The Nasdaq and S&P 500 punched to new highs, as the Nasdaq logged its best week since April and the S&P 500 climbed to within 1% of 5,500. With the Nasdaq up nearly 18% for the year and the S&P 500 pushing a more than 13% gain, the stock market heads for the year's midpoint — as well as the Juneteenth and Fourth of July independence days. Buying opportunities are still afoot, with Domino's Pizza, Burlington Stores and Booking Holdings all narrowly below buy points. Builders KB Home and Lennar are trading tight ahead of earnings Monday and Tuesday.
Stocks To Watch: Buy Points Punctuate Rally
The stock market rally is showing some uneven action, but there are still a number of leading stocks around buy points, including ELF Beauty, Universal Health, Booking Holdings, Domino's Pizza and Burlington Stores. All hail from different industries. ELF Beauty, Universal Health and Booking are all actionable. ELF is currently breaking the downtrend in a cup-with-handle base. Universal is in a buy zone after finding support at its 21-day moving average and its buy point on Thursday. Booking Holdings is hovering near a buy point in a complicated base. Domino's and Burlington Stores are near buy points. Domino's sits atop a 27% run from its prior breakout.
Economic Calendar: Testing A Soft-Landing Thesis
The past week's cool inflation data and jump in jobless claims make a soft landing for the economy and a pivot to Fed rate cuts look closer. The coming week, shortened by Wednesday's Juneteenth holiday, will start to test that thesis. Retail sales for May, out Tuesday morning, are expected to show a moderate 0.4% rise overall and 0.3% excluding autos. Industrial production, also out early Tuesday, is seen rising 0.25%. After jobless claims just hit a nine-month high of 242,000 in the week of June 8, data for the June 15 week, due out ahead of Thursday's stock market open, will be a key focus point. Rebounding oil prices also highlight Thursday's supply data from the Energy Information Administration.
Jump In Jobless Claims, Soft PPI Lift Fed Rate-Cut Odds; S&P 500 Rises
A Big Week For Homebuilders
A busy week for real estate watchers includes the June National Association of Home Builders survey, May housing starts and existing-homes sales reports. Also on the calendar are earnings from homebuilder Lennar, late Monday, and from KB Home, after Tuesday's market close. Lennar is up a scant 2% for the year. KB Home has a 10% gain. FactSet sees KBH sales and earnings dropping. Lennar is expected to log mid-single-digit earnings and sales gains. Both stocks have pulled back. Lennar is testing lows from April. KB Home is testing support at its 10-week line. The key economic metric for homebuilders, new-home sales, is due to be reported on June 26.
Stock Market Earnings: Accenture, CarMax To Report
With the launch of second-quarter reporting roughly a month away, investors face a few comparatively quiet weeks of company reports. Some important names report in the coming week, including Accenture, Kroger, CarMax and Jabil. But only a few charts jump out as exciting. In the following week, Nike and Micron Technology report before the end of June.
