Turbulence Ahead

Nvidia’s evil plan to take over the stock market was put on hold today despite labor market data helping build the case for a June rate cut. 🤔

The February jobs report showed that nonfarm payrolls rose by 275,000, topping the 198,000 expected. However, the previous two months’ numbers were revised lower by 167,000 jobs, causing the unemployment rate to jump to 3.90% and signaling a further softening of the labor market. 🔻

While everyone is focused on technology stocks, another market sector has been performing quite well. That sector is industrials, which includes everything from aerospace & defense to machinery, ground transportation, and more. 🏭

The cyclical sector is also a widely-watched proxy for how investors feel about the economy. After all, if the economy is going to grow, these types of companies are needed to help produce, ship, and deliver the goods. And right now, investors are apparently bullish on their outlook because sector ETF $XLI broke out to new highs late last year and hasn’t looked back. 📈

When the Department of Justice successfully blocked the merger of JetBlue and Spirit Airlines earlier this week, we knew it would be an ongoing story. However, very few people saw it taking the turn it did today, with Dave Portnoy (aka “Davey Day Trader”) emerging from the shadows and rallying fellow retail traders behind the company.

Let’s see what happened. 👀