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Laurie’s Abbreviation Index:

** ‘div’ – dividend 

** ‘m/m’ – month over month

** ‘y/y’ – year over year

** ‘Inven’ – inventories

** ‘mfg’ – manufacturing 

** +/- – plus or minus, positive or negative

** Underlined text – higher volume premarket

** ‘d’ – day

** ‘Y’ – year

**govt – government 

Color Key: Positive – Neutral – Negative
Global Markets: USA, Europe, Japan, China, Hong Kong – positive global set-up

·       Commodities: Gold, Silver, Oil, natgas, AGGS, Industrial Metals, Bitcoin

·       Yields: 30Y Bond -.28% Currencies: USA$+.14%, CAD -0.02%, YEN-0.13%, BTC/USD+1.45% Vix: 19.55

·       Stocks: HPQ-8%, CRM-0.1%, BBY-2.5%, S-13%, NVDA+6%, VEEV+15%, A+5.5%, ELF+10.5%, FUTU+6.7% EPS
News: USA: GDP, UE claims 830ET; US Court of International Trade ruled against Trump’s legal right to impose tariffs

·       Overview: Global equity indices higher after a USA court ruled against the legality of Trump imposing the tariffs. Trump will appeal the ruling, but it adds uncertainty to impact on the budget which assumes tariff revenue and on countries’ willingness to engage in trade deals. Tariffs imposed by Congress remain, e.g. steel and aluminum. Indices had overshot the top of the daily expected but are pulling back premarket. USA prelim GDP q/q -0.2% vs -0.3% and UE claims 240k vs 229k is indicative of some slowing but not significant. NVDA higher on earnings better than feared has lifted NVDA to 142 which is inline with the expected move. The AI/Semi space has lifted both due to NVDA supporting the narrative that AI spending will continue, coupled withthe  potential of tariff reduction. The export control restrictions haven’t been vacated so some risk that the NVDA revenue has been boosted by front running of tariffs but for now bulls are back in semis. The tariff court ruling has provided lift to companies most affected by tariffs e.g. AAPL NKE and lifting China stocks. It is also sparking a continuing bid to the most speculative sectors like Space, Quantum, Nuclear, Bitcoin which are continuing to run on the back of momentum and retail exuberance. USA indices are above the weekly expected move, hence extended but there is a potential for end of month flows and momentum to keep the ball in the air, but caveat that the rubber band is getting stretched

Simple bull bear levels: SPY 590, QQQ 525, IWM 205

·       SPY 592 Resistance 595 598 600 Support 590 588 586 585, QQQ 525.3  Resistance 530 Support 525 520 515
Daily Expected Move. SPX(5945-5833), SPY(593-582), QQQ(525-512), IWM(207.5-203.5)

Stocks to watch NVDA, AMD, AAPL, MRVL, HPQ, TLT Speculative AI, FUTU, WRD, PONY
Pre-800ET
Indices ETHE, SMH, KWEB, IBIT, XLK, FXI, QQQ, SLV, ARKK, QTUM, TLT

S&P500 NVDA, SMCI, AMD, AVGO, AAPL, MU, TSLA, NKE, AMZN, COIN, PLTR, CCL, GOOGL, BBY, HPQ

Other AI, ELF, FUTU, WRD, XPEV, MRVL, JD, NBIS, PONY, LUNR, STLA, ZIM, MARA, HSAI, TEM, RDDT, DJT, S 

Trade Idea: AAPL

AAPL should be a beneficiary of easing of tariffs but is also affected by the ongoing court case involving payments by GOOGL. It has gapped up but now pulling back from a high of 207 to 204. 200 is support and potential for follow through lower as traders take profit off the bounce but can use 202.5 as a bull/bear level.