What’s trading at a new high? The U.S. stock market is. That’s what.
Perhaps it’s more accurate to say that the U.S. was trading at a new high. S&P 500 futures have been as high as 6171 this morning, beating the old intraday futures high of 6166. The cash S&P 500 trades at a lower level, and the current high from February is 6147.
💸💰Don’t miss the move: Subscribe to TheStreet’s free daily newsletter 💰💸
Three economic releases this morning knocked stocks off the best levels of the morning.
Here’s a chart of S&P futures since yesterday’s close.
Still, futures are higher across the board. Stocks remain modestly higher, while bonds, crude and gold show gains, too.
The three reports that have, at least initially, knocked stocks off their best levels are
- Weekly Initial Claims: 236,000, below consensus of 247,000. Continuing claims rose to 1,974,000, the highest level since 2021.
- May Durable Goods Orders: +16.4% beating the 6.6% consensus
- Q1 GDP Estimate Revision: -0.5%, below consensus of -0.2%
The other news is that President Trump has stepped up calls on the Federal Reserve to lower rates and some expect him soon to appoint Chairman Jerome Powell’s successor, creating a shadow Fed that might influence the real one.