S&P 500, Nasdaq REACHING ALL-TIME HIGHS

Let's get to the big story breakdown.

While new record highs this week for the Nasdaq 100 and key names including Microsoft Nvidia and JPMorgan.

The S&P 500 is inching closer to all-time highs, and as we count down to the second half of 2025, Trump is approaching a critical moment for his top priorities.

He's pushing Congress to pass his sweeping legislative agenda by July 4th and also hopes to reach trade agreements with other nations.

Today is also.

Reconstitution Day so we can expect another big closing auction.

Well joining me on this Friday morning is Peter Tuchman, senior floor trader at Trademos.

So Peter, happy Friday to you.

Good morning.

So compared to where we were on Monday morning, what a difference in terms of overall market sentiment.

We're talking geopolitics on Monday.

Here we are looking at record highs for a lot of key names here.

So how do you expect this momentum to continue?

You know, it's fascinating to see that sometimes markets and First of all, markets and politics don't often really mix, you know, I think in the world of Trump things are a little more sort of mixed together, and we've seen that just because he tends he loves the market, you know, when the market's up, he loves to be involved when the market's down, he likes to sort of step away.

But so all that being said, sometimes there's just this amazing way that the market disengages all of the emotionality, all of the geopolitical stuff, and it just, it goes, goes for the gusto, and I think that's what we're seeing now.

I mean for us to analyze, we could be sitting here right on the same day with the market down 1000 points with all that's gone on over the last 10 days and be able to explain it, you and me, and just go, look, we've got a geopolitical, we've got a lot of tension around oil, we've got all this going on, and we would be able to explain a market that was down.

However, we're not, we're trading at record highs.

So it's just, you know, I think there's a little bit of irrational enthusiasm.

There's a little bit of a lot of catch up happening where.

A lot of underinvestment in the market, right?

People did not think that we would be here right when we were down in the depths of April, we talked about it.

I said, are we going to look back at this time as a time we should have sold because things are getting worse or would have gotten worse, or is this going to be once more another buying opportunity?

It turns out once again, as it was throughout 2024 when markets sell off, it's just nothing more than a buying opportunity.

So the momentum is here, you know, we we the Tariffs are still on the shelf.

However, in your intro, you really laid out an incredible scenario that behind the scenes, backdoor backdoor policymaking that we do have a deal with China happening.

We do have the UK.

The EU is on the, you know, it has a date.

July 9th is looming.

It's not looming.

It's we're looking forward to it.

So all these days that we're sort of hovering at us as things with potential negativity are now looking for things that are positive.

Yeah, and Peter, if we look at some key names that are hitting record highs this week, those include Nvidia taking the top spot in terms of market cap for all stocks here, followed by Microsoft.

It wasn't too long ago that we were talking about the AI play and how it might be withdrawing, but look at the names, including some financials here that are hitting record highs.

So in terms of sector watch, what's going on in terms of leaders versus laggards?

OK.

Oh look, there was a little period of time where, you know, Nvidia was sort of under attack.

It was under attack by Mr.

Trump relative to Huawei and things going on in China and then the restriction of Nvidia selling, selling chips to China and whatnot.

But at the end of the day, I speak to my man Dan Ives all the time and we're going to be setting some time up for you to speak to him as well.

He's always had faith that this was going to be best of breed, rises to the top just like cream and And that that I'm quite amazed actually how the Max and tech sector and Nvidia obviously as the best of breed has really once again risen so to the top.

I think we're at a time of a breakout here, you know, look, there is still the question.

You laid out a beautiful scenario about the positive outlook for tariffs.

Tariffs have shown a little bit of impact on our raising prices and so if Our primary sort of focus has been a little bit diverted by the geopolitical stuff and so and now that that has settled down, we are going to have to start talking about these deals, but you've painted a beautiful picture this morning in your intro about how these are super positive things to look forward to.

And so sector wise tech looks really strong.

Obviously energy and gold are things that are usually, you know, are either hedges or they're things that tend to be very geopolitically bound, right, gold being a flight to safety.

When things when people are putting all their money in equities, gold is going to suffer.

It's had an amazing run, so you know, no, no, no disrespect to gold and obviously oil, which was a hot topic last week when things were super sensitive about with the Middle East, that that sort of settled down to.

So I think overall the S&P is an inch away from record highs.

Nasdaq has had 4 back to back positive days and has hit record close yesterday at a record high.

So I think the market tells us what it thinks of all these.

Sectors yes, and we have to keep in mind that ahead of next week today is Russell Reconstitution Day, and we are looking at the S&P 500 within a stone's throw away from the record high we're talking about the right from the record closing high as well as the intraday closing high, so quite a difference from what we saw earlier in this quarter.

So tell us a little bit about what's going on with the Russell today and key levels that you're paying attention to.

OK, so.

The S&P 500 was last week's rebalance, right?

Everyone needs to know that within the S&P 500 stocks, they're weighted based on a lot of different factors, but at the end of every quarter they have to be rebalanced.

And so last week we did have what was fascinating about last Friday, last Friday's S&P was never before have I seen basically 1 to 1 advances versus declines of 1.5 billion traded up 1.

5 billion traded down so it was an amazing sort of, you know, for everybody who thinks that this market is going higher, there's somebody who thinks, you know what, that it's time to make some sales here as well.

The rustle itself, you know, I don't know the levels on the rustle that we're really looking at right now.

I'm more excited about the levels in the S&P.

I'm hoping we close above those levels today, you know, and Nasdaq is spectacular.

So look, the market is telling us.

That we see a positive horizon that the summer will show us that if we get all the deals done that we do, then it's clear sailing and we could, you know, have a double digit growth by the end of the year.

Yeah, and very quickly, Peter, before I let you go, as you mentioned, we're fast approaching the end of this quarter, and that means we're heading into the second half of 2025.

Where did the time go?

I don't know.

But what are you paying attention to when it comes to key catalysts for the second half?

So look, I think it's a matter we're going to probably look at interest rate changes, right?

I mean, it's the Federal Reserve, if we, if, if, OK, in low growth or no growth environments, if you cut interest rates, people are fearful of stagflation, but if it's the scenario that you set up, if we're able to make the deals that we're going to set up, right, then then this market, there's no end to where this market.

To go net net over the last two years we've had double digit growth year after year and with taking out the fact that if we look, if we are able to make good deals right with China, with the UK, with the EU and all those places, then I think we have this clear sailing going forward.

OK, Peter, well have a great weekend.

I look forward to speaking to you on Monday.

Thank you.

Thanks.