With the calendar tickling to the closing of the year’s first half, investors will be eyeing the upcoming inflation data and some remaining earnings from big companies.
Major hurdles to cross for the market
Indeed, we will welcome some key data, such as consumer confidence and personal consumption expenditures, that will shed light on the current state of the US economy.
Dow Jones remains weak.
The index sank into the red on Monday, registering its six consecutive trading days of losses. However, the cumulative losses aren’t as bad as the prior episodes. This comes as investors had shifted towards more cyclical stocks for the past two months, and the index took a back seat compared to Nasdaq.
The steam is cooling on Nasdaq.
After a euphoric rise for the year, the index continued to drop as big tech companies such as Tesla and Microsoft weighed on the index. Given an elevated valuation, the rally has eased as traders took profit and awaited more data before placing more risk on bets.
What’s on the menu today?
- 8.30 pm : Core Durable Goods Orders (MoM),
- 10 pm : CB Consumer Confidence (Jun), New Home Sales
It is 27 June, Tuesday, 9 am in Singapore and 9 pm in New York. As the market took a back seat and declined far more than we expected, we are now holding to some losses for the start of the week and will need to repair these positions going forward, hopefully, as we are biased towards the downside.
We hope you have a cool morning and look forward to seeing you at our trading channel.
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All is well.