More New Records. Can We Keep It Up?
Stocks opened June at fresh records across the board... the S&P 500 closed up 0.26 percent at 7,599.96, the Nasdaq added 0.42 percent to clear 27,000 for the first time at 27,086, and the Dow edged up to 51,078. That makes nine straight weekly gains for the S&P, a streak worth holding in mind as the week's bigger tests arrive.
Macro Pulse
The tone shifted Monday. Oil spiked hard, with West Texas Intermediate up nearly 6 percent, after Iran signaled it would cut off back-channel talks with Washington and move toward closing the Strait of Hormuz. That reintroduces an inflation variable just as the labor data begins... April JOLTS job openings report today, the first of this week's employment reads ahead of Friday's payrolls. Worth noting the growing chorus of caution: JPMorgan's Jamie Dimon called the market exuberant late last week, and Bank of America's sell-side indicator is edging toward a contrarian sell signal.
Tickers To Watch
NVDA: Jumped more than 6 percent Monday on its new PC processor, again carrying the broader market... watch for follow-through or profit-taking.
INTC: Fell over 4 percent as that same chip news pressured its core PC franchise.
ULTA: Reports earnings today, a read on whether higher-income discretionary spending is holding up.
DG: Also reports today, a window into the lower-income consumer just as gas prices climb.
Bottom Line
Records keep coming, but the ground underneath is getting less stable. A market this concentrated in a few AI names now carries a fresh inflation worry in oil and a jobs week that could push rates either direction. A portfolio leaning heavily on one theme is most exposed precisely when an outside shock, like an energy spike, arrives uninvited.
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