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Stocks hit new highs yesterday on the hint of a hint of a friendlier Fed from Chair Powell. Job Openings gained in May according to the latest JOLTS release.

Stocks posted gains yesterday supported by tech heavyweights amongst confusion around what the controversial Supreme Court decision and a possible Trump presidency 2.0 would mean for the markets. US manufacturing falls further into contraction territory according to latest ISM figures.

Stocks fizzled out in the final hours of the quarter on Friday as the bulls hurried to the beaches trying to forget a week of zany occurrences. The Fed’s favorite gauge of inflation showed that price growth cooled a bit raising the probability of rates cuts.

Stocks inched higher yesterday as bets for more aggressive rate cuts increased with weak economic data. New Home Sales declined by -11.3% in May surprising even the most pessimistic blue-chip economists – a possible sign of cooling off in housing.

Stocks posted somewhat of a rebound yesterday with a mixed close as traders thought better of the prior day’s tech selling. Home prices continue to climb according to the latest raft of data, but the growth may be slowing.

Stocks wanted to rally yesterday but were held back by the massive gravity from planet NVIDIA which suffered setbacks. Some FOMC members are softening their language – it will take more than talk to move the needle.

Stocks had a mixed close on Friday as flash PMIs indicated stronger than expected sentiment from the guys and gals who make real decisions. You can ignore the fact that the Leading Economic Index has been negative since March of 2022, but you probably shouldn’t.