Understanding Why Tech Stocks Have Exploded Higher (And Is It a Bubble?)

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What’s in Today’s Report:

  • Understanding Why Tech Stocks Have Exploded Higher (Again) and If It Is a Bubble This Time
  • Chart: Visualizing AI Revenue Growth

Futures are lower as bond yields continue to rise with oil holding above $100/barrel amid a lack of material U.S.-Iran ceasefire progress and a stagflationary U.K. jobs print.

Economically, the U.K. Unemployment Rate rose to 5.0% vs. (E) 4.9% while wage growth firmed to 4.1% vs. (E) 3.7% in May offering markets a fresh whiff of stagflation overnight.

Today, trader focus will be on U.S. home builder data early in the day with Housing Starts (1.410M) and Pending Home Sales (E: 0.9%) due to be released shortly after the opening bell.

Additionally, there are a few Fed speakers today including Waller (8:00 a.m. ET), Paulson (7:00 p.m. ET), and Venable (7:45 p.m. ET) and investors will be looking for a dovish tone to help slow the recent rise in yields which has weighed heavily on the broader equity markets.

Finally, some late season earnings will be released today with notable companies reporting including HD ($3.42), BILI ($0.08), KEYS ($2.04), and TOL ($2.57).

 

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