Joel Elconin – Weekly Recap – Another All-time High In The S&P 500 Led By Mega-cap Tech Stocks

The KE Report

Joel Elconin, Co-host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website, joins me to recap this week in the markets, noting another all-time high tagged in the S&P 500 and a continued surge higher in mega-cap tech stocks.

We discuss that not all tech stocks are participating though, and that cloud companies like Snowflake are getting left behind as investors continue piling in to the artificial intelligence names. We review investors change in sentiment towards Apple after unveiling their new A.I. platform “Apple Intelligence.” Next we get Joel’s technical outlook and thoughts on valuation in the popular high-flying chip maker, Nvidia.

We parse out the narrow market breadth, and the lack of participation from the value stocks, and also contemplate the strange response by the Rusell 2000 small cap stocks to the FOMC and Powell press conference the middle of this week. Joel weighs in on the volatility in Tesla this week, around Elon Musk’s pricey pay package, and then round things out with some technical thoughts on the S&P 500 making another new all-time high on Thursday’s trading session.

Click here to visit the PreMarket Prep website to follow along with Joel.