{"id":23453,"date":"2023-06-16T09:43:27","date_gmt":"2023-06-16T13:43:27","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/stocks-looking-to-keep-the-party-going\/"},"modified":"2023-06-16T09:43:28","modified_gmt":"2023-06-16T13:43:28","slug":"stocks-looking-to-keep-the-party-going","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=23453","title":{"rendered":"Stocks Looking To Keep The Party Going"},"content":{"rendered":"<div>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>Nasdaq Could Make It 8 Weeks Of Gains<\/li>\n<li>Cava Rallies Following IPO<\/li>\n<li>Quadruple Witching Today<\/li>\n<\/ul>\n<p>Stocks are on pace to close higher for the week with the S&amp;P 500, Nasdaq Composite and Dow Jones Industrial Average all having gained more than 1% on Thursday, setting new closing highs for 2023. It\u2019s been a remarkable run for stocks in light of the recent banking crisis and rising interest rates. Yet in spite of those headwinds, markets have proven more than resilient.<\/p>\n<p>On Thursday, the S&amp;P 500 notched its 6<sup>th<\/sup> up day in a row, its longest streak since November of 2021. All eleven sectors closed higher with seven sectors gaining at least 1%. If the S&amp;P closes higher today, it will mark six straight weeks of gains. For the Nasdaq Composite, a higher close today would make it eight straight weeks of gains. The Dow and Russell 2000 are also on win streaks, albeit not quite as strong. However, a higher close today would make it three weeks in a row of gains.<\/p>\n<p>Tech companies are the story of this market with household names like Apple<fbs-ticker data-name=\"AAPL\" data-href=\"https:\/\/www.forbes.com\/companies\/apple\" data-type=\"stock\"><br \/>\n  AAPL<br \/>\n <\/fbs-ticker>, Amazon, Microsoft<fbs-ticker data-name=\"MSFT\" data-href=\"https:\/\/www.forbes.com\/companies\/microsoft\" data-type=\"stock\"><br \/>\n  MSFT<br \/>\n <\/fbs-ticker>, Meta, Netflix<fbs-ticker data-name=\"NFLX\" data-href=\"https:\/\/www.forbes.com\/companies\/netflix\" data-type=\"stock\"><br \/>\n  NFLX<br \/>\n <\/fbs-ticker> and Nvidia<fbs-ticker data-name=\"NVDA\" data-href=\"https:\/\/www.forbes.com\/companies\/nvidia\" data-type=\"stock\"><br \/>\n  NVDA<br \/>\n <\/fbs-ticker> being at the forefront of the rally. Many market observers and commentators have tried to call a top in this market only to be run over by more gains. As a result, what I think we\u2019re seeing is a combination of short squeezes in some individual tech stocks and at the same time, underinvested money managers chasing stocks as we near the end of the quarter. In fact, I think we\u2019re seeing evidence of that chasing aspect in the IPO market.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>Yesterday, shares of Cava Group nearly doubled following the company\u2019s IPO. The Mediterranean restaurant chain saw its stock close just under $44 after being prices at $22. This could suggest some strength returning to the IPO market which has been fairly dormant for the last year. Another stock making a big jump yesterday after the close was Adobe. The company reported better than expected earnings and in premarket, shares are indicated higher by 4.5%.<\/p>\n<p>On a broader, more macro view, the European Central Bank raised interest rates on Thursday by a quarter point to 3.5%. That is the highest level for ECB rates in twenty two years. In comments following the move, the ECB sounds more like our own Fed from roughly a year ago as they emphasized the need to do what\u2019s necessary in order to get inflation under control.<\/p>\n<p>Speaking of our own Fed, economic data coming in continues to buck fears of a recession and I think you need to give Jerome Powell and company a bit of credit as they continue aiming for a soft landing. While we\u2019re not out of the woods, thus far, rising rates have not sent us into a recession and markets have not been slowed either. I would caution that the Fed\u2019s target rate of inflation is 2%, a level we are far above at the moment. Therefore, while I think we\u2019ve stabilized inflation for now, we are far from having brought it down.<\/p>\n<p>Finally, today is quadruple witching where listed options, futures, options on futures and equity index futures all expire. Days like today can inject a bit of added volatility, especially on the open and at the close. At the same time, the VIX is down at levels not seen since before Covid, having closed on Thursday at 14.50. Therefore, it would appear if today\u2019s expiration does cause volatility to increase, I wouldn\u2019t expect it to be by much. As always, I would stick with your investment plan and long term objectives.<\/p>\n<p><em>tastytrade, Inc. commentary for educational purposes only. This content is not, nor is intended to be, trading or investment advice or a recommendation that any investment product or strategy is suitable for any person.<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/jjkinahan\/2023\/06\/16\/stocks-looking-to-keep-the-party-going\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Nasdaq Could Make It 8 Weeks Of Gains Cava Rallies Following IPO Quadruple Witching Today Stocks are on pace to close higher for the week with the S&amp;P 500, Nasdaq Composite and Dow Jones Industrial Average all having gained more than 1% on Thursday, setting new closing highs for 2023. It\u2019s been a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":23454,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-23453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Stocks Looking To Keep The Party Going | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Key Takeaways Nasdaq Could Make It 8 Weeks Of Gains Cava Rallies Following IPO Quadruple Witching Today Stocks are on pace to close higher for the week\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=23453\" \/>\n<meta property=\"og:locale\" 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