| 6/15/2023 | Previous Day's Closing Price | Today Close | % CHANGE SINCE THE PRE-TRADING DAY CLOSE | CHANGE SINCE PRE-TRADING DAY CLOSE | |
| SPX | .INX | 4372.59 | 4425.84 | 1.22% | 53.25 |
| SPY | 437.18 | 442.6 | 1.24% | 5.42 | |
| QQQ | 365.9 | 370.26 | 1.19% | 4.36 | |
| TQQQ | 40.19 | 41.6 | 3.51% | 1.41 | |
| SQQQ | 19.78 | 19.13 | -3.29% | -0.65 | |
| SOXX | 516.5 | 512.23 | -0.83% | -4.27 | |
| SOXL | 26.64 | 25.95 | -2.59% | -0.69 | |
| SOXS | 9.55 | 9.8 | 2.62% | 0.25 | |
| DIA | 340.42 | 344.77 | 1.28% | 4.35 | |
| RUSSELL 2000 | IWM | 185.91 | 187.44 | 0.82% | 1.53 |
| DOW TRANSPORTATION | IYT | 239.02 | 243.56 | 1.90% | 4.54 |
| FINANCIAL | XLF | 33.21 | 33.65 | 1.32% | 0.44 |
| ENERGY | XLE | 80.1 | 80.98 | 1.10% | 0.88 |
| BIOTECH | XBI | 88.89 | 89.19 | 0.34% | 0.3 |
| CONSUMER STAPLE | XLP | 73.84 | 74.58 | 1.00% | 0.74 |
| HEALTH CARE | XLV | 130.2 | 132.22 | 1.55% | 2.02 |
| CONSUMER DISCRETIONARY | XLY | 165.55 | 166.63 | 0.65% | 1.08 |
| HOMEBUILDER | XHB | 75.53 | 76.76 | 1.63% | 1.23 |
| UTILITY | XLU | 66.22 | 66.94 | 1.09% | 0.72 |
| RETAIL | XRT | 62.65 | 63.71 | 1.69% | 1.06 |
| EMERGING MARKETS | SPEM | 35.39 | 35.75 | 1.02% | 0.36 |
| SOUTH KOREA INDEX | EWY | 66.88 | 67.04 | 0.24% | 0.16 |
| SOUTH KOREA 3X BULL | KORU | 10.95 | 11.01 | 0.55% | 0.06 |
| ARKK | 44.07 | 44.54 | 1.07% | 0.47 | |
| Currency:BTCUSD | /BTC | 24940 | 25585 | 2.59% | 645 |
| CRUDE OIL | /CL | 68.68 | 70.78 | 3.06% | 2.1 |
| GLD | 180.64 | 181.91 | 0.70% | 1.27 | |
| SLV | 21.97 | 21.94 | -0.14% | -0.03 | |
| GDX | 30.87 | 31 | 0.42% | 0.13 | |
| 3 MONTH | US3M | 5.36 | 5.33 | -0.56% | -0.03 |
| 2 YR | US2Y | 4.74 | 4.62 | -2.53% | -0.12 |
| 5 YR | FVX | 4.009 | 3.924 | -2.12% | -0.85 |
| 10 YR | TNX | 3.796 | 3.728 | -1.79% | -0.68 |
| 30 YR | TYX | 3.881 | 3.848 | -0.85% | -0.33 |
| 10Y3M (10yr 3m spread) | -1.53 | -1.61 | -5.23% | -0.08 | |
| 10Y2Y (10yr 2yr spread) | -0.91 | -0.9 | 1.10% | 0.01 | |
| AAPL | 183.95 | 186.01 | 1.12% | 2.06 | |
| MSFT | 337.34 | 348.1 | 3.19% | 10.76 | |
| AMZN | 126.42 | 127.11 | 0.55% | 0.69 | |
| GOOGL | 123.67 | 125.09 | 1.15% | 1.42 | |
| TSLA | 256.79 | 255.9 | -0.35% | -0.89 | |
| NVDA | 429.97 | 426.53 | -0.80% | -3.44 |
Dow +428.73 at 34407.97, Nasdaq +156.34 at 13783.20, S&P +53.25 at 4427.11
[BRIEFING.COM] It was a decidedly strong day for the stock market. The major indices opened somewhat soft, but quickly shifted into rally mode as investors digested a heavy batch of economic data. Many stocks contributed to index gains today, likely fueling a flat squeeze as investors employed cash from the sidelines due to a fear of missing out on further gains.
Ultimately, the major indices all closed near their highs of the day, which had the S&P 500 above 4,400 and the Dow Jones Industrial Average up by more than 400 points.
This morning's economic data was mixed in aggregate but featured a modest 0.1% increase in May retail sales, excluding autos, the highest four-week moving average for initial claims since November 20, 2021, and some welcome year-over-year deflation in import and export prices.
Treasuries settled with gains across the curve in response to this morning's data, which is seen as a sign of confidence that the Fed is done, or close to being done, raising rates. The 2-yr note yield was down six basis points to 4.64%. The 10-yr note yield was down seven basis points to 3.73%. The drop in market rates was a big support factor for equities today.
The strong response to CAVA Group's (CAVA 43.78, +21.78, +99.0%) IPO also helped boost investor sentiment. The quick-casual Mediterranean restaurant operator opened at a huge premium of $42/share after pricing its IPO at $22/share.
Today's gains were fairly broad based, yet many semiconductor stocks did not come along for the rally, likely driven by some consolidation efforts after a big run recently. The PHLX Semiconductor Index fell 0.9% with nearly every component sporting a loss. Intel (INTC 35.82, +0.24, +0.7%), however, went against the grain after the company announced the release of its newest quantum research chip.
All 11 S&P 500 sectors closed with gains and seven of them rose by more than 1.0%. The health care (+1.6%) and communication services (+1.5%) sectors led the pack. Meanwhile, the real estate (+0.3%) and consumer discretionary (+0.7%) sectors logged the slimmest gains.
The consumer discretionary sector was weighed down by a loss in Tesla (TSLA 255.90, -0.89, -0.4%) while several other components logged sizable, news driven gains. Domino's Pizza (DPZ 325.46, +19.74, +6.5%), Lennar (LEN 119.81, +5.06, +4.4%), and AutoZone (AZO 2497.37, +97.95, +4.1%) were the standouts in that regard. DPZ was upgraded to Buy from Hold at Stifel; LEN reported pleasing earnings and increased FY23 deliveries guidance; and AZO authorized a stock repurchase of an additional $2.0 billion of common stock.
Separately, the ECB announced a 25 basis points increase in its three key policy rates, as expected, while the the People's Bank of China announced a 10 basis points cut in the one-year medium-term lending facility rate to 2.65%.
China also reported some weaker than expected retail sales, industrial production, and fixed asset investment data for May.
- Nasdaq Composite: +31.7% YTD
- S&P 500: +15.3% YTD
- Russell 2000: +7.3% YTD
- S&P Midcap 400: +6.6% YTD
- Dow Jones Industrial Average: +3.8% YTD
Reviewing today's economic data:
- Total retail sales increased 0.3% month-over-month in May (Briefing.com consensus 0.0%). Excluding autos, retail sales increased 0.1% month-over-month (Briefing.com consensus +0.1%).
- The key takeaway from the report is that spending was flat or up in May across nearly every retail category with the exception of gasoline stations (-2.6%) and miscellaneous store retailers (-1.0%), which speaks to the enduring spending capacity of U.S. consumers who continue to be bolstered by a strong labor market.
- Initial jobless claims for the week ending June 10 were unchanged at 262,000 (Brieifng.com consensus 251,000). Continuing jobless claims for the week ending June 3 increased by 20,000 to 1.775 million.
- The key takeaway from the report is that initial jobless claims have elevated in recent weeks, yet they remain well below levels north of 375,000 that have been seen in all recession since 1980.
- The June Philadelphia Fed Index slumped to -13.7 (Briefing.com consensus -13.0) from -10.4 in May.
- The key takeaway from the report is that June was the tenth consecutive negative reading, pressured by another negative reading for the new orders index (to -11.0 from -8.9).
- The June Empire State Manufacturing Survey surged to 6.6 (Briefing.com consensus -16.0) from -31.8 in May.
- The key takeaway from the report is that the index for future business conditions jumped to 18.9 from 9.8, which is the second consecutive increase and suggests firms have become more optimistic about conditions improving over the next six months.
- May import prices declined 0.6% month-over-month following a downwardly revised 0.3% increase (from 0.4%) in April. Excluding fuel, import prices were down 0.1% following an unchanged reading for April. Export prices declined 1.9% month-over-month following a downwardly revised 0.1% decline (from 0.2%) in April. Excluding agricultural products, export prices declined 1.8% following a downwardly revised 0.1% decline (from 0.2%) in April.
- The key takeaway from the report is the deflation seen in import prices year-over-year (-5.9%), nonfuel import prices year-over-year (-1.9%), export prices year-over-year (-10.1%), and non-agricultural export prices year-over-year (-10.5%).
- Total industrial production declined 0.2% month-over-month in May (Briefing.com consensus +0.1%) following an unrevised 0.5% increase in April. The capacity utilization rate slipped to 79.6% (Briefing.com consensus 79.7%) from an upwardly revised 79.8% (from 79.7%) in April.
- The key takeaway from the report is that manufacturing output remained positive in May, helping to offset weakness in mining and utilities output.
- Business inventories rose 0.2% in April (Briefing.com consensus 0.2%) following a revised 0.2% decline in March (from -0.1%).
- The weekly EIA natural gas inventories showed a build of 84 bcf versus a build of 104 bcf last week.
Economic data tomorrow is limited to the preliminary University of Michigan Consumer Sentiment Survey for June (Briefing.com consensus 60.2; prior 59.2) at 10:00 a.m. ET.
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