Stocks Shrug Off EU Elections While Bitcoin, Gold, and Oil Shine

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  • US stocks shrugged off European election shifts, with the S&P 500 reaching a new all-time high.
  • Bitcoin surged above $70,000 but was later pushed back to unchanged levels.
  • Crude prices continued to rise, with WTI reaching $78 per barrel.

US stocks shrugged off early weakness driven by the right-regime-shift in European elections, treading water on Monday, at least on the surface, following Friday’s strong Payrolls report and ahead of a big macro Wednesday, featuring both the May CPI reading and the scheduled June FOMC meeting.

Small Caps had a wild day, swinging from considerable losses at the cash open to modest gains by the close. All the majors ended slightly higher on the day (with a new ATH for the S&P 500…

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Goldman’s trading desk notes that overall activity levels are up +13% vs. the trailing 2 weeks with market volumes down -11% vs the 10dma. Our floor tilts +2% better to buy, largely driven by LOs as they continue to show up on the bid in our flows

  • LOs are +12% better to buy… this would be 6 straight sessions of net demand from this group.  Demand fairly broad-based with Tech, Indust & HCare leading the charge.  Just Comm Svcs, Staples & ETFs are net for sale
  • HFs are -3% better for sale.  Supply is very concentrated in Tech with net supply here nearly 10x the net supply in Energy (2nd largest sector net for sale).  Also selling HCare, REITs, Utes while Buying Fins, Indust & Cons Disc.