Welcome to MarketBites! Here's your daily market update for 6/24/2022:

Quote of the Day:

"Predicting rain does not count, building the ark does.”

 - Warren Buffett

📝Daily Stock Market Thoughts

The market rallied into the close on Thursday, led by the tech-heavy NASDAQ. Bond yields dipped as investors weighed recession risks. Economic data on Thursday disappointed, boosting the odds of a recession or slowdown. Jobless claims hovered near a five-week high, while manufacturing and services activity in the U.S. cooled in June. 

It is interesting that bond yields are dipping even as the Federal Reserve remains on the path of future rate hikes. It seems that the market is not buying the Fed's current rhetoric that the economy is strong enough to withstand higher rates. A slight drop in yields helps high-growth tech stocks, but the more important theme remains that the rates are slightly dropping because investors are increasingly betting on a recession. This could explain why defensive sectors such as consumer staples, utilities, real estate, and healthcare stocks drove outperformance on Thursday. The energy sector continued to struggle after being the best performer at the beginning of the year. 

📊Chart Of The Day

Technical analysis at its best... 

What Else Is Happening:

• Stocks climb after Powell testimony - (read here)
• Mortgage rates hit 5.81%, highest in 13 years - (read here)
• McDonald's makes key changes to franchise ownership - (read here)
• Fanatics in talks to buy Tipico, enter gambling space - (read here)