLE | 81.33 | 80.55 | -0.96% | -0.78 |
| BIOTECH | XBI | 87.66 | 88.61 | 1.08% | 0.95 |
| CONSUMER STAPLE | XLP | 73.11 | 73.09 | -0.03% | -0.02 |
| HEALTH CARE | XLV | 130.42 | 130.89 | 0.36% | 0.47 |
| CONSUMER DISCRETIONARY | XLY | 161.2 | 163.97 | 1.72% | 2.77 |
| HOMEBUILDER | XHB | 74.69 | 75.54 | 1.14% | 0.85 |
| UTILITY | XLU | 66.39 | 66.27 | -0.18% | -0.12 |
| RETAIL | XRT | 61.36 | 62.28 | 1.50% | 0.92 |
| EMERGING MARKETS | SPEM | 34.72 | 34.79 | 0.20% | 0.07 |
| SOUTH KOREA INDEX | EWY | 66.68 | 66.64 | -0.06% | -0.04 |
| SOUTH KOREA 3X BULL | KORU | 10.85 | 10.84 | -0.05% | -0.01 |
| ARKK | 42.51 | 43.28 | 1.81% | 0.77 | |
| Currency:BTCUSD | /BTC | 25930 | 26095 | 0.64% | 165 |
| CRUDE OIL | /CL | 70.35 | 67.34 | -4.28% | -3.01 |
| GLD | 182.04 | 181.88 | -0.09% | -0.16 | |
| SLV | 22.27 | 22.08 | -0.85% | -0.19 | |
| GDX | 31.08 | 31.24 | 0.51% | 0.16 | |
| 3 MONTH | US3M | 5.38 | 5.40 | 0.37% | 0.02 |
| 2 YR | US2Y | 4.52 | 4.55 | 0.66% | 0.03 |
| 5 YR | FVX | 3.92 | 3.917 | -0.08% | -0.03 |
| 10 YR | TNX | 3.745 | 3.765 | 0.53% | 0.2 |
| 30 YR | TYX | 3.887 | 3.907 | 0.51% | 0.2 |
| 10Y3M (10yr 3m spread) | -1.63 | -1.67 | -2.45% | -0.04 | |
| 10Y2Y (10yr 2yr spread) | -0.77 | -0.82 | -6.49% | -0.05 | |
| AAPL | 180.96 | 183.79 | 1.56% | 2.83 | |
| MSFT | 326.79 | 331.85 | 1.55% | 5.06 | |
| AMZN | 123.43 | 126.57 | 2.54% | 3.14 | |
| GOOGL | 122.23 | 123.64 | 1.15% | 1.41 | |
| TSLA | 244.4 | 249.83 | 2.22% | 5.43 | |
| NVDA | 387.7 | 394.82 | 1.84% | 7.12 |
Dow +189.55 at 34066.24, Nasdaq +202.78 at 13462.30, S&P +40.07 at 4340.20
The stock market had a slightly positive bias in the early going, but really started to build up steam in the afternoon. Ultimately, the S&P 500 closed at its highest level since April 21, 2022, aided by chasing action and a possible fear of missing out on further gains.
Stocks shifted into rally-mode as market rates declined after the Treasury market did a good job absorbing nearly $200 billion worth of bills and notes, eyeing another $101 billion scheduled to be sold tomorrow. The 2-yr note yield, which reached a high of 4.63% overnight, fell to 4.56% before settling the session at 4.59%. The 10-yr note yield, which reached a high of 3.79%, pulled back to 3.73% and settled at 3.77%.
Mega cap stocks were in a leadership position, again, with many other stocks also coming along for the rally. The Vanguard Mega Cap Growth ETF (MGK) rose 1.5% and the Invesco S&P 500 Equal Weight ETF (RSP) rose 0.7%. The market-cap weighted S&P 500 closed with a 0.9% gain.
Most of the S&P 500 sectors closed with a gain. Information technology (+2.1%) was the top performer by a decent margin followed by consumer discretionary (+1.7%) and communication services (+1.2%), all of which benefitted from strong mega cap constituents.
Meanwhile, the energy sector was the worst performer, down 1.0%, as oil prices fell ($67.09/bbl, -3.21, -4.6%). This was in response to Goldman Sachs cutting its Brent crude forecast to $86.00/bbl from $95.00/bbl and its WTI crude forecast to $81.00/bbl from $89.00/bbl, citing higher oil supplies.
There are several market-moving events on the horizon, although that did not deter buyers today. This week will feature the release of the May Consumer Price Index (Tuesday) and the May Retail Sales report (Friday), and policy decisions from the FOMC (Wednesday), the European Central Bank (Thursday), and the Bank of Japan (Friday).
- Nasdaq Composite: +28.6% YTD
- S&P 500: +13.0% YTD
- Russell 2000: +6.4% YTD
- S&P Midcap 400: +5.1% YTD
- Dow Jones Industrial Average: +2.8% YTD
Economic data today was limited to the May Treasury Budget, which showed a deficit of $240.3 billion compared to a deficit of $66.2 billion in the same period a year ago. The deficit in May was the result of outlays ($547.8 billion) exceeding receipts ($307.5 billion). The Treasury Budget data is not seasonally adjusted so the May 2023 deficit cannot be compared to the April 2023 surplus.
- The key takeaway from the report is that the level of outlays was the second highest in fiscal 2023.
Looking ahead to Tuesday, market participants will receive the following economic data:
- 6:00 a.m. ET: May NFIB Small Business Optimism (prior 89.0)
- 8:30 a.m. ET: May Consumer Price Index (Briefing.com consensus +0.2%; prior +0.4%) and core-Consumer Price Index (Briefing.com consensus +0.4%; prior +0.4%)
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