Software stocks got hammered yesterday.
iShares Tech Software Sector ETF finished -5.8% (biggest daily drop since the pandemic w/Salesforce DOWN 20% (worst session in ~20 years), UiPath -35%, Okta -6%, Mongo DB -24%. Source: Bloomberg, HolgerZ
Speculators have built the largest Brent Oil short position since 2020
Source: Barchart, Bloomberg
Risk-taking
Source: Business Insider
Funny...
Source: NBC News
Foodflation! Prices at McDonald's $MCD have doubled over the last decade.
Source: Barchart
The Orange Juice crisis is upon us 🚨 What will be the next fruit to get sent? Mango, Pineapple, Kiwi?
Source: Barchart, FT
If you exclude $NVDA from the Mag 7, it would be trailing the S&P 500 YTD.
Source: Koyfin
Bullish sentiment on US equities is through the roof:
In May, 48.2% of Americans anticipated stock prices to increase over the next 12 months, according to the Conference Board Consumer Confidence Survey. This is the 3rd highest reading in history, only below the January 2018 and March 2024 surveys. Over just 2 years, this share has nearly doubled as stocks recovered from the 2022 bear market. Meanwhile, the S&P 500 has rallied a massive 48% since the October 2022 low. Stock market sentiment is incredibly strong. Source: Bloomberg, The Kobeissi Letter
