The U.S. government shutdown continues. The release of last month’s FOMC meeting minutes, originally scheduled for this afternoon, has been postponed. It’s unclear whether several Treasury auctions will proceed as planned. With no major macro news, the market has moved sideways at high levels for four straight days.
SPY met resistance around the $673 area (as noted pre-market) and pulled back, closing near $670. For today, watch the $668–673 range, with the midpoint around $670ish as the pivot. The market is waiting for the start of the new earnings season next week.
Most stocks are slightly higher in pre-market trading. TSLA launched a lower-trim model under $40K after losing Tax Credit eligibility, but did not release the expected $25K entry model. The Trump administration plans to cancel subsidies for automakers like GM and F. JPMorgan cut its target price for FDX by 2%.
Current market themes include quantum computing, state-backed basic materials, and defense stocks. Earlier leaders like banks are consolidating ahead of earnings, while storage and chip equipment stocks are also correcting. The Top 7 tech names remain in high-level consolidation ahead of earnings reports — for example, AAPL has been moving sideways near its $260 record high for 12 days; others show similar patterns.
Today, continue watching these key sectors, especially whether the market and yesterday’s declining theme stocks keep falling — if they follow through, a short-term correction is likely.
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