Today is this month’s options expiration day. Pay special attention if you hold expiring options or futures contracts. The Russian and U.S. leaders will meet in Alaska this afternoon. July retail sales growth slowed to 0.5% month-on-month, matching market expectations, down from the previous 0.9%. The import price index rose 0.4% (previous: -0.1%). The export price index rose 0.1% (previous: 0.5%).
Yesterday, stock indexes opened lower due to higher-than-expected PPI, then recovered throughout the day. They continued to rise before today’s open. SPY is testing the $647 level mentioned in yesterday’s pre-market note, and if it passes quickly, the next target is near $650. On the downside, watch the $642–638 area. The S&P 500 is set to close with two straight weeks of gains.
Individual stocks are mixed before the open, with small price moves. Reports say the Trump administration is considering taking a direct stake in INTC (+4%). Data center stock CRWV continues to fall (-6%). Leading chip equipment stocks from earlier rallies are now leading pre-market declines: KLAC -6%, LRCX -5%, ASML -2%. Buffett cut positions in AAPL and others, while adding to troubled healthcare giant UNH (+11%), steel producer NUE (+5%), and homebuilder LEN (+4%).
Today, the main focus remains on the trend of leading tech stocks. See yesterday’s pre-market notes for resistance levels of the seven biggest names. MSFT has been the weakest performer recently — keep an eye on whether the support levels mentioned hold.
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