SPX500 continues primary uptrend, but is overbought
The SPX500 has a strong tailwind and underlying momentum. However, the index does exhibit signs of froth that will need to be cleared.
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The SPX500 has a strong tailwind and underlying momentum. However, the index does exhibit signs of froth that will need to be cleared.
Microsoft (MSFT.us) jumped close to 4% in yesterday’s trade, reaching an all-time high after announcing its pricing strategy for a new artificial intelligence subscription service for Microsoft 365. The company said Microsoft 365 Copilot software will cost $30 per month, adding AI capabilities to Word, PowerPoint, Excel, Outlook and Teams.
Effectively we saw profits surging at JPMorgan Chase (JPM.us) and Wells Fargo (WFC.us) on Friday, posting profits of 67%and 57% respectively, in large part due to net interest income. Bank of America (BAC.us) kept up with the momentum yesterday, which saw profits increase by 19%.
Watch today’s US Open for insights on the latest disappointing data from China, upcoming UK inflation release and highly anticipated earnings from Tesla and Netflix and more
The US2000 has a positive momentum and is contributing to the stock market bull run.
The tech-heavy index extended its gains on Monday and comes closer to the 16,000 mark, but is subdued today ahead of Wednesday’s quarterly earnings by Tesla and Netflix
The EV king releases its earnings for the second quarter on July 19, during which deliveries hit new records with the help of price cuts, but these had harmed its profits in the previous quarter
The streaming pioneer releases its latest quarterly results on July 19th and any insights around the progress on password sharing crackdown and the ad-supported tier will be welcome
A judge has ruled against the Federal Trade Commission's plea for a preliminary injunction aimed at blocking Microsoft's (MSFT.us) acquisition of Activision Blizzard (ATVI.us), which is valued at a substantial $69 billion.
A notable aspect of this year's remarkable surge in technology stocks has been the significant influence exerted by the market's most valuable tech companies in terms of market capitalisation. This situation has presented a distinct challenge for the Nasdaq 100 stock index, which monitors the top 100 companies traded on the Nasdaq exchange.
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