BREAKING: Mexico's stock market ETF, $EWW, crashes 11% after as the Mexican stock market posts its worst day since 2008.
The Mexican Peso also lost 4.5% against the US Dollar in its biggest one-day drop in years. This comes after Claudia Sheinbaum was elected as the next president of Mexico. Source: The Kobeissi Letter
Interesting technical development for the uranium mining stocks with the $URA ETF trading at a 10-year high while sector leader Cameco $CCJ is trading at a new all-time-high.
Source: J-C Parets
Exit polls show a clear victory for Prime Minister Modi’s party BJP + allies (called NDA = National Democratic Alliance).
The market is likely to view this very favorably, expecting another 5 years of policy stability, reforms and visibility on growth. Source: Bloomberg, David Ingles
Penny stock trading is booming.
Seven of the top 10 most traded US equities in May are penny stocks worth less than $1. None are profitable Source: FT, Gunjan Banerji
Abercrombie & Fitch $ANF making Nvidia $NVDA shareholders look poor...
Abercrombie & Fitch reported its financial results for the first quarter today. Here's what its CEO Fran Horowitz said in a press release on Wednesday. Abercrombie & Fitch stock is now up close to 70% versus the start of 2024. Source: Conor Mac, InvestmentTalkk
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
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
Nvidia has added the size of LVMH in market cap since last week...
Source: Quartr
