Weekly Market Recap - Friday, 26-Jun

Weekly Market Recap - Friday, 26-Jun

Markets were mixed this week with AI remaining the dominant theme as the Iran war continued to take a backseat. Early-week softness in semis and memory was driven largely by positioning and market concentration concerns, while actual fundamentals remained solid. Those concerns were largely offset by MU's blowout earnings and guidance, which reinforced confidence in the AI capex cycle and sustained memory demand.

Evening Market Recap - Thursday, 25-Jun

Major averages were overall little changed, but there was a lot of movement beneath the surface. The momentum trade bounce driven by renewed support for the AI capex trade following blowout results from Micron. Pockets of the broadening out/reopening/cyclical trade worked as well, with small caps, industrials, builders, travel & leisure and banks the standouts.

Evening Market Recap, Wednesday 24-Jun

US equities were mixed in Wednesday trading as stocks struggled for direction after the Tuesday selloff. Today's big rate rally and ongoing oil selloff did not do much to support stocks as a hawkish Fed remains an overhang, while inflation concerns beyond oil remain elevated. May new home sales rose 580K m/m, missing consensus of 640K and the weakest since Jan-26.

Evening Market Recap, Tuesday 23-Jun

US equities were lower in Tuesday trading, a bit off worst levels. Momentum memory semis under outsized pressure. Big Tech mostly lower.

Evening Market Recap - Monday, 22-Jun

US equities were mixed in Monday trading with stocks hovering near worst levels. Big tech underperformance was the big story in Monday trading with Google and SpaceX the notable decliners. Nothing on the economic calendar this morning in macro news, and nothing monetary policy related from Fed's Waller.