US TMT Charts

The report highlights a transition in market dynamics, characterized by S&P 500 pullbacks and 'broadening out' into sectors like Biotech and Housing, despite robust Q2 earnings expectations.

Key Takeaways

• 1.The S&P 500 showed weakness, closing lower for five consecutive sessions, while the Russell 2000 index continues to outperform.
• 2.There is a notable 'broadening out' trend in the market, with gains observed in Biotech, Airlines, Travel, and Housing, while Semis and Big Tech experience a breather.
• 3.Q2 earnings expectations are high, with the S&P 500 EPS growth projected at 22% y/y, largely driven by AI infrastructure stocks.

Table of Contents

• charts we are watching
• 2Q Earnings

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