https://www.howestreet.com/2024/06/are-the-markets-about-to-pull-back-mark-leibovit/
U.S. Stocks Close Higher; Nasdaq Outperforms
U.S. stocks closed higher on Monday, with technology shares turning in a fine performance. The major averages all started off on a somewhat weak note in lackluster trade, but turned positive with stocks gaining in strength gradually as the session progressed.
The Dow ended higher by 50.66 points or 0.13 percent, at 39,169.52. The S&P 500 advanced 14.61 points or 0.27 percent to 5,475.09, while the Nasdaq climbed 146.70 points or 0.83 percent to 17,879.30.
Investors looked ahead to the release of the Labor Department’s closely watched monthly jobs report on Friday.
The report, which is expected to show a slowdown in the pace of job growth in the month of June, could impact the outlook for interest rates.
On the U.S. economic front, the Institute for Supply Management released a report showing manufacturing activity in the U.S. unexpectedly contracted at a slightly faster rate in the month of June.
The ISM said its manufacturing PMI edged down to 48.5 in June from 48.7 in May, with a reading below 50 indicating contraction. Economists had expected the index to inch up to 49.1.
A separate report released by the Commerce Department unexpectedly showed a slight decrease in U.S. construction spending in the month of May.
The Commerce Department said construction spending edged down by 0.1 percent to an annual rate of $2.140 trillion in May after rising by 0.3 percent to a revised rate of $2.142 billion in April.
Economists had expected construction spending to inch up by 0.1 percent compared to the 0.1 percent dip originally reported for the previous month.
Microsoft Corporation shares gained about 2.2 percent. Apple Inc climbed nearly 3 percent. Amazon surged 2 percent. Nvidia and Alphabet posted modest gains.
Tesla Inc surged more than 6 percent, ahead of its second-quarter delivery numbers expected on Tuesday.
JP Morgan Chase, Eli Lilly, Oracle Corporation, Merck, Wells Fargo, T-Mobile, Verizon Communications, Morgan Stanley, IBM, Goldman Sachs, Nike and Boeing gained 1 to 3 percent.
ADP, Analog Devices, Honeywell International, Blackstone, Uber Technologies, Comcast Corporation, Caterpillar, Walt Disney, Home Depot, Procter & Gamble and Advanced Micro Devices ended notably lower.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan’s Nikkei 225 Index inched up by 0.1 percent, while China’s Shanghai Composite Index advanced by 0.9 percent. Eu ropean markets also moved to the upside on the day. The pan European Stoxx 600 climbed 0.32 percent. Germany’s DAX gained 0.3 percent, and France’s CAC 40 ended up 1.09 percent. The U.K.’s FTSE 100 edged up 0.03 percent.
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.
WHO am I?
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.
OPPORTUNITY TO ACCESS MARK LEIBOVIT’S PROPRIETARY VOLUME REVERSAL INDICATOR – THIS IS THE ONLY PLACE TO DO IT!
https://www.metastock.com/prod
FOLKS THIS ALL YOU NEEDED TO KNOW! HISTORICALLY A GOOD SIGN THAT WE ARE AT OR NEAR A MARKET TOP = BULLISH MEDIA HEADLINES LIKE THIS. RECALL THE MARCH 10, 2000 TOP HEADLINE IN THE WALL STREET JOURNAL (BELOW) RIGHT AT THE TOP!
FOLKS, COMPANY EARNINGS REPORT, THE FED, PRESIDENTIAL RACE, UKRAINE,, CHINA, NORTH KOREA, RUSSIA MAY ONLY BE NOISE TO DISTRACT US. THERE IS MORE TO THE FUTURE OF THE MARKET IN GEOCOSMICS AND GOVERNMENT COVERUP. YOU FILL IN THE BLANKS.
La Niña can impact weather around the world. For example, in 2024, NOAA projected a 60% chance that La Niña would develop between June and August, which could increase the chances of a dangerous Atlantic hurricane season.
https://tinyurl.com/msfk2je9
CHECK THIS OUT!
“There’s no way we’re hiring a white male for this role” – Michael Giordano, Senior Vice President at the Walt Disney Company.
Help James O’Keefe expose this and other absurdities in the political left
https://tinyurl.com/3mp9yp49
2. WATCH THE FULL ROSWELL MOVIE PRODUCED IN THE 1990s
https://www.disclose.tv/roswel
I USE JOEL WALLACH’S SUPPLEMENTS EVERY DAY. MAY AGAIN PROVIDE A LINK TO PURCHASE THEM HERE
COME ON, DAD. IT’S TIME TO EAT
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