Markets closed Tuesday at session highs, with only the Dow wallowing in negative territory by the closing bell. But even that was something of a win today: after trading down more than -700 points at one stage this morning, the Dow closed -129, -0.42% on the day. The S&P 500 crept into the green minutes before the bell, +0.16%, which is notable considering 8 of the 11 sectors in the S&P traded down today.
The Nasdaq, on the other hand, grew nearly 200 points, +1.75%, on strong rebounds in companies that have been getting battered over this bear market environment:
Etsy
ETSY
was +10.5% today,
Norwegian Cruise Lines
NCLH
+10%,
Zoom Video
ZM
+8.5%. And the small-cap Russell 2000, having sheared of nearly -8% over the past month, gained +0.54% on the day.
Natural gas prices in Europe helped keep sentiment down and recession fears up across the Atlantic, and we see the euro plunge to a two-decade low versus the U.S. dollar. Meanwhile, here at home WTI crude prices slipped beneath $100 per barrel for the first time in a while (though still up nearly +48% in the past year), sending stocks like
Halliburton
HAL
-8%.
Factory Orders
data for May came out this morning, demonstrating stronger-than-expected demand with a headline figure +1.6%, 100 basis points ahead of expectations and more than double the upwardly revised +0.7% from the previous month. Machinery and transportation equipment were up +1.2% and +1%, respectively, while appliances and components dropped -1% for the month. Tighter chart moves more consistently above breakeven has been a hallmark of Factory Goods Orders, going back two years to the rebound off pandemic conditions.
So there we have it. Not a dramatic correction to right what’s wrong with the market completely, but certainly better than getting a sharp stick in the eye. We hope to continue to dodge such sticks as our shortened trading week moves along.
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