The U.S. technology sector has surged 42% in the last two months, marking its biggest two-month rally in 24 years as AI and semiconductor stocks lead the market higher.
Source: Bloomberg
ISM manufacturing PMI accelerates to 4-year high with improving production, new orders, and employment.
Prices remain 2nd highest since 2022. Source Bloomberg
JENSEN AT COMPUTEX TAIPEI:
- Marvell will become the next trillion-dollar company - Marvell and Nvidia are strengthening their partnership to expand critical networking & connectivity to power AI data centers Jensen touch...plus 17% Source: amit
U.S. distillate fuel inventories fall to the lowest level since 2003
Source: Bloomberg, Hedgeye
Here’s the current bull market (red line) charted against the nine other bulls since 1928 that lasted 1,000+ days:
Source: Bespoke
ONLY 10% OF AMERICANS ARE NOW KEEPING THE ENTIRE US ECONOMY FROM CRASHING.
28 million people are driving 49% of everything Americans spend. The other 221 million account for just 37%. This is the highest concentration of consumer spending ever recorded in US history. Every 1% rise in the stock market increases consumer spending by 0.05%. Markets are up double digits this year. The entire consumer economy is now a direct function of where the S&P 500 closes every day. The bottom 80% have nothing left to contribute. National household debt just crossed $18 trillion. Credit card balances hit a record $1.2 trillion as lower income households borrow just to cover basic expenses against prices that are 25% higher than 2020. Deloitte projects that a 10% stock market correction would cause real consumer spending growth to fall to just 0.2% in 2027 and drop 1% in 2028. The 28 million people keeping this economy running are fully invested in the stock market. The US economy has never been this dependent on this few people. And those people have never been this dependent on the stock market. Source: Bull Theory, FT
U.S. Strategic Petroleum Reserve (SPR) stocks fall to 2-year low
Source: zerohedge
Bloomberg's US Macro Surprise data slumped yesterday with headline and core PCE printing below expectations on a MoM basis
Initial jobless claims a little weaker than expected, GDP disappointing, personal consumption weak (income unch), core capital goods orders declined, and a plunge in new home sales... Source: zerohedge
