So far today, the technology group is going higher as the NASDAQ undergoes its largest gain in several months along with the DOW and S&P 500 indices establishing new record highs. With about an hour to the closing bell, the DOW is up 118 to 21,503, the S&P 500 has reached 2449 with a gain of 16, and the NASDAQ is cooking along with a 72 point gain to 6,224…still short of its record close of 6,321 on June 8th.

The DOW is being helped by a large upside move in AAPL after its recent beating…and BA moving higher with another new high. The financials are rallying on a statement from the New York Fed President: “Halting the current tightening cycle would imperil the economy”. These words are causing bond yields to rise with the 10-year Treasury Note at 2.17%. The NASDAQ is benefitting from large gains in PCLN, ISRG, NVDA and GOOG.

This week begins the second-quarter reporting period for those companies whose fiscal second-quarter ended in May rather than June. This is the lineup: Tuesday – ADBE, FDX, LEN, RHAT; Wednesday – CMX; Thursday – BBBY, BKS, CCL; Friday – FNL. Gold is currently down to $1,246 an ounce, crude oil is at 44.37 a barrel, and the VIX is up a little to 10.42.

Donald M. Selkin

These are excerpts from Don Selkin’s Daily Market Notes, abbreviated and updated with permission from the author. Don Selkin is the Chief Market Strategist at Newbridge Securities Corporation, member FINRA/SIPC and provides the Fair Value analysis for CNBC each morning.  The commentary provided in this Market Letter is intended to provide timely market analysis and should not be considered a research report.  This Market Letter may contain, and is limited to: Discussions of broad based indices; Commentaries on economic, political or market conditions; Technical analyses concerning the demand and supply for a sector, index or industry based in trading volume and price; Statistical summaries of multiple companies’ financial data, including listings of current ratings; and, Recommendations regarding increasing or decreasing holdings in particular industries or securities.  This Market Letter does not make a financial or investment recommendation or otherwise promotes a product or service of the firm.  This Market Letter contains only news, facts, and commentary on information previously reported from a news source believed to be accurate and reliable by the author.  These news sources include the following: Bloomberg Financial, Reuters, and the Associated Press.