Monday's Close

E-mini S&P 500 Futures (June): Settled at 4245.75, up 9.25

E-mini Nasdaq-100 Futures (June): Settled at 14,117.25, up 131.25

Once again, it was the final hour that reinvigorated a lethargic tape as U.S. benchmarks surged into the close. FAANG, Software, Semis, and Tesla did the heavy lifting all session, buoying the Nasdaq to lurk just below its April 29th all-time high. 

Price action roared higher over the last 30 minutes, sending both the S&P and Nasdaq to record levels. The otherwise unenthusiastic session highlights both summer trading and an undertone of caution at elevated levels ahead of Wednesday’s Fed policy decision.

Blue Line's Bill Baruch joined the TD Ameritrade Network yesterday to discuss the upcoming 2-day Fed meeting set to conclude Wednesday at 1:00 p.m. CT, along with his thoughts on their rhetoric and its impact on rates, Bitcoin, Crude Oil, and Gold.

Global trade is grabbing headlines after the U.S. and EU settled a dispute over subsidies to aircraft makers Airbus and Boeing. Additionally, Britain and Australia agreed to Britain’s first trade deal post-Brexit. 

With deals being championed around the G7 and NATO, China is being singled out. Leaders warned that China’s “ambitions present systematic challenges to rules-based international order.” The group also condemned China’s human rights violations. China has responded by calling the U.S. “ill” in their intentions. Not so coincidentally, the price of Copper is down more than 3.5% this morning on news that China released state reserves.

The economic calendar heats up ahead of tomorrow’s Fed meeting with May Retail Sales, May PPI, and fresh June NY Empire State Manufacturing, all of which were due at 7:30 a.m. CT. Industrial Production data follows at 8:15 a.m. CT and there’s a 20-year Bond auction at noon CT.

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