{"id":195469,"date":"2024-06-26T09:45:00","date_gmt":"2024-06-26T13:45:00","guid":{"rendered":"https:\/\/ibkrcampus.eu\/uncategorized\/dealing-with-some-hangups\/"},"modified":"2024-06-27T09:08:37","modified_gmt":"2024-06-27T09:08:37","slug":"dealing-with-some-hangups","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.eu\/campus\/traders-insight\/securities\/macro\/dealing-with-some-hangups\/","title":{"rendered":"Dealing with some hangups"},"content":{"rendered":"\n

We were left wondering yesterday if NVIDIA (NVDA<\/span>)<\/strong> rebounding would come at the expense of the broader market or if that rebound would foster a true, broad market advance on the heels of Monday’s broad-based advance when NVIDIA was reeling. We got our answer.<\/p>\n\n\n\n

NVIDIA rebounding pretty much came at the expense of the broader market; however, the S&P 500 and Nasdaq Composite capitalized on that weighty influence and gains in other mega-cap stocks.<\/p>\n\n\n\n

The proof, they say, was in the pudding. The market-cap weighted S&P 500 increased 0.4% while the equal-weighted S&P 500 declined 0.7%.<\/p>\n\n\n\n

NVIDIA is back at it again today. It is up 1.1% in pre-market trading, sharing some of the spotlight with FedEx (FDX<\/span>)<\/strong>, which is up 14.6% after its better-than-expected earnings report and encouraging outlook, Rivian (RIVN<\/span>)<\/strong>, which is up 38% after the news that it is entering a joint venture with Volkswagen that will entail an initial $1 billion investment and up to $4 billion in planned additional investment by Volkswagen, and Whirlpool (WHR<\/span>)<\/strong>, which is up 18% on a Reuters<\/em> report that Bosch is considering an acquisition of the company.<\/p>\n\n\n\n

Southwest Airlines (LUV<\/span>)<\/strong> is also in the spotlight, but not for the best of reasons. Southwest expects its Q2 RASM to decline in the 4.0-4.5% range compared to its prior expectation of a 1.5-3.5% decline, both on a year-over-year basis. The cut was blamed primarily on the “complexities in adapting its revenue management to current booking patterns in this dynamic environment.” Shares of LUV are down 4%.<\/p>\n\n\n\n

General Mills (GIS<\/span>)<\/strong> is another lowlight, trading down 4.9% after a fiscal Q4 earnings report that featured weaker-than-expected net sales resulting from “unfavorable net price realization and mix and lower pound volume,” and a tepid FY25 outlook.<\/p>\n\n\n\n

There are plenty of story stocks today, but at the moment there isn’t plenty of conviction at the index level.<\/p>\n\n\n\n

Currently, the S&P 500 futures are down 10 points and are trading 0.2% below fair value, the Nasdaq 100 futures are down 28 points and are trading 0.1% below fair value, and the Dow Jones Industrial Average futures are down 81 points and are trading 0.3% below fair value.<\/p>\n\n\n\n

What’s the hangup?  Hard to say exactly, but it is likely a little bit of valuation angst, the bump in the 10-yr note yield to 4.29%, and hesitation in front of Micron’s (MU<\/span>)<\/strong> earnings report after the close.<\/p>\n\n\n\n

Before we get to the latter, market participants will see the May New Home Sales Report (Briefing.com consensus 650,000; prior 634,000) at 10:00 a.m. ET and the $70 billion 5-yr note auction at 1:00 p.m. ET.<\/p>\n\n\n\n

Earlier, it was reported that the weekly MBA Mortgage Applications Index was up 0.8% with refinance applications flat and purchase applications up 1.0%, denoting some relatively soft demand in the face of elevated mortgage rates.<\/p>\n\n\n\n

—<\/p>\n\n\n\n

Originally Posted June 26, 2024 – Dealing with some hangups<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

We were left wondering yesterday if NVIDIA (NVDA) rebounding would come at the expense of the broader market or if that rebound would foster a true, broad market advance on the heels of Monday’s broad-based advance when NVIDIA was reeling. 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