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Market Rollercoaster Continues, Ambarella Still Erupting in Bears' Faces


Today's financial recap and tomorrow's financial outlook.

Markets were a rollercoaster today with multiiple intraday moves, but ultimately finished roughly flat.

The S&P 500 managed to pick itself up and finished fractionally higher, while the NASDAQ dropped 0.2%.

The Russell 2000 got off the coaster at the low and closed down 0.3%.

US economic data was positive today. Wholesale inventories for April came in at 0.4% vs the 0.2% consensus, while April Trade Sales were 1.6% vs. the expected 0.6%. JOLTS Job Openings for April beat at 5376 vs. an expected 5044, and NFIB Small Business Optimism for May was 98.3 against the 97.2 consensus.

Oil prices rallied slightly today as a report from the Energy Information Administration forecasted that US shale output will fall by 91,000 barrels per day between June and July. The rally pushed up energy stocks intraday, but they finished flat as oil finished off the highs.

Treasury yields were up again today, knocking down utilities and pushing up the financials

Consumer staples also performed well today, as did precious metals.

The biotech, emerging markets, and cybersecurity sectors all fell hard today.

Momentum favorite Ambarella (AMBA) was in the spotlight yet again today. It fell as low as $108.26 this morning, but it powered to a new all-time high at $114.72 this afternoon in what lookedm like a dramatic short squeeze.

Mobileye (MBLY) rose 5.1% as the National Transportation Safety Board recommended that collision avoidance systems be standard for all vehicles.

Netflix (NFLX) set a new all-time high at $649.00 as it sets up to debut its service in the Southern European Region. Variety also reported that Netflix entered a pact with talent agency Yoshimoto Kogyo in Japan to create local content as it takes on the Japanese market. Shares gained 3.2% on the day.

The dollar rallied against euro, aided by the rise in interest rates and the possibility of a Fed rate hike in September.

European markets fell today. The German DAX fell 0.58%, UK's FTSE 100 closed down 0.53%, and Frace's CAC dipped 0.15%.

European bond yields spiked. The German 10-year bund rose 7.1 bps to 0.95%, the French 10-year rallied 7.1 bps, and the UK 10-year Gilt was up 5.3 bps.

Asian markets were also weak as the Shanghai Composite dipped 0.36%, the Hong Kong Hang Seng Index tumbled 1.2%, and the Japan's Nikkei fell 1.8%.

Wednesday's Financial Outlook

US economic data for tomorrow will include MBA Mortgage Applications, DOE Energy Reports, and the Monthly Budget Statement for May.

Overseas economic data will feature Britain's Employment Report and Industrial & Manufacturing Production, NIESR's GDP Estimate for Britain, and the Reserve Bank of New Zealand's Rate Decision.

There are no major earnings announcements tomorrow.
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