The Dow printed a fresh record while the Nasdaq logged its first four-day losing streak since February.
That is not one market... it is two.
Capital is rotating out of crowded software names and into memory, chips, and old-economy stocks.
The Fed has stripped out the language pointing toward cuts, and the market is now leaning toward a possible hike in September rather than relief.
The offset to watch is crude. Brent has fallen roughly a third from its wartime peak, and that disinflation has not yet shown up in the numbers.
Apple... sold off hard after raising MacBook and iPad prices. Input costs are reaching the shelf.
Alphabet... joins the Dow on June 29, replacing Verizon. Passive money tends to follow the index.
The market in one word... ROTATION
-Greg
An interesting take, watch this
(sponsored) Military ‘Dark Energy’ to Power AI
Disclaimer:
This content is for informational and educational purposes only and does not constitute financial, investment, or trading advice. All opinions expressed are based on publicly available data believed to be reliable but are not guaranteed for accuracy or completeness. Investing and trading involve risk, including the possible loss of principal. Always perform your own due diligence and consult with a qualified financial advisor before making investment decisions. Past performance is not indicative of future results. Paid ads from 3rd parties are clearly identified. We do NOT specifically endorse these products nor are we responsible for the content of these ads. You should assume an affiliate payment will be made to us if you click a link or buy a product.