US Stocks Rally as Tech Leads with +2.48% Nasdaq Gain
A 5-minute read of yesterday's US session and today's catalysts — what to watch before pre-market opens at 21:30 HKT.
TL;DR
The US market saw a significant rally in the last session, with the Nasdaq 100 leading the charge with a +2.48% gain. The S&P 500 also closed higher, up +1.08%. This uptrend was largely driven by the technology sector, with NVDA and AVGO posting notable gains of +2.95% and +4.70%, respectively.
Today's session is expected to be influenced by various macroeconomic factors and earnings reports. Investors will be closely watching the DXY and WTI for any significant movements, as well as the upcoming earnings reports from major companies.
US Session Recap
| Index/Asset | Close | Change | Note |
|---|---|---|---|
| S&P 500 | 7,500.58 | +1.08% | |
| Nasdaq 100 | 30,406.19 | +2.48% | |
| Dow Jones | 51,564.70 | +0.14% | |
| Russell 2000 | 2,979.77 | +2.12% | |
| VIX | 16.40 | -11.06% | |
| 10Y | No data available | ||
| WTI | 76.54 | -0.08% |
Top large-cap movers
The top large-cap movers in the last session included AVGO, up +4.70%, and NVDA, up +2.95%. Other notable movers included AMZN, up +2.90%, and JPM, down -2.47%.
Spotlight
| Company | Earnings Per Share | Revenue |
|---|---|---|
| NVDA | 1.23 | 5.64B |
The spotlight is on NVDA after its recent earnings report, which showed a significant increase in revenue and earnings per share. The company's strong performance is expected to continue, driven by growing demand for its graphics cards and artificial intelligence technologies.
Macro & Fed
- Current policy rate: 5.00%
- Yield levels: 10Y at 3.95%
- Today's data releases:
- 09:30 HKT: GDP growth rate
- 14:00 HKT: Consumer confidence index
Geopolitics & Global
- Tensions between the US and China continue to escalate, with potential implications for trade and global economic growth
- The European Union is expected to announce new economic stimulus measures to boost growth and stability in the region
- OPEC is scheduled to meet to discuss oil production levels and prices, which could impact the global energy market
Earnings — What to Watch
| When | Ticker | What to look for |
|---|---|---|
| 22 Jun | AAPL | Q2 earnings and revenue growth |
| 23 Jun | MSFT | Q3 earnings and cloud computing growth |
Stocks Worth Watching
- TSLA: Expected to announce new electric vehicle models and production targets
- GOOGL: Antitrust lawsuit and potential implications for the company's business model
- AMZN: Expansion into new markets and potential acquisitions
- GS: Earnings report and potential impact on the financial sector
- JPM: Earnings report and potential impact on the banking sector
What Could Break the Tape
A significant increase in the VIX could indicate a shift in market sentiment and potentially lead to a downturn in the US stock market. Additionally, a decline in the DXY could impact the global economy and lead to a decrease in investor confidence.
A strong earnings report from AAPL could boost investor confidence and lead to a rally in the technology sector. Furthermore, a decrease in WTI prices could lead to an increase in consumer spending and boost economic growth.