Equities closed mixed again, with the major Large Cap. Indices reversing yesterday’s order. The Nasdaq Composite paced gains adding 1.26% while the S&P added 0.39% and the Dow finished off 0.76% as the laggard. Energy stocks surged early in the day, but couldn’t hold on to best levels, however the XLE finished positive on the day up 0.28% to lead cycle sectors.
Leadership was back with XLC and XLK which have now posted leading returns among the large cap. GICS sectors at +18.9% and 18.1% respectively.
On the economic calendar, New Home Sale data will be released with the survey expecting a slight dip. Mortgage Apps are also on tap.
On the earnings front, MU will report after the closing bell on Wednesday which will see if it can keep its recent outperformance trend intact. PAYX and GIS also report.
Eco Data Releases | Wednesday June 26th, 2024
| Date Time | Event | Survey | Actual | Prior | Revised | |
| 06/26/2024 07:00 | MBA Mortgage Applications | 21-Jun | — | — | 0.90% | — |
| 06/26/2024 10:00 | New Home Sales | May | 633k | — | 634k | — |
| 06/26/2024 10:00 | New Home Sales MoM | May | -0.20% | — | -4.70% | — |
S&P 500 Constituent Earnings Announcements by GICS Sector | Wednesday June 26th, 2024
With the 3-day mini sell-off in NVDA now over for the moment, the major trends have not been broken. It looks like Mega-Cap. Growth can continue to lead. MU results will be seen as confirmation or caution tomorrow afternoon. We like the stock and would remain long into the report based on the chart and the macro level trends we monitor.
- MU (200-day m.a. | Relative to S&P 500)
- Recent mini sell-off has price and relative back to trend channel support. This chart is strong long-term and is well supported at the $120-130 level in the near-term
Sources: Bloomberg
