Weekly Market Wrap: Small Correction for Tech Stocks

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For subscribers of our “Daily Trading Signals”, we now also include a “Weekly Market Report”, where we provide a weekly deep-dive on the market, including fundamentals, technicals, economics, and portfolio management:

Click here for last week’s market report (19 June 2023)
Click here to subscribe for the latest market report (26 June 2023)
Click here to see the archives of all our past market reports

Market Recap & Upcoming Week

Last week was marked by significant shifts in the global economy, with a particular focus on the energy sector, housing markets, and technology giants.

Siemens Energy’s shares plummeted due to concerns about its wind turbine operations, with costs expected to exceed 1 billion euros.

Meanwhile, the U.S. housing market experienced its most significant drop in over a decade due to higher interest rates.

In the tech sector, Amazon faced a lawsuit from the FTC over alleged “manipulative” tactics used to enroll users into its Prime subscription service.

The U.S. also increased its surveillance of Chinese telecom giants ZTE and Huawei, suspecting them of aiding Beijing’s eavesdropping capabilities in Cuba.

In Europe, business activity experienced a sharp decrease in June, largely due to weakening demand for services, suggesting that the global economy may be slowing down. Germany, once the powerhouse of Europe’s economy, is now seen as a factor dragging it down due to a combination of short-term and structural issues.

European business confidence in China also hit a record low due to China’s sluggish economy and ongoing U.S.-China trade tensions. However, the EU is proposing a $55 billion economic support package for Ukraine, demonstrating continued support for Kyiv.

In the tech sector, European ride-hailing company Bolt announced plans to deliver food using self-driving robots, and the tiny Pacific island nation of Palau introduced a “Digital Residency” program, potentially providing a workaround for bans on cryptocurrency services.

As we approach the last trading week of the month, quarter, and first half of the year, all eyes will be on the S&P 500, which has seen a robust growth of 13.8% in 2023.

Given historical trends, there’s an 82% chance that the index will end the year on a high note if it’s up by at least 10% by the end of June, according to research from the Carson Group. This could potentially translate into an average gain of 7.7%.

Additionally, the earnings reports from major companies like Carnival Cruise Line, Walgreens, Micron Technology, General Mills, and Nike will be crucial to watch, as they could provide further insights into the health of various sectors and the overall economy.

Next week will also bring a slew of economic data that could influence market trends.

Updates on the housing market, including April home prices and May new home sales, will provide a snapshot of the real estate sector’s performance. The Bureau of Economic Analysis (BEA) is set to release the Personal Consumption Expenditures (PCE) Price Index on Friday, which is the Federal Reserve’s preferred measure of inflation.

Other key data releases include consumer sentiment readings from the Conference Board and University of Michigan, the final estimate for the first-quarter GDP, and inflation and unemployment figures for the eurozone. These data points will be critical in shaping investor sentiment and could potentially impact market movements.

Daily Trading Signals (Highlights)

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Trading Signals USDJPY 180623 1

USDJPY – After a pullback, prices are resuming the uptrend. Continue holding for more profits! 💪

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