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S&P 500, Dow Jones Industrial Average and Nasdaq Composite futures were higher at the open after a soft Producer Price Index (PPI) reading came in well below expectations. Traders had been focused on inflation risks following the Middle East conflict’s impact on oil prices, but the morning data provided a near-term reason to ease those concerns.
The early rally showed broader participation than the prior session, which had been driven largely by semiconductors. Oracle extended strong gains from the previous day, while Intel continued to perform well. Credo Technology surged on acquisition news, and AI and cloud-related names helped lift the broader market.
Bitcoin was above $74,000 on short covering, supporting crypto-linked stocks and adding to the tech bid. Amazon rose on a major acquisition announcement, and Ford Motor Company gained after an analyst upgrade, reinforcing the momentum in large-cap growth.
Financials were the weak spot. JPMorgan Chase beat expectations but sold off after cutting its outlook, while Wells Fargo declined after results failed to impress. The mixed message from the two largest banks heading into earnings season highlighted a key risk for the sector: strong results may not be enough if guidance disappoints. Market participants will be watching whether this headwind spreads to broader sentiment as more banks report this week.
The supportive PPI data and the setup in tech were seen as tailwinds, while geopolitical noise appeared to be in the background for the moment. However, the move needs follow-through.
June E-mini Nasdaq-100 futures were trading higher shortly before the cash market opening. The continuation of yesterday’s reversal bottom placed the market in position to challenge the February 25 main top at 25,705.00. If strong buyers appear, it could accelerate toward the major top at 26,580.50, the next level before the all-time high at 26,754.75.
On the downside, support is clustered in an intermediate retracement zone at 25,308.75 to 24,858.25, alongside the 200-day moving average at 25,095.49 and the 50-day moving average at 24,875.25.
The overall view was that the setup is bullish, but continued momentum and better-than-average volume are needed for stability, particularly as the market seeks breadth beyond semiconductors.
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