In this Wednesday morning market update, Stephen Whiteside from TheUpTrend.com discusses early pre-market activity, with stock index futures slightly above fair value and commodities trading lower. Key economic events for the day include crude oil inventory numbers at 10:30 a.m. and the release of Fed meeting minutes at 2:00 p.m., both of which may influence market direction. The VIX remains subdued, and energy stocks continued their positive momentum, while gold and silver stocks saw sharp reversals despite recent buy signals.
Stephen reviews the performance of the Magnificent Seven plus two tech giants, noting mixed signals across stocks like Apple, Amazon, Meta, and Nvidia. Highlights include profit targets reached for Microsoft and Meta in Toronto, while Shopify and Tesla maintain upward momentum. In commodities, copper surged after a Trump tariff announcement, but gold reversed sharply. Crude oil and gasoline moved back to buy signals, while natural gas continues to lag. Energy stocks are showing strength, with several individual names generating buy signals.
Stephen Whiteside
Wednesday, July 9, 2025
