S&P 500, Nasdaq clock in new records after June’s jobs data

Friday’s session marked across-the-board gains for all three of the major US indexes (^DJI, ^IXIC, ^GSPC) — the S&P 500 and Nasdaq Composite set new record highs to close out July’s first trading week while the Dow Jones Industrial Average rose by 67 points.

Market Domination Overtime hosts Josh Lipton and Jared Blikre recap the day’s market and sector gains following the release of June jobs data this morning, commenting on certain drivers like speculation around the Federal Reserve’s interest rate policies and the nearing US presidential election.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Luke Carberry Mogan.

Video Transcript

Well, I think what stands out here is small caps in the red that is today and also the week, let’s just cover that first.

Uh We are seeing small caps down 1% over the week.

Now you contrast that with the NASDAQ composite of 9/10 of a percent over these four days of 3.5%.

This is going to be now 10 of the last 11 weeks, the NASDAQ composite has been up.

So that is just a really big amount.

And then you look at the second, it’s still about the mega caps.

Look at that communication services that is the home of Meta and alphabet.

That’s number one.

Then number two is staples.

So kind of a defensive play maybe.

But then consumer discretionary third health care.

Anyway, it’s an interesting mix at the top here.

And I think the NASDAQ 100 tells a big story here.

NVIDIA is down.

Yes, but Meta is up 6%.

Lots and lots of dark green, especially in the mega.

That’s the performance.

How much of this Jerry is, is sort of we were talking about this earlier, in your opinion, you got more economic day to day.

You got the big Jobs report and how much of it is kind of just confirming the story we’ve been telling ourselves anyway about an economy.

It’s cooling, it’s monitoring, but it’s not crashing and maybe Jay Powell feels like, oh, you know, I got the cover to make a cut, not July but coming.

Yeah, I think that’s a big part of it.

Nothing today upset the narrative and the prevailing narrative is stocks are going up.

And this is as we’ve been talking about the 10 most bullish days of the year, at least when you consider beginnings of month and ending of month.

That’s right now.

So this is supposed to be a bullish time of the year, not a lot of traders at that desk at their desk.

And so we do see things tend to rise.

If we were in the bear market, I would expect stocks to maybe go down.

But, you know, the baring trend is definitely up.

Story continues

And didn’t you teach me to Jared a little about seasonality and how right now, at least right now we’re kind of in the sweet spot for as a tail wind for the bulls.

Yeah, we’re still, we’re coming off on some really good seasonality.

We don’t have any big impediments to it, but we’re not going to get any tail winds from basically.

So the middle of July into the beginning of November, you don’t have those tail winds.

So anything can happen.

Um, and then when the November election takes place, guess what, magically the seasonality kicks back in.

But, yeah, there’s a couple of months, there, maybe three or four months when things get a little dicey and, you know, we don’t have that map.