Stocks Modestly Higher into Final Hour on Mideast War Resolution Hopes, Bargain-Hunting, Short-Covering, Tech/Energy Sector Strength

Economic/Market Gauges:

• North American Investment Grade CDS Index 51.8 -1.2%
• BofA Private Credit Proxy Index 70.9 -.1% 
• Bloomberg US Securitized MBS/ABS/CMBS Avg. OAS .28 +2.0 basis points
• BofA Global Financial Stress Indicator -.25 +7.0 basis points
• European Financial Sector CDS Index 56.4 +.4%
• Emerging Market CDS Index 151.5 -.2%
• Israel Sovereign CDS 54.8 -1.3% 
• Bloomberg Global Trade Policy Uncertainty Index 1.2 +.2
• US Morning Consult Daily Consume Sentiment Index 88.8 -1.0

• Citi US Economic Surprise Index 62.5 -.7

• Citi Eurozone Economic Surprise Index -47.2 +1.3

• Citi Emerging Markets Economic Surprise Index 40.2 +.3
• S&P 500 Current Quarter EPS Growth Rate YoY(496 of 500 reporting) +27.9% -.1 percentage point
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 363.05 +.80:  Growth Rate +23.4% +.2 percentage point, P/E 20.5 -.4
• S&P 500 Current Year Estimated Profit Margin 15.47% unch.
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(10 of 10 reporting) +66.6% unch.
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 898.61 +4.60: Growth Rate +73.3% +.9 percentage point, P/E 19.3 -.8 
• Bloomberg US Financial Conditions Index .94 -28.0 basis points
• US Yield Curve 39.5 basis points (2s/10s) -3.0 basis points
• Bloomberg Industrial Metal Index 183.0 +.3%
• Dutch TTF Nat Gas(European benchmark) 50.3 euros/megawatt-hour +3.7%
• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 12.6% -.1 percentage point
• US Atlanta Fed GDPNow Q2 Forecast +3.0% unch.
• US 10-Year T-Note Yield 4.55% +2.0 basis points
• 1-Year TIPS Spread 2.68 +3.0 basis points

• Highest target rate probability for July 29th FOMC meeting: 85.8% (+.7 percentage points) chance of 3.5%-3.75%. Highest target rate probability for Sept. 16th meeting: 57.3%(-3.1 percentage points) chance of 3.5%-3.75%. (current target rate is 3.5-3.75%)
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +1,720 open in Japan 
• China A50 Futures: Indicating -165 open in China

• DAX Futures: Indicating -10 open in Germany

Portfolio:

• Lower: On losses in my biotech sector longs, index hedges and emerging market shorts
• Disclosed Trades: None
• Market Exposure: 25% Net Long

Bear Radar

Style Underperformer:

• Mid-Cap Growth +.3%

Sector Underperformers:

• 1) Utilities -1.7% 2) Electrification -1.4% 3) Insurance -1.1%

Stocks Falling on Unusual Volume: 

• TEL, ALNY, NEXA, AMLX, BKD, MLYS, VSAT, WAY, SA, TTAN, AMRZ, OCS, CLF, CIEN, DXYZ, GHRS, ANDG, GWRE, SHAZ, APAM, KB, PRAA, JBIO, DRUG, ENSG, TLK, FCEL, AGX, TOYO and BRC

Stocks With Unusual Put Option Activity:

• 1) NFE 2) NNDM 3) IRDM 4) OPTU 5) HLT

Stocks With Most Negative News Mentions:

• 1) FCEL 2) ENSG 3) CHKP 4) ADCT 5) WIX

Sector ETFs With Most Negative Money Flow:

• 1) IGV 2) XLP 3) SMH 4) XLV 5) XLE

Charts:

• ETFs Falling on Unusual Volume
• Stocks Falling on Unusual Volume

Bull Radar

Style Outperformer:

• Small-Cap Growth +1.1%

Sector Outperformers:

• 1) Semis +6.4% 2) AI Innovation +5.5% 3) Oil Service +3.9%

Stocks Rising on Unusual Volume:

• TNGX, GLXY, ALOY, MRVL, AAOI, INTC, BOT, ZVRA, OCTV, OSCR, AIAI, MU, IDYA, ASST, SYNA, ADEA, PENG, CRDO, NNE, SRAD, CLYM, PI, RMBS, AMBA, FLNC, PRGO, ARCB, STM, ASML, TREX, ADTN, CXW, MRIX, ELF, BELFB, CEVA, CALY, INR, BBCP, AAP, CLB, CDE, GEO, PLAB, EBC, BTDR, INFQ, STRC, MYE, MEC, PLXS, EPAC, SOFI, SATA, LQDA and WSBC

Stocks With Unusual Call Option Activity:

• 1) EQX 2) ABAT 3) GENI 4) IAG 5) GLXY 

Stocks With Most Positive News Mentions:

• 1) TNGX 2) CLIK 3) OCC 4) MPAA 5) INTC

Sector ETFs With Most Positive Money Flow:

• 1) DRAM 2) IYH 3) XLF 4) AIQ 5) ITA

Charts: 

• ETFs Rising on Unusual Volume
• Stocks Rising on Unusual Volume

Tomorrow's Earnings/Economic Releases of Note; Market Movers

Earnings of Note 
Company/Estimate 

Before the Open:

• (ASO)/.91
• (SJM)/2.64
• (SAIL)/.04
• (UNFI)/.76 

After the Close: 

• (CASY)/3.31
• (CBRL)/-.48 

Economic Releases 

6:00 am EST

• The NFIB Small Business Optimism Index for May is estimated to rise to 96.0 versus 95.9 in April. 

8:30 am EST

• Imports MoM for April is estimated to rise +1.2% versus a +2.3% gain in March.
• Exports MoM for April is estimated to rise +2.6% versus a +2.0% gain in March. 

10:00 am EST

• Existing Home Sales for May is estimated to rise to 4.06M versus 4.02M in April.
• Wholesale Trade Sales MoM for April. 

Upcoming Splits

• KLAC 10-for-1

Other Potential Market Movers

• The Atlanta Fed GDPNow Q2 update, 3Y T-Note auction, ADP Employment Change Weekly, weekly US retail sales reports, EIA short-term energy outlook report, weekly API crude oil stock report, Mizuho Tech Conference, Goldman Healthcare Conference, BofA Financials Conference, Wells Fargo Industrials/Materials Conference, (BIIB) general meeting, (TJX) annual meeting, (FCFS) annual meeting, (MELI) annual meeting, (ULTA) annual meeting, (RBRK) analyst day, (ZS) investor meeting, (ETR) investor day, (CME) annual meeting, (NET) investor day, (CZR) annual meeting and the DA Davidson Tech/Consumer Conference could also impact global trading tomorrow.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

Mid-Day Market Internals

NYSE Composite Index:

• Volume Running -13.3% Below 100-Day Average 
• Nasdaq/NYSE Volume Ratio 15.5 +1.8
• 3 Sectors Rising, 8 Sectors Declining
• 54.0% of Issues Advancing, 44.0% Declining 
• TRIN/Arms 1.32 +78.4%
• Non-Block Money Flow -$105.6M
  
• 70 New 52-Week Highs, 61 New Lows
• 52.4% (-1.0%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 54.6 -1.8

Polymarket: 

• Will China invade Taiwan by end of 2026? 7.0% +1.0 percentage point
• Trump announces US blockade of Hormuz lifted by June 30th 35.0% +2.0 percentage points
• US x Iran permanent peace deal by June 30th 17.0% +3.0 percentage points 
• US announces new Iran agreement/ceasefire extension by June 30th 44.0% +9.0 percentage points
• US Invades Iran before 2027 17.0% +1.0 percentage point

Other:

• Bloomberg Global Risk-On/Risk-Off Index 121.1 +1.2%
• Global Monitor Iran Instability Index 67.0 -24.0
• Strait of Hormuz Oil Tanker Traffic Curtailed Estimate 85.0% -5.0 percentage points
• US High-Yield Tech Sector OAS Index 434.5 -2.0 basis points
• Bloomberg Cyclicals/Defensives Index 259.9 +1.2%
• Morgan Stanley Growth vs Value Index 158.0 +1.2%
• CNN Fear & Greed Index 43.0 (FEAR) +1.0
• 1-Day Vix 13.4 -53.2%
• Vix 18.6 -13.6%
  
• Total Put/Call .86 -10.4%

Monday Watch

Around X:

• @Business   

• South Korean stocks dropped, led by steep losses in chipmaker shares on an intensifying rotation out of artificial intelligence beneficiaries.
• Nvidia and SK Hynix have agreed to partner on designing future generations of memory chips for AI, a win for the South Korean leader in top-end semiconductors.
• South Korea’s Naver agreed to build data centers based on Nvidia's models in a move to clinch its dominance in the country’s artificial intelligence landscape.
• Goldman Sachs Group Inc. economists no longer expect the Federal Reserve to cut interest rates this year due to a stronger-than-expected labor market.  
• Banks are gearing up for widespread job cuts due to AI and it's not just junior positions that are at risk. 
• Here’s what you need to know to start your day.

• @Zerohedge 

• Iran Fires Missiles At Israel In First Since April, After IDF Airstrike On Beirut; Trump Urges Israel To Hold Back. 
• 'Everyone's Got A Plan 'Til They Get Punched In The Mouth': 3 Things Top Goldman Quant Learned On Friday. 
• The Shocking Impact Of Memory "Chipflation" On Soaring Producer Prices: A Morgan Stanley Deep Dive. 
• Second worst day ever for long beta momentum stocks
  . 
• *
  SK HYNIX, SAMSUNG PLUNGE MORE THAN 9% IN PRE-MARKET ON NEXTRADE
  .
• *TRUMP SAYS HE'S NOT HAPPY ABOUT ISRAEL'S INITIAL ATTACKS: FOX. *TRUMP TO FOX: ISRAEL'S EARLIER ATTACKS NOT COORDINATED WITH US. *TRUMP TO FOX: CLOSE TO A DEAL W/ IRAN AND NOW THIS TAKES PLACE
  . 
• Scott Pelley says Bari Weiss asked 60 Minutes staffers: “Why do you think the country thinks you’re biased?" Pelley: "Why do you think so? Do you have a poll? Is there market research? What are you talking about?" "Because we certainly didn't believe that." Incredible. omg
  .
• New York Legislature Passes Data Center Moratorium
  . 
• Angry Pentagon Sources Leak Report Of Israel's 'Unhinged' Spying On US Officials
  . 
• 100 Day Mark: Iran Threatens Renewed Attacks On US-Israeli Bases, Citing IDF Escalation In Lebanon. 
• *IRAN SAYS US CAN'T USE FROZEN ASSETS TO COMPENSATE ALLIES. 
• Hartnett: Brace For June Event Risk, And CPI Print That Could Pop The Bubble.
• Choose One: Housing Is Shelter, Or Housing Is Just Another Asset In A Bubble Economy.
• Playing The Broadening Trade & Hedging AI; Top Goldman Trader Sees 'No Rates Reprieve'.
• BREAKING: Qatar has issued a NOTAM redirecting flights from its airspace and providing alternative routes for flights departing Doha and Saudi airports, effective from June 7 to June 14.
• SpaceX is "crashing" on Hyperliquid - before it even lists on Nasdaq. What's happening: A crypto exchange called Hyperliquid let people bet on SpaceX's price BEFORE it goes public on June 12. Launched May 18 at $150. Peaked at $216. Today: $163 (down ~25% from peak). Actual IPO price: $135. These aren't real shares. They're synthetic bets settled in stablecoins. No voting rights. No ownership. Just a wager on the valuation. Not available to US users. (graph)
• 'I Could've Kept It That Way': Trump Admits The Inflation Is His Choice - For A War That 'Isn't A War'.
• 1/ They are neither committed to a ceasefire nor believe in dialogue, and by demonstrating through the naval blockade and violation of agreements regarding Lebanon that they only understand the language of power. 
• Americans' Average Monthly Mortgage Payment Tops $2000 For The First Time Ever.
• We will deliver a decisive and painful response to the Zionist regime's attack on Dahiyeh. These rabid dogs must be disciplined and put back in their place. Look at the sky over the occupied lands tonight. Iran warns it will strike Israel.
• Iran FM Blames U.S. "Contradictions" On Stalled Peace Talks As Tehran Slaps Million-Dollar Hormuz Tax On Ships.
• UK Cop Fired For Questioning Islam In 'Safe Space'.
• *TRUMP SAYS HE WANTS TO 'GO BIGGER ON THE MILITARY': NBC. *TRUMP TO NBC:COSTS VERY LITTLE TO KEEP TROOPS IN IRAN OPERATION.
• *TRUMP TO NBC IF HE'D UNFREEZE IRAN ASSETS AS PART OF DEAL: NO. *TRUMP SAYS NO PLANS TO WITHDRAW US TROOPS FOR TIME BEING: NBC. *TRUMP SAYS WANTS MORE SURGICAL ISRAELI STRIKES ON HEZBOLLAH:NBC.
• Greater Fed Tightening Odds Force A Risk Appetite Reset.     
• Just intv’d Iran’s Foreign Ministry spokesman Esmail Baghaei: His points: - “The main problem of negotiating with this administration is that you have to face so many changing positions, moving the goal posts, different statements, contradictory remarks by different officials, so it makes the whole process very cumbersome,” Baghaei said. - “Americans must understand that they have to recognize Iran’s rights,” including its right to peaceful nuclear enrichment under the international non-proliferation treaty.” - The US must “simply must stop their sanctions,” Baghaei told CNN. “As far as the sanctions and blocked assets are concerned, they simply need to let Iranian assets be released and be available for the Iranians.”  
• Most Teens Aren't Going To Social Media For Politics.
• Lebanese Army Officers Among 9 Killed In Israeli Airstrike On South Lebanon.
• Why mood in hedge funds is dismal: one either chases momentum (and risks a day like Friday and angry investors) or does the usual L/S thing and has the worst performance since 2023 (and angry investors). GS HF VIP less most short basket, a proxy for LS HFs, is getting steamrolled.
• A Deep Dive Inside Friday's Market Meltdown: "When Delta Collapses Under Its Own Weight".   

• @CNBC 

• CNBC Daily Open: Washington's 'war of choice' extends past 100-day mark.
• Oil prices rise after Iran fires missiles at Israel, escalating regional tensions.
• Stock futures fall after Nasdaq rout as investors look ahead to SpaceX IPO: Live updates.
• OPEC+ set for fourth oil quota hike since Strait of Hormuz closure, sources say.  

• @MarioNawful

• BREAKING. Iranian MP & National Security Commission spokesperson Ebrahim Rezaei: “We will give a decisive and painful response to the Zionist regime’s attack on Dahiyeh. We must discipline these dogs and put them in their place. Tonight you will see the skies over the occupied territories.” Beirut was Iran’s red line and Israel didn't respect that....
• The Pentagon espionage bombshell just got worse... New reporting confirms Israel has been eavesdropping on the American peace negotiators themselves. The targets named: Steve Witkoff, Trump's top negotiator with Iran. Elbridge Colby, the Pentagon's policy chief. And Michael DiMino, who runs Middle East policy. Israel wasn't just collecting on America generally. It was listening to the specific men writing the deal Netanyahu opposes. What's wild is the documented incidents read like operations against an enemy state. 
• Tulsi Gabbard allegedly received the Israel critical threat report 18 days ago, and resigned three days later. Lt. Col. Anthony Aguilar says the report was deliberately slow-rolled until Section 224 passed the House, giving Israel unprecedented access to U.S. intelligence and defense technology. The U.S. just labeled Israel its most aggressive spy threat and handed them the keys to the vault the same week. "You just robbed the bank. Want to be the bank manager?" (video) 
• Trump to the Financial Times, minutes ago: Netanyahu will have no choice but to accept whatever deal the US negotiates with Iran, because "I call the shots. I call all the shots. He doesn't call the shots." Trump also confirmed the leaked call in which he reportedly told Netanyahu: "You're fucking crazy. You'd be in prison if it weren't for me. Everybody hates you now. Everybody hates Israel because of this." He did not dispute the characterization. 
• Iran launched ballistic missiles at Israel tonight… and the footage is straight out of a nightmare. The rockets are covered with satanic imagery, pentagrams, a horned devil figure, and explicit references to the “Epstein class.” They even painted religious declarations invoking “the God of Christ and Moses” while claiming to fight global corruption and usury. (video) 

• @WallStreetApes

• Here we go, the Los Angeles Times is admitting that yes, tens of thousands of mail in ballots did get processed for only Mayor Karen Bass and Nithya Raman but it was “a glitch”. They say the system just “glitched” for a minute and didn’t process any ballots for Spencer Pratt but really there were ballots for Spencer, they just didn’t get processed during the “glitch”. No, we don’t believe you. This is fraud and Democrats are cheating. (video)

• @Megatron_ron

• BREAKING: Despite Trump warning to Netanyahu, Israel just started bombing Beirut.

• @JodyChaseTN

• TRENDING. Jimmy Dore just went OFF on Tucker Carlson’s show over what he calls the failed cover-up surrounding the Charlie Kirk assassination.  The conversation is already getting people talking across social media. What are your thoughts on his take? (video)

• @MJTruthUltra

• IT’S TIME. SEND IN THE MILITARY! Spencer Pratt had nearly a 12+ point advantage over Nithya Raman the night of election. After several days of non-stop fraudulent mail-in ballots, the latest update tonight shows Spencer Pratt is now on track to finish in THIRD PLACE. There will be ZERO Republican choices in the November election. Los Angeles will only be given democrats to choose from California rigged it once again. (pic)

• @Polymarket

• JUST IN: Verizon CEO says the company’s new AI customer service agents scored "1,280 basis points" higher on customer satisfaction than humans.

• @robbystarbuck

• ChatGPT can’t find a single example of a 3rd place candidate surging, days AFTER Election Day, to overtake 2nd place. It couldn’t find 1 example in all of American history. That’s what’s happening with Nithya Raman & Spencer Pratt. Los Angeles has 3rd world country elections.
• Can anyone point me to a time where a third place candidate (3 days AFTER an election) suddenly has a surge where they start winning 1st place in every new drop by winning 40% of the votes in the batch? Try not to name a third world country. This is getting absolutely absurd. (video) 

• @EricLDaugh

• OMG. President Trump CUTS OFF and WALKS OUT of a Kristen Welker interview He looks her in the eyes and tells her SHE'S A LIAR, then storms off! "The elections are like a 3rd world country. YOU'RE CROOKED...let's call it QUITS. I've HAD ENOUGH." WELKER: Please, I traveled all the way to Wisconsin! TRUMP: "I've sat in the RAIN with you for an HOUR! I've given you enough time. You ought to straighten out your press. You know what? A country can never be great with a dishonest press. Let's GO." WELKER: *Whines*. (video)
• WOW! President Trump just said Israel BETTER NOT strike back against Iran, or the peace deal is SCREWED. He tells Axios: "If Bibi strikes them back it’s just gonna keep GOING like the last 47 years, or the last 3000 years!" "The Iranian strikes [on Israel] didn't hurt ANYBODY. Hopefully ISRAEL is not going to retaliate. "We are very close to a final deal with Iran. It is going to be a good deal. I don’t want it to blow up because of what is happening now!" 47 is CALLING Netanyahu, saying DON'T STRIKE! (video)
• HOLY CRAP!! FA US Attorney Bill Essayli reveals not only is California BLOCKING a federal audit of the state's voter rolls......but people can vote with GYM MEMBERSHIP CARDS as proof of ID, along with insurance cards that can be given to illegal aliens. This HAS TO BE BANNED! California is STILL counting ballots, and a lot remain. 

• @DiligentDenizen

• BASED @grok lays out why Section 224 about to pass the US House MERGING Israeli technology into US military critical infrastructure is a BAD IDEA. Israel has stolen our tech before and sold it to adversaries, including China. (video)

• @ShaneCashman

• There’s literally nothing weird about Thomas Matthew Crooks emailing a deputy from Butler, PA before the assassination attempt. It’s not weird that he practiced shooting at the same range Homeland Security used. It’s not weird that the local police and Secret Service spotted Crooks with a rangefinder, photographed him, and texted about him for over an hour and still let him climb the roof with a rifle. It’s not weird that the Secret Service wasn’t flying drones that day, but Crooks was. It’s not weird that Butler was the first Trump rally of the year with Secret Service anti-sniper agents on the roofs. It’s not weird that Crooks’ house looked like a sterile lab with no trash or silverware. And it’s not weird that his body was cremated ten days later before Congress could see it. This is like when people say the CIA was shadowing Oswald before he, and he alone, shot JFK.

• @C_3C_3

• Over the last 20 years… Elections decided on Election Night: Republicans: 52%. Democrats: 48%. Elections decided AFTER Election Night: Republicans: 20%. Democrats: 80%. This is totally insane. Nothing to see here…

• @NicHulscher

• GOOGLE TO CONDUCT ONE OF THE LARGEST OPEN-AIR BIOLOGICAL EXPERIMENTS IN AMERICAN HISTORY. 64 MILLION bacteria-infected mosquitoes are set to be released into the wild pending EPA approval... This could result in IRREVERSIBLE ecosystem disruptions. (video)

• @EndWokeness

• Mail-ins arriving before Election Day: Bass: 38.1%. Pratt: 27.9%. Raman: 20%. Mail-ins arriving after Election Day: Raman: 37% (+17% surge). Bass: 34.9% (-3% drop). Pratt: 19% (-9% drop). Who are we kidding here? This is fraud.

• @GeneralMCNews

• BREAKING: The “secret footage” released by TPUSA and Erika Kirk claiming Charlie named her his successor before the assassination has been community noted for being fake and edited.

• @FTT1776

• Sen Mike Lee confirmed on Glenn Beck: JD Vance can walk into the Senate ANY TIME he wants and immediately take the Presiding Officer chair. As VP, he’s the constitutional ‘President of the Senate’, he doesn’t need permission. JD VANCE, make your mark, the Country needs you!

• @DavidJHarrisjr

• JUST IN: Canada just criminalized the Bible. Bill C-9 has passed the Senate, removing key religious protections and opening the door for Scripture to be treated as “hate speech.” Quoting the Bible on marriage, sin, or God’s design for sexuality can now lead to prosecution for “willful promotion of hatred.” This is a direct attack on Christianity and religious freedom in Canada. Brothers and sisters — the time to stand is now. Pray for Canada. Speak the truth boldly. Defend the Gospel while we still can.

• @financeLancelot

• Google $GOOG just released an AI tool called TurboVec that shrinks memory requirements by 92%.

• @BullTheoryio

• BREAKING: President Trump wants to give every American a piece of OpenAI, Anthropic, and xAI. Speaking on Air Force One yesterday, Trump said the government is exploring a plan where AI companies give the American public a direct ownership stake making every citizen a partner in the AI boom. He plans to meet AI executives next week to discuss it. OpenAI CEO Sam Altman first pitched this idea to Trump in early 2025 proposing that AI companies voluntarily give the US government equity stakes so that ordinary Americans, not just shareholders, benefit from the AI revolution. (pic)

• @OCOCReport

• WARNING: They’re turning American farmers into data slaves. The Palantir–USDA deal “One Farmer, One File” a permanent government digital profile tracking every farmer’s land, finances, crops, and livestock. Drones are already vaccinating cows. Satellites + AI are next. They call it “efficiency.” It’s the infrastructure for total control over America’s food supply. Voluntary today. Mandatory tomorrow. This is how food sovereignty dies. America is being farmed — not the land.

Night Trading

• Asian indices are -3.75% to -1.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 74.0 +2.0 basis points.
• China Sovereign CDS 41.5 +1.0 basis point.
• China Iron Ore Spot 101.1 USD/Metric Tonne -.6%.
• Crude Oil 93.37/bbl. +3.1%
• Gold 4,348.1 USD/t oz. -.4% 
• Swiss Franc/Offshore Chinese Renminbi Cross 8.51 +.26%. 
  
• Bloomberg Emerging Markets Currency Index 34.98 -.05%.
• Bloomberg Global Risk-On/Risk Off Index 118.9 -.7%.
• US 10-Year Yield 4.56% +3.0 basis points. 
• Japan 30-Year Yield 3.95% +4.0 basis points. 
• Volatility Index(VIX) futures 20.7 +.8%. 
• Euro Stoxx 50 futures -1.1%.
• S&P 500 futures +.05%.
• NASDAQ 100 futures +.46%.

Morning Preview Links

BOTTOM LINE: Asian indices are sharply lower, weighed down by consumer discretionary and technology shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% Net Long heading into the week.