Futures for Thursday are just off best levels this morning with the Nasdaq projected to open up 0.59% followed by the S&P 500 contract adding 0.39%. The Dow overnight contract has ticked higher by 0.12% and the R2K is also higher this morning.
NVDA managed to dominate the news even with markets on holiday yesterday. It completed its 10:1 stock split and judging by the futures, the reaction will be positive and the halo effect for Tech and Mega Cap. Growth is likely to continue.
It will be key to see if economically sensitive cyclical sectors will respond positively. They have been the obvious weak link in this bull market advance, especially in the near-term since early May.
Crude prices have firmed with Brent’s August contract hitting $85.53. WTI still lags at $81.60, though energy stocks rallied on Tuesday.
Eco Data Releases | Thursday June 20th, 2024
| Date Time | Event | Survey | Actual | Prior | Revised | |
| 06/20/2024 08:30 | Current Account Balance | 1Q | -$206.8b | — | -$194.8b | — |
| 06/20/2024 08:30 | Initial Jobless Claims | 15-Jun | 235k | — | 242k | — |
| 06/20/2024 08:30 | Continuing Claims | 8-Jun | 1810k | — | 1820k | — |
| 06/20/2024 08:30 | Housing Starts | May | 1370k | — | 1360k | — |
| 06/20/2024 08:30 | Building Permits | May | 1450k | — | 1440k | — |
| 06/20/2024 08:30 | Housing Starts MoM | May | 0.70% | — | 5.70% | — |
| 06/20/2024 08:30 | Building Permits MoM | May | 0.70% | — | -3.00% | — |
| 06/20/2024 08:30 | Philadelphia Fed Business Outlook | Jun | 5 | — | 4.5 | — |
S&P 500 Constituent Earnings Announcements by GICS Sector | Thursday June 20th, 2024
The economic calendar offers Initial and Continuing Jobless Claims before the bell as well as housing starts and building permits. Recent eco releases have started to soften on the margins and it will be interesting to see if that trend continues.
On the earnings calendar, S&P 500 constituents DRI, KR and JBL report. JBL is at an important pivot point on the chart. That result is worth watching as the stock has tried to rally in the near-term after dipping below its 200-day m.a. for the first time since 2022 in May.
- JBL (200-day m.a. | RSI | Relative to S&P 500)
- JBL just back above the long-term moving average ahead of a pivotal earnings release. A miss puts the stock in a precarious position
Thematic Thursday
Taking a look at Bloomberg’s thematic equity category with 155 funds in the category, YTD leaders are unsurprisingly in Growth, Innovation and AI space. Here are the 5 best YTD performers.
Sources: Bloomberg
