Today marks both this month’s Options Expiration (OE) Day and the quarterly quadruple witching, involving the expiration of options and futures contracts totaling $6.5 trillion USD in notional value. Investors should roll over positions in a timely manner.
In geopolitical news, reports suggest Iran is preparing to re-enter negotiations regarding uranium enrichment restrictions.
The Philadelphia Fed Manufacturing Index for June came in at -4, unchanged from the previous month but below market expectations of 0.3.
S&P 500 & SPY Watch:
The S&P 500 has been range-bound in a nearly 100-point high-level consolidation for 10 consecutive trading days. For SPY, intraday attention remains on the $595–605 range, with the key pivot level still around $600.
Pre-market & Sector Highlights:
Most stocks are trading higher pre-market, but gains remain modest. Market speculation has recently shifted toward stablecoin-related themes.
• New IPO CRCL continues its meteoric rise, up another 15%, now nearly 7x its IPO price.
• COIN is up 4% on the back of crypto strength.
Tesla (TSLA):
Over the weekend, TSLA is expected to officially launch its Robotaxi service, although reports indicate legislative disagreements remain at the state level. Wedbush has issued a $1 trillion valuation on Tesla’s AI business, projecting a $2 trillion market cap by the end of 2026.
From a technical standpoint, the stock remains in a consolidation range between $312 and $335, which coincides with levels seen prior to the public fallout between Musk and Trump. The breakout direction here will be key.
AI Infrastructure Momentum:
The AI infrastructure sector remains strong:
• MSFT is once again testing its all-time high around $480 in the pre-market.
• ORCL surged following earnings, with $220 as the next resistance zone.
• NVDA is pushing toward its record high area, while AMD is attempting to break a long-term descending trendline for the first time in a year.
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