The Weekend Rip
Happy Weekend! |
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Last Week : Stocks spent the holiday-shortened week bouncing between Iran relief and a Fed that put rate hikes back on the table, with tech leading Thursday’s rebound. Intel and Amazon fired up custom chips, while Accenture showed the ugly side of AI disruption. Markets closed Friday for Juneteenth, giving Wall Street a breather while your editor headed down the Jersey Shore to officiate Gregory and Julia’s wedding. |
Let's recap and prep you for the week ahead. |
Monday : Stocks kicked off the short week green after the U.S.-Iran ceasefire deal cooled crude and gave growth traders permission to mash buy. Tech led the tape, SpaceX kept levitating, and AI infrastructure turned into a two-headed beast with Amazon spending billions on data centers while Nvidia tapped the bond market. The catch, because there is always a catch, is that the Iran deal still reads more like a 60-day pause button than a settled peace plan. |
Tuesday : The Dow hit another record while tech slipped, making this a rotation day with a SpaceX fever dream running in the background. Oil dropped hard on Iran peace-deal hopes, but traders still had to stare down weak housing data and Kevin Warsh’s first Fed meeting. Snap tried to sell $2,195 AR glasses, OpenAI showed the burn behind the AI boom, and SpaceX kept turning its IPO pop into deal currency. |
Wednesday : The Fed held rates steady, but the dot plot came in hot enough to knock stocks off their highs. Inflation projections moved higher, rate-hike risk came back into the room, and the pain landed hardest in software, consumer credit, and speculative momentum names. Robinhood ripped on layoffs-plus-volume math, Moderna rallied into an FDA flu-shot vote, and Nebius kept the AI infrastructure bid alive with Nasdaq-100 inclusion chatter. |
Thursday : Stocks bounced Thursday, with the Nasdaq up more than 2%, the S&P 500 up about 1%, and small caps joining the rebound. Crude cooled as Hormuz traffic restarted and gas prices kept sliding, giving traders permission to move past Wednesday’s Fed scare for at least one session. Intel and Amazon made custom chips the loudest AI trade, while Accenture got punished for the other side of the AI math and QuantumScape popped on Honda validation. |
On Friday, the market was closed for Juneteenth, and I officiated the marrige of my brother and his wife down the Jersey Shore! Happy day Gregory and Julia! |
This week's Stocks Top 25 showed how momentum movers fared vs. the indexes. |
Here are the closing prices: |
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