XLK Jan 2026 165.000 put
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May retail sales, Nvidia, Boeing CEO testifies: 3 Things
In May, US retail sales only increased by 0.1% against economist estimates of 0.3%. The Technology Select Sector SPDR Fund (XLK) ETF might be due for some adjustments as Nvidia (NVDA) is set to surpass Apple's (AAPL) market value. Boeing (BA) CEO Dave Calhoun — who said he will depart from the company by the year's end — will testify on the aerospace developer's plans to correct its troublesome manufacturing problems before a Senate panel on Tuesday. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Luke Carberry Mogan.
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Is tech still the top dog? Strategist talks investor trends
AI has been a significant driver for markets (^DJI, ^IXIC, ^GSPC) this week coming off of Apple's (AAPL) "Apple Intelligence" showcase at its Worldwide Developers Conference (WWDC). The major market averages have calmed Friday morning, all opening the session lower as the Dow Jones Industrial Average even falls by over 300 points. Charles Schwab Head Trading & Derivatives Strategist Joe Mazzola breaks down the sectors where is starting to see more investor interest and pullbacks in. "Even though there was a slight uptick in the net buys over sells [in May], there was a bit of a churn underneath the surface when it came to the dollar amount," Mazzola says. "So, you know, when I see something like that, you know, that kind of stands out a little bit. It basically says that there were more net buy buyers and sellers, but some of the larger accounts started to maybe trim some of those positions" such as the headlining Magnificent Seven tech stocks. Mazzola also comments on when he believes the Federal Reserve could begin to cut interest rates this year ahead of the 2024 presidential election. In its forecast for the second half of 2024, JPMorgan Asset Management predicts the stock market rally to broaden out from the tech sector, namely the players in the Magnificent Seven. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Luke Carberry Mogan.
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Tech sector has become 'more of a horizontal than a vertical'
The Federal Reserve left interest rates steady coming out of its June FOMC meeting on Wednesday, now projecting one rate cut by the end of the year as inflation continues to cool. Head of Citizens JMP Securities Mark Lehmann joins Market Domination Overtime to discuss the move and the current state of the market (^DJI, ^IXIC, ^GSPC). Lehmann is overweight on tech, explaining that "tech has become much more of a horizontal than a vertical. And the people taking advantage of that and the multiple expansion we're seeing that obviously in semiconductors and other places is alive and well." He explains that as AI begins to seep into all sorts of sectors, companies will see rising multiples and profitability. As Wall Street awaits a rate cut, Lehmann explains, "the Fed's got a really hard job to do, and I always say hindsight's 20/10. It's a lot better than 20/20. So we're going to talk about this six months from now and say 'I told you so' either way." He adds, "I just don't expect them to not really think long and hard about the right timing for those cuts and the right number of those cuts, because the last thing you want to do is go too quickly. That being said, I think the market corrects much more quickly on its own, and we've seen that kind of higher for longer beget comfort within the investor public." For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime. This post was written by Melanie Riehl
