Joel Elconin – Tech, Tech Tech But We Are Starting To See Some More Participation
Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of The PreMarket Prep website joins us to discuss the continue rise in US markets. We keep hearing how it’s tech and tech only carrying these markets but Joel points out this week we have seen some other sectors join in. We also discuss the stronger dollar and why this hasn’t taken some of the steam out of the market rally. Finally we ask Joel about other areas and stocks he is watching and thinks could start a new leg higher.
A New Weekly Record For Tech Inflows
Jesse Felder – The Felder Report – (06/03/2023)
Watching Emotions On Wall Street
By Helene Meisler – Jun 01, 2023
“When investors get giddy right at the peak of a market move, it’s time to pay attention. Investors have a habit of getting excited about something just as it is peaking. They also have a habit of falling out of love, just as something is bottoming. As a contrarian, I like to pay attention to these emotions.”
https://realmoney.thestreet.com/investing/stocks/watching-emotions-on-wall-street-16125174
Wall St rises after jobs data; debt default averted
Jun 02, 2023
“U.S. stock indexes rose on Friday after a moderation in wage growth in May boosted bets that the Federal Reserve will skip raising interest rates this month, while investors cheered the country averting a catastrophic debt default.”
“The tech-heavy Nasdaq index touched its highest intraday level in over 13 months and headed for its sixth straight week of gains, its best streak since January 2020.”
“The Labor Department’s closely watched employment report showed unemployment rate at 3.7% in May against a forecast of 3.5%, while average hourly earnings were at 0.3%, down from 0.4% in April, highlighting a cooling in wage inflation. Non-farm payrolls increased by 339,000 jobs vs. expectations of 190,000 additions.”
“This is a reflection of a labor market that, while still robust, is softening gently, not rapidly. That’s exactly what the Fed would like to see,” said Art Hogan, chief market strategist at B Riley Wealth in New York.
https://www.investing.com/news/economy/futures-rise-on-historic-debt-deal-ahead-of-may-jobs-data-3096908