Trish: Market Poised For Gains at the Open, Tech Stocks Lead the Way. Summer Market Forecast ‘Looks Good’

Investors are prepping for a big day with early trading indicate a renewed enthusiasm for big tech.

With stocks at record high levels, investors have learned to stop worrying about the Fed, as well as inflation and a potential bubble…and they seem keen to enjoy the party (as long as it lasts.)

There are some headwinds (for me, namely the Fed doing the wrong thing) but, also growing concerns about the new Delta strain of coronavirus strains could endanger a return to normal.

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That said, if there are additional problems tided to new strains of the virus, tech companies would be poised to weather the storm, just as they did during the pandemic.

Bottomline: though I encourage investors to remain diversified in their portfolios (including inflation hedges like commodities) the market is still indicating an appetite for more upside. As such, I’m forecasting a good outlook as we head into summer.

Equities

The tech-heavy Nasdaq index outperformed as investors fear a repeat of the pandemic lockdown.

  • S&P 500 futures: 4,277.50, +0.15%
  • Nasdaq futures: 14,373.75, +0.24%
  • DOW futures: 34,333.00, 0.00%

U.S. Dollar and Treasuries

10-year Treasury yields were up. The dollar fell relative to a basket of other currencies.

  • U.S. Dollar Index (DXY): 91.89, +0.04%
  • 10-year Treasury yield: 1.505%
  • 2-year Treasury yield: 0.280%

Stocks To Watch

Marin Software is extended its rally from news of Instacart integration. The stock has gone up as much as 133% since the advertising company announced its services would offer integration with the most popular online shopping app.

Intellia Therapeutics stocks soared nearly 44% after the company announced positive results from the Phase 1 gene editing study. The company’s gene-editing drug NTLA-2001 is being developed as a single-dose treatment for a rare genetic disorder transthyretin amyloidosis.

ReShape Lifesciences continues its rally. The stock surged after a hedge fund Armistice Capital reported a 50% stake in the company in a filing on Friday.

  • MRIN Marin Software Inc $4.92, +29.13%, 3.25M (volume)
  • NTLA Intellia Therapeutics $139.75, +57.32%, 515.40K (volume)
  • RSLS ReShape Lifescience $8.070, +34.50%, 2.41M (volume)

Commodities To Watch

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Oil fell in premarket trading, as investors were weighing the risk of prolonged pandemic lockdowns. Gold was stable.

  • WTI crude: $73.99, -0.08%
  • Brent crude: $76.02, -0.21%
  • Gold: $1,777.60, -0.01%

Crypto

The global crypto market cap increased by 1.16% in the last 24 hours. Bitcoin was trading above $34,000. A UK regulator banned a crypto exchange Binance, over alleged promises of guaranteed high returns for investors.

  • BTC: $34,228.28, +3.07%
  • ETH: $2,003.31, +8.66%
  • DOGE: $0.2532, +4.44%
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