CRYPTO CURRENCY SPACE

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Nasdaq, S&P 500 Close Just Shy Of Record Highs

After ending the previous session little changed, stocks showed a strong move to the upside over the course of the trading day on Thursday. With the upward move, the Nasdaq and the S&P 500 ended the day just shy of their record closing highs.

The major averages all posted strong gains on the day. The Nasdaq jumped 194.36 points or 1.0 percent to 20,167.91, the Dow advanced 404.41 points or 0.9 percent to 43,386.84 and the S&P 500 climbed 48.86 points or 0.8 percent to 6,141.02.

The markets continued to benefit from recent upward momentum, which has helped propel the major averages well off their April lows despite lingering uncertainty about tariffs.

The advance has helped lift stocks back within striking distance of record levels, with the S&P 500 ending the day just 3 points from its February closing high.

The strength on Wall Street also came following the release of a slew of U.S. economic data, including a Labor Department report showing an unexpected decrease by initial jobless claims in the week ended June 21st.

The Labor Department said initial jobless claims dipped to 236,000, a decrease of 10,000 from the previous week’s revised level of 246,000.

Economists had expected jobless claims to come in unchanged compared to the 245,000 originally reported for the previous week.

A separate report released by the Commerce Department showed new orders for U.S. manufactured durable goods spiked by much more than expected in the month of May.

The report said durable goods orders soared by 16.4 percent in May after tumbling by a revised 6.6 percent in April.

Economists had expected durable goods orders to surge by 8.5 percent compared to the 6.3 percent slump that had been reported for the previous month.

Excluding a substantial increase in orders for transportation equipment, durable orders climbed by 0.5 percent in May after coming in unchanged in April. Ex-transportation orders were expected to come in flat.

Meanwhile, revised data released by the Commerce Department showed the U.S. economy shrank by more than previously estimated in the first quarter of 2025.

The Commerce Department said real gross domestic product fell by 0.5 percent in the first quarter compared to the previously reported 0.2 percent dip. Economists had expected the decrease by GDP to be unrevised.

The bigger than previously estimated decline primarily reflecting downward revisions to consumer spending and exports that were partly offset by a downward revision to imports.

Sector News

Steel stocks showed a substantial move to the upside on the day, with the NYSE Arca Steel Index surging by 3.0 percent to its best closing level in over six months.

An extended rebound by the price of crude oil also contributed to significant strength among oil service stocks, as reflected by the 2.2 percent jump by the Philadelphia Oil Service Index.

Gold, banking and computer hardware stocks also saw considerable strength on the day, moving higher along with most of the other major sectors.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Thursday. Japan’s Nikkei 225 Index jumped by 1.7 percent, while South Korea’s Kospi slid by 0.9 percent.

Meanwhile, European stocks moved mostly higher on the day. The German DAX Index climbed by 0.6 percent and the U.K.’s FTSE 100 Index edged up by 0.2 percent, although the French CAC 40 Index closed just below the unchanged line.

In the bond market, treasuries are seeing modest strength after ending the previous session roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.6 basis points at 4.265 percent.

Looking Ahead

Trading on Friday is likely to be impacted by reaction to a report on personal income and spending, which includes the Federal Reserve’s preferred readings on consumer price inflation.

J. Powell is not only politically motivated but one of the stupidest people in Washington, D.C.   Recognize, the FED can easily be disbanded as easily as it was created back in 1913.  Read ‘The Creature From Jekyll Island’ by G. Edward Griffin. In November 2024, the Federal Reserve, under the leadership of Chair Jerome Powell, cut the target range for the federal funds rate by 0.25%. This followed a 0.5% cut in September 2024. These actions marked a shift in the Fed’s focus from aggressively fighting inflation to bolstering the economy.  While Powell has stated that the Fed does not consider politics in its decisions, there have been accusations that his actions could be politically motivated. For instance, some critics have suggested that keeping interest rates high could benefit Donald Trump, who nominated Powell, by undermining the economy under President Joe Biden. We might need legislature ‘bunker-busting’ to get rid of the FED once and for all.

WASHINGTON, June 25 (Reuters) – The Trump administration’s tariff plans may well just cause a one-time jump in prices, but the risk it could cause more persistent inflation is large enough for the central bank to be careful in considering further rate cuts, Federal Reserve Chair Jerome Powell told a U.S. Senate panel on Wednesday.
Though economic theory may point to tariffs as a one-off shock to prices, “that is not a law of nature,” said Powell, detailing why the central bank wants more information about the ultimate level of tariffs and the way they impact pricing and public expectations about inflation before lowering borrowing costs any further.

THE CASE FOR ABOLISHING THE FEDERAL RESERVE

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WHO IS MARK LEIBOVIT?

MARK LEIBOVIT is Chief Market Strategist for LEIBOVIT VR NEWSLETTERS a/k/a VRTrader.Com. His technical expertise is in overall market timing and stock selection based upon his proprietary VOLUME REVERSAL (TM) methodology and Annual Forecast Model.

Mark’s extensive media television profile includes seven years as a consultant ‘Elf’ on “Louis Rukeyser’s Wall Street Week” television program, and over thirty years as a Market Monitor guest for PBS “The Nightly Business Report”. He also has appeared on Fox Business News, CNBC, BNN (Canada), and Bloomberg, and has been interviewed in Barrons, Business Week, Forbes and The Wall Street Journal and Michael Campbell’s MoneyTalks.

In the January 2, 2020 edition of TIMER DIGEST MAGAZINE, Mark Leibovit was ranked the #1 U.S. Stock Market Timer and was previously ranked #1 Intermediate U.S. Market Timer for the ten year period December, 1997 to 2007.

He was a ‘Market Maker’ on the Chicago Board Options Exchange and the Midwest Options Exchange and then went on to work in the Research department of two Chicago based brokerage firms. Mr. Leibovit now publishes a series of newsletters at www.LeibovitVRNewsletters.com. He became a member of the Market Technicians Association in 1982.

Mr. Leibovit’s specialty is Volume Analysis and his proprietary Leibovit Volume Reversal Indicator is well known for forecasting accurate signals of trend direction and reversals in the equity, metals and futures markets. He has historical experience recognizing, bull and bear markets and signaling alerts prior to market crashes. His indicator is currently available on the Metastock platform.

His comprehensive study on Volume Analysis, The Trader’s Book of Volume published by McGraw-Hill is a definitive guide to volume trading. It is now also published in Chinese. Mark has appeared in speaking engagements and seminars in the U.S. and Canada.

Yes, that’s a cartoon of me. Louis Rukeyser had us dressed up in ‘elf’ costumes on the screen broadcast each week. I’ve dated myself. That occurred for me between 1988-1996. Lou didn’t like any bearish comments, so myself and other elves got dumped in 1996.

I APPEARED AS A GUEST PANELIST WITH LOUIS RUKEYSER ONE MONTH BEFORE IN MID-SEPTEMBER 1987

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COME ON, DAD. IT’S TIME TO EAT

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