June 7 is Freaky Friday as Weak Job Numbers and China Are On Top of Mind
Concept of trade confrontation between China and USA. The landing of containers with US and Chinese flags. Rendering 3d

June 7 Will Be Freaky Friday- Hang On To Your Hats

by Michael Kramer

June 7 – Stock Mentions SPY, SWKS, NFLX, BYND, AVGO

Michael Kramer and the clients of Mott Capital own SWKS and NFLX

US Markets

  • S&P 500 Futures +3.25 Points
  • US 10-Year 2.06%
  • Oil $53.15
  • VIX 15.59
  • Dollar Index 96.66

International Markets

  • China Shanghai -1.17%
  • Hong Kong HSI +0.26%
  • Japan Nikkei +0.53%
  • South Korea KOSPI +0.16%
  • Germany DAX +0.68%
  • UK FTSE +0.82%

JOBS

The May jobs number came in below expectations at 75,000 with the unemployment rate at 3.6%. So obviously a disappointment. I’m not sure one weak month creates a trend, but prior months were revised lower. So clearly, some slowing.

10-year yields are falling to 2.06%, and the dollar index is dropping as well following the news. We will have to see how the day goes because these things often change throughout the day.

China Update

Now there is news that the US is considering giving China more time before instituting new tariffs. Gee, seems pretty well planned. Wait for the jobs number to come out, if strong press on China, if weak ease up? Come on. It wasn’t even 30 minutes.

Any, I can’t keep changing the numbers up top, it is like the 5th time today. So whatever…

S&P 500 (SPY)

S&P 500 futures are pointing to a higher opening again and could finish off what has been a reasonably strong week. For the S&P 500 today, we need to consider that support comes at 2,836 while resistance comes at 2,853.

S&P 500, spx

Skyworks (SWKS)

It is a pretty quiet morning out there. Shares of Skyworks are down slightly today after Argus downgraded it. However, at this point, the stock appears to found a bottom and is more likely to rise now that it is out there regarding the potential impact of Huawei.

skyworks, swks

Netflix (NFLX)

I’d don’t know why every time there is talk about anti-trust Netflix is put on the TV screen? All we have heard over the past two years is how the competition is heating up and how Netflix can’t withstand it. Ironic? Seems like it. Anyway, The chances for that lift to $380 are looking better.

netflix, nflx

Broadcom (AVGO)

Broadcom is breaking out today, rising above resistance at $273. It could be on its way to $290. Here is a free article I wrote yesterday on the topic: Broadcom May Rally Following Its Quarterly Results

broadcom, avgo

Beyond Meat (BYND)

Beyond Meat’s price isn’t the only thing that is rising. The cost to borrow shares is rising too, and that probably means the shorts are piling into the name.

beyond meat

(Trade Alert)

That’s it for today.

Mike

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