Where The Markets Stand Going Into Juneteenth

Heading into a shortened Juneteenth week, investors are bracing for opportunity and volatility. The S&P 500 closed at a record 5,473.23 on Monday, marking its 30th high this year, up 0.77%. The Dow Jones added 0.49%, finishing at 38,778.10, and the Nasdaq surged 0.95% to 17,857.02. Tesla stole the show with a 5.3% jump, closing at $187.44, following Shanghai's nod to test its advanced driver-assistance software on city streets. 

Despite the midweek break, the market's bullish undertone suggests a potentially dynamic week ahead for day traders seeking short-term gains.

Major Forces At Work

May's retail sales data is anticipated to reveal a moderate uptick, signaling sustained consumer spending. Housing starts and building permits are expected to show improvement, rebounding from a spring slump, which could signal a robust housing market recovery. Additionally, all eyes are on initial jobless claims after a significant increase last week, with expectations of a slight pullback but a continued rise in the four-week average. 

Analyst Julian Emanuel from Evercore ISI raised his end-of-year target for the S&P 500 to 6,000 points, driven by potential Fed rate cuts and strong tech sector performance. This indicates a positive outlook for the latter half of the year.

What To Watch For This Week

With the market closed on Wednesday for Juneteenth, the remaining trading days promise heightened activity. Key stocks to monitor include:

• Nvidia (NVDA): Closed at $410.25, up 2.4%. With strong earnings and AI advancements, Nvidia remains a top pick.
• Apple (AAPL): Closed at $187.66, up 1.5%. Apple's continuous innovation and market expansion keep it in the spotlight.
• Tesla (TSLA): After closing at $187.44, its Shanghai testing approval adds potential upside.
• Palantir (PLTR): Closed at $14.37, up 3.1%. Known for its quick movements, Palantir offers day traders attractive volatility.
• AMC Entertainment (AMC): Closed at $4.28, up 2.9%. AMC's stock continues to attract attention from retail traders.
• DraftKings (DKNG): Closed at $27.50, up 4.7%. With the sports betting market growing, DraftKings is showing strong, volatile movement.
• Upstart Holdings (UPST): Closed at $32.50, up 5.9%. This AI lending platform is gaining momentum, appealing to those seeking high volatility.

Economic indicators such as jobless claims and PMI data will provide crucial insights into economic health, impacting trading strategies. Combining tech gains and economic data will likely drive market movements, allowing savvy traders to capitalize on short-term trends.

Sean Kelland does not have positions in any of the stocks mentioned. Stocks.News has positions in Apple and Tesla.