That’s a Wrap!
What a day! What a rally. Could have been a heck of a lot worse.
Markets opened on weakness Thursday, after a bloody day for stocks on Wednesday. Oil sold off, which was nice. That left some room for equities to rally ahead of Friday’s BLS labor market survey results for the month of May.
Thursday morning was defined by a sharp rotation out of tech. The Nasdaq Composite opened sharply lower before closing just below the unchanged mark. The S&P 500 added 0.4% for the day.
Health Care led the markets for the day, as providers and pharmaceuticals led health care. Humana ($HUM) and UnitedHealth ($UNH) gained 6.8% and 5.5% respectively. On the flipside, the semiconductors took a pounding as Broadcom ($AVGO) and Micron ($MU) surrendered 12.5% and 7.2% in that order. Nine of the 11 S&P sector SPDR ETFs closed the regular session in the green.
Quantum computing firm Quantinuum ($QNT) finally opened trading at $68 per share on the Nasdaq after its initial public offering. The company raised $1.68 billion after pricing the shares at $60 a piece.
The BLS is set to release its Jobs numbers for May tomorrow at 08:30. Consensus view is for growth of 105K non-farm positions. These results are expected to impact the outcome of the June FOMC meeting.
Have a good night, gang. It’s always a pleasure to pitch in relief of the ace of our staff, Dougie Kass. May you have a pleasant evening, and may God hold and protect those you love.
Sarge
Position: Long MU equity
