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Daily U.S. Market Update

June 20, 2024 at 1:45 p.m. EDT

Michael P. Reinking, CFA
Sr. Market Strategist

Coming into today’s session most major US indices were up ~1% for the week. As we mentioned in our Tuesday note, the breadth had started to improve while there were some signs of fatigue in the mega-cap tech names. As US markets were closed for the holiday global markets were mixed over the last two days. Overnight there were a slew of central bank rate decisions none overly controversial. US futures were somewhat inexplicably higher ahead of the open with strength in the go to AI stocks in the pre-market. However, futures did back off from the highs after this morning’s economic data with claims remaining elevated by recent standards and very weak building permits/housing starts. Equities did rally after the open with the S&P 500 piercing the 5,500 level for the first time however, tech stocks have come under pressure and the index has turned lower currently trading down 20pts to 5,470 however, the equal weight version of the index is holding around unchanged. Meanwhile the NYSE FANG+ and ICE Semiconductor indices are both down >1%.Keep in mind tomorrow is triple witch expiration and the quarterly index rebalances and we are seeing an unwind of some of the self-reinforcing momentum that has been at play for weeks.

U.S.-Listed ETP AUM percentage by asset class

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