Good morning! I hope you’re ready for an action-packed four-day week.
Why action-packed? Well, that’s just the kind of market that we’re in. In her column today, TheStreet Pro’s Helene Meisler says we’re in a trader’s market. Over the past month stocks have rallied to the point of becoming intermediate-term overbought.
That doesn’t mean we’ll drop like a rock. Rather, Helene says we’re in for volatility.
Speaking of volatility, President Donald Trump’s on-again, off-again tariffs are sparking volatility. On Friday he threatened Europe with 50% tariffs due to be implemented on June 1. On Sunday, following a call with EU head Ursula von der Leyen, he said he’d wait until July 9. Will he or won’t he remains the question.
On that news, futures jumped. Here’s a chart of the S&P 500 futures and you can clearly see the impact of the president’s on again, off again tariff talk.
Stock futures remain higher today, before the market open, with the S&P 500 looking up 1.3%.
Interesting stocks to watch this morning include Intel (INTC) and Nvidia (NVDA) , which are up before the market open by 2%, and PDD Holdings (PDD) , which is down by 18%.
PDD, which runs the Chinese e-commerce company Temu, reported earnings this morning. The earnings missed analyst revenue estimates.
In other markets, bond futures are up, driving yields lower. The 10-year US Treasury is priced to yield 4.475%. The US Dollar Index is up to 99.21, and Gold is off $69 to $3,296.