The Nasdaq 100 hit a new all-time high yesterday. The S&P 500 also reached its record high in pre-market trading (SPY hit $609.59 during regular hours, and $609.47 pre-market). However, the economic data wasn’t very strong. Durable goods orders jumped 16.4% in May (up from -6.6%), while the goods trade deficit kept widening. Q1 GDP was revised down to -0.5% (from -0.2%).
Market breadth remains poor. Apart from banks and leading AI tech stocks, most sectors are weak such as energy, materials, healthcare, and consumer sectors all underperformed. A few industrial names did a bit better. Only 10 Nasdaq 100 stocks hit new 52-week highs, just 5 in the Dow 30, and 24 in the S&P 500. A few large-cap stocks are driving the index higher, but most individual stocks are not keeping up.
SPY is testing the previous high around $609.5, with the next target near $612. On the downside, keep watching the $603 area as support, just like yesterday.
Pre-market gains are broad but modest. Hot themes are still focused on AI chips, data centers, stablecoins, and quantum computing.
Yesterday, the Fed passed the SLR amendment with a 5–2 vote, which may ease rules on banks. Treasury yields are at key levels:10- and 20-year yields need to drop below 4.3% and 4.8% to confirm a reversal.
For TMF (Treasury ETF), resistance is near 38.6 (adjusted for the $0.362 dividend two days ago). If it clears this level, the next target is 42–43. Short-term support is near 38, and mid-term support is around 36.5.
Today, keep an eye on leading stocks like MSFT, NVDA, and AMD, as well as GS, JPM, and ORCL to see if they can continue to move higher.
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