MarketSurge powers the charts in this video.
The conflict in Iran ended faster than anyone could imagine. This bolstered stocks around the world. Crude oil and gold pulled back. The Nasdaq 100 hit new all-time highs.
AI-related stocks remain the leading group. Micron (MU) reported better than expected quarter and gave bullish guidance tied to AI-chip demand. This helped the entire semiconductor sector. We saw strong moves in AMD, NVDA, ARM, etc.
Even Nike rallied despite missing estimates and warning that tariffs could cost them $1Bn. Going up on bad news is the quintessential bullish sign as it reflects that the worst might already have been reflected.
The market has priced in a trade deal with China and the EU. This doesn’t mean that we won’t see a rally in Chinese stocks once one is actually signed. Any negative surprise on the deal front can lead to a quick shake-out in most stocks. Pullbacks to 20 and even 50-day moving averages are normal in a bull market.
The market is open three and a half days next week. It is closed early on July 3rd, and it is closed on July 4th.
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