Market resume its June's thrust with strength in the broader market
7/6/2023 Market Diary
1. Market resume its June's thrust with strength in the broader market reflected in the gain of RSP $Invesco S&P 500 Equal Weight ETF(RSP)$ +0.7% vs SPY $SPDR S&P 500 ETF Trust(SPY)$ +0.2%.
2. Spotlight on XLF $Financial Select Sector SPDR Fund(XLF)$ +1.3% outperformance, with KRE $SPDR S&P Regional Banking ETF(KRE)$ +5% KBE $SPDR S&P Bank ETF(KBE)$ +4.4%, setting a new 1-month high for the regional banking groups.
3. Highlighted Argentinian banks also staged a strong momentum rally BMA $Banco Macro SA(BMA)$ +14% GGAL $Grupo Financiero Galicia SA(GGAL)$ +13% BBAR $BBVA Banco Frances SA(BBAR)$ +12%. Those moves were partially influenced by GS $Goldman Sachs(GS)$ lowering its probability of a recession, citing receding banking risks.
4. Focus: $MiMedx Group, Inc.(MDXG)$ $SAB Biotherapeutics, Inc.(SABS)$ $Spectrum Pharmaceuticals(SPPI)$ $Immunovant, Inc.(IMVT)$, along with theme/growth centric, long bases setup in $Freshworks(FRSH)$ $DoorDash, Inc.(DASH)$ $Banco Santander (Brasil) SA(BSBR)$ $Gambling.com Group Limited(GAMB)$
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