Good MorningThe S&P 500 index retreated from resistance at the 4,300 level on Monday. The move is consistent with expectations and the idea the market would enter a holding pattern ahead of the FOMC meeting. The FOMC meets next week and is expected to keep its interest rate policy unchanged from the 500 to 525 bps target it is set. The committee is also expected to maintain a hawkish posture and may indicate the need for additional rate hikes should the data indicate. Lucky for them and the market, the May read of the CPI index is due the day before the policy announcement. If the index confirms the upswing in inflation indicated by the last PCE price index, it may surprise the market with a hike.
The question for traders is what 4,300 mean to the S&P 500 index. It is a critical point of resistance that might not be crossed. In that situation, it will market the top of a trading range that could dominate the market for years. However, if the S&P 500 can move above it, a trading range is still the most likely scenario; only this time, 4,300 will mark the middle. Either way, the S&P 500 is in a rolling bear market that will impact price action for several years. Featured: Elon Musk's Next Big AI Project Could Open This Month (Ad) 
|
Consumer Discretionary | |
Forza X1 (NASDAQ: FRZA), a little-known small-cap stock listed on the NASDAQ, saw its share price surge over 100% in the early hours of trading on Monday morning. This impressive move comes after the company tweeted a brief teasing message on Friday after the close, suggesting they will make an im... Read the Full Story |
|
From Our Partners | | Jeff Brown, founder and CEO of Brownstone Research, says he has uncovered what he calls one of the biggest discoveries of his career tied to the ongoing AI boom.
Brown is pointing to a key date, October 20, and is highlighting five AI-related opportunities outside the traditional stock market that most investors have never heard of. | | Click here to see the full research before October 20 |
|
Technology | |
MongoDB (NASDAQ: MDB) was on virtually no one's radar as an AI play, yet it is. The company’s cloud-based database services and developer data tools make it perfectly positioned to benefit from the AI boom. That is seen clearly in the Q1 results and guidance, which was raised well above the ... Read the Full Story |
|
Consumer Discretionary | |
SunCar Technology Group Inc (NASDAQ:SDA) has been on a wild ride — and it's only just begun.
On May 17th, the Shanghai-based auto services startup completed its business combination with special purpose acquisition company (SPAC) Goldenbridge Acquisition Limited. The next day, SunCar began ... Read the Full Story |
|
From Our Partners | | Jeff Brown, the former tech executive who picked Nvidia in 2016 before it surged as high as 37,800 percent, just got inside Elon Musk's new Cybercab, a vehicle with no steering wheel or pedals.
In 2018, the New York Post called Musk a total fraud. Brown's latest footage shows just how far that technology has come since then. | | Watch the Cybercab footage and judge Elon Musk's technology yourself |
|
Markets | |
In a surprising move, Saudi Arabia pledged to reduce its oil output by 1 million barrels per day for July at the June 4 OPEC meeting. This adjustment, which may continue monthly, places Saudi oil production at its lowest point in a decade, excluding the pandemic-induced slump.
Moreover, the broad... Read the Full Story |
|
Consumer Discretionary | |
As the two largest economies collide in their quest to expand their political and economic powers, the United States and China are on an opposite schedule regarding the wind direction of their economies. While the United States has struggled to lower its inflation rate due to increased demand and ... Read the Full Story |
|
From Our Partners | | Jeff Brown, the former tech executive who called the rise of Bitcoin, Tesla, and Nvidia years early, is tracking a new Elon Musk project he calls the most epic AI initiative in history.
The plan could give Musk access to 50 times more computing power than the rest of the world combined, a development Brown says is drawing attention from executives at Amazon, Microsoft, and Google.
Brown compares the scale of this project to the SpaceX IPO, which minted thousands of millionaires overnight. | | Click here to see the full details on Musk's next big move |
|
Technology | |
According to Marketbeat.com’s analyst tracking tools, the most upgraded stocks in May are NVIDIA (NASDAQ: NVDA), Palo Alto Networks (NASDAQ: PANW), and Salesforce.com (NASDAQ: CRM). The single unifying factor with all of these names is AI, which led to market-beating performance and increase... Read the Full Story |
|
Communication Services | |
Shares of Verizon (NYSE: VZ) have been shedding value for more than 2 years, and that trend could continue, but there are a growing number of signs that suggest the bottom is in. Among them is the 7% dividend yield which is well above the broad market average, better even than short-term treasurie... Read the Full Story |
|
Consumer Discretionary | |
Online travel and booking platform Expedia Group Inc. (NASDAQ: EXPE) is benefiting from the robust travel demand generating record revenues but still needs to catch up in profits and valuation. The travel and leisure industry was the epicenter during the pandemic but is seeing positive normalizati... Read the Full Story |
|
Finance | | Cloud-based artificial intelligence (AI) lending platform Upstart Holdings Inc. (NASDAQ: UPST) stock has shot up over 125% in the last month, driven by the AI momentum and 36% short interest. Its metrics were gloomy in its fiscal Q1 2023 earnings report compared to the year-ago period, but sentiment... Read the Full Story |
|
Consumer Discretionary | |
The iShares Russell 2000 ETF (NYSE: IWM) has displayed relative weakness and lagged the overall market over the previous year. However, it notably broke that trend last week and finally showed signs of life. The IWM is a float-adjusted, capitalization-weighted index that measures the performance o... Read the Full Story |
|
Tuesday's Early Bird Stock Of The Day Alphabet Inc. offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube. It is also involved in the sale of apps and in-app purchases and digital content in the Google Play and YouTube; and devices, as well as in the provision of YouTube consumer subscription services. The Google Cloud segment offers infrastructure, cybersecurity, databases, analytics, AI, and other services; Google Workspace that include cloud-based communication and collaboration tools for enterprises, such as Gmail, Docs, Drive, Calendar, and Meet; and other services for enterprise customers. The Other Bets segment sells healthcare-related and internet services. The company was incorporated in 1998 and is headquartered in Mountain View, California. | | View Today's Stock Pick |
|
