 | | |  Good morning, The first half of the year is over. And despite a strong rally in U.S. stocks, particularly tech stocks, the real winner can be found elsewhere.
European large caps have been the big winner, outperforming the S&P500's return, with gains of nearly 15 percent. The news is surprising, as the Eurozone reported that they entered a mild recession this year. But markets are forward looking. Plus, global energy prices are down, which helped hit the Eurozone hard last year.
Going forward, it's likely that the market's runaway returns will moderate through the end of the year. And it's also looking like we may just get a so-called "soft landing" after all, barring some kind of risk like another flareup in the banking sector. Traders can be a bit cautious, and shouldn't go chasing stocks that have already had a big run this year, but they don't need to be heavily hedged right now either.
Now here's the rest of the news: | | | | | | | | Don't Let Your Savings Slip Away! Attention! | | | | | | The fed's ominous program to manipulate American bank accounts is a looming danger.
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| | |  | DOW 34,407.60 | +0.84% | | | | | S&P 4,450.38 | +1.23% | | | | | NASDAQ 13,787.92 | +1.45% | | | | | *As of market close | | | • | Stocks jumped higher on Friday, ending the first half of the year on a strong note. | | | • | Oil rose 1.0 percent, closing at $70.56 per barrel. | | | • | Gold rallied 0.5 percent, ending at $1,928 per ounce. | | | • | Cryptocurrencies traded mixed, with bitcoin at $30,394 at the stock market close. | | | | | | | |
| | | Don't Miss this Overlooked Part of the AI Revolution | | | | The past few months have been great for AI stocks, particularly those working on generative AI software. That's led to the rise of several prompts that can make work easier, particularly in industries that rely on intellectual capital rather than labor.
However, the trend will move toward labor too. That's because AI is a key component for making automation effective. Today, automation largely helps scale up industrial production. That trend could accelerate in the coming years.
» FULL STORY | | | | |
| | Insider Activity Report: Oneok (OKE) | | | | Brian Derksen, a director at Oneok (OKE), recently bought 4,900 shares. The buy increased his holdings by 36 percent, and came to a total cost just under $292,000.
This marks the first buy at the company in over a year, when Oneok's President and CEO bought 8,975 shares, paying about $1 million to do so. One company director sold shares last year, otherwise company insiders have been fairly inactive over the past three years.
» FULL STORY | | | | |
| | Unusual Options Activity: PBF Energy (PBF) | | | | Oil and gas refining company PBF Energy (PBF) has risen over 32 percent in the past two months. One trader sees a further rally in the weeks ahead.
That's based on the August $45 calls. With 45 days until expiration, 2,065 contracts traded compared to a prior open interest of 104, for a 20-fold rise in volume on the trade. The buyer of the calls paid $1.70 to make the bullish bet.
» FULL STORY | | | | |
| | • | PCE Inflation Rises 0.3 Percent In May
Personal consumption expenditures, a measure of inflation preferred by the Federal Reserve, came in with a 0.3 percent gain for the month of May. Overall, PCE is up 4.6 percent over the past year. All told, PCE points to a 0.1 percent increase in spending, a drop from 0.6 percent in April, with personal income up 0.4 percent. | | | | • | Markets Close First Half of 2023 with Big Gains
The stock market had a strong start to the year. The Nasdaq saw its third-best performance in the first six months in its over 40-year history. Cryptocurrencies were the big winner, however, with benchmark bitcoin up over 85 percent, a sharp reversal from last year's steep decline for the sector. | | | | • | Apple Hits $3 Trillion Market Cap
Tech giant Apple (AAPL) has become the first U.S. company to hit a $3 trillion market cap on Friday, its highest value since January 3, 2022, right at the peak of the last bull market. Shares have rebounded strongly this year, and the company's recent announcement of the Vision Pro augmented reality (AR) glasses may fuel further gains if the launch is successful. | | | | • | FTC Finalizing Antitrust Case Against Amazon
The Federal Trade Commission (FTC) is finalizing an antitrust case against Amazon (AMZN). The agency is expected to announce the case in the coming weeks, and could be the most substantial case against the company yet. Amazon has already been hit in recent weeks with regulatory concern over deceptive practices in signing up for Amazon Prime. | | | | • | SEC Says Bitcoin ETF Filings Are Insufficient
In recent weeks, financial institutions such as BlackRock, Fidelity, and others have filed for the creation of an exchange traded fund (ETF) that would invest in bitcoin. However, regulators at the Securities and Exchange Commission (SEC) are reporting that those filings aren't clear and comprehensive. The ETFs were widely expected to pass regulatory muster, and led to a selloff in cryptos on Friday. | | |
| | | | TOP | | | CCL | 9.79% | | | | ENPH | 6.056% | | | | SEDG | 5.391% | | | | NCLH | 4.282% | | | | ALGN | 3.997% | | | | BOTTOM | | | NKE | 2.408% | | | | NWL | 2.4% | | | | RXO | 1.912% | | | | MU | 1.78% | | | | PODD | 1.468% | | | | |
| | |  | | We've seen a big rally in equities, of course, over recent months. Much of that, I think, is reflecting an increasing degree of confidence that we can avoid recessions and that inflation has peaked. Nonetheless, that rally has been very narrowly driven by a few companies. The average company has been relatively flat and we think that will probably continue for some time in equity markets. | | - Peter Oppenheimer, analyst at Goldman Sachs, on why the stock market is likely to trade in a range over the past few months following its strong rally higher. | |
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