Happy Wednesday! The Nasdaq 100 is entering a historically bullish stretch that has delivered impressive returns over the last two decades. But with market risks mounting, the question remains: will history rhyme again this summer? Read on for all the insights.

Also, despite strict U.S. export bans, reports reveal surprising channels through which some of the world’s most advanced AI chips are reaching unexpected destinations. Dive into the details to see how this unfolding story involving Nvidia could reshape the tech landscape.

Plus, if you’re looking to harness the power of leveraged and inverse ETFs in volatile markets, check out this virtual event from today’s sponsor.

In Today's Edition

• MARKET RECAP

• FIVE ZINGERS

• MARKET HISTORY

• ONE FOR THE ROAD

Nasdaq 100's Summer Sweet Spot Is Here - And It Rarely Disappoints

As the saying goes, “History doesn’t repeat itself, but it often rhymes.“

The Nasdaq 100 is approaching one of the most reliable bullish stretches on the calendar, and history says this isn’t the time to sit on the sidelines.

For the past two decades, these specific weeks have delivered consistent gains, turning the summer into a hotbed of opportunity. With a win rate of 85%, this seasonal trend has quietly outperformed, often pushing the index to fresh record highs.

This year, the setup is especially compelling. After a sharp correction to start the year, the Nasdaq 100 has rebounded with force, reclaiming its bullish footing and nearing all-time highs just as this high-probability window kicks in. But this isn’t a risk-free setup, with high valuations and macro uncertainty.

Will this seasonal pattern deliver again, or will stretched earnings multiples and global tensions spoil the streak?

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Yesterday: U.S. indexes rose for the second consecutive day thanks to a ceasefire between Israel and Iran that boosted investor sentiment and eased geopolitical tensions. The Nasdaq Composite led the way as it rose 1.43%, while the Dow (1.19%) and S&P 500 (1.11%) followed close behind. The Nasdaq 100 gained 1.5% to notch a record closing high, while the S&P 500 is less than 1% below its all-time high. Technology and financial stocks led the advance, while energy and consumer staples lagged. Oil prices fell 6%, bringing the two-day drop to more than 13%, with the 10-year Treasury yield (4.29%) declining as well. On the economic front, the S&P Home Price Index dipped 0.3% month-over-month in April, helping to further cool shelter inflation. Consumer confidence fell sharply in June to 93.0, with tariffs and the economic outlook weighing on sentiment.

On Our Radar: Analysts will be paying attention to new home sales data this morning for signs of momentum — or weakness — in the housing market amid ongoing uncertainty around interest rates and consumer demand. On the earnings front, all eyes will be on Micron Technology (MU), which will report results after market close today.

Quantum Leap: Shares of QuantumScape soared more than 30% after hours following the launch of its Cobra separator process entering baseline production — a game-changer in solid-state battery tech. Dive in to see how this breakthrough could spark a new era in energy storage and power QuantumScape’s growth.

From Gains to Pains: After getting dumped by Novo Nordisk, shares of Hims & Hers fell harder than a bad first date — plunging more than 34%. Is this a buy-the-dip opportunity, or just a prescription for pain?

Bargain Breakout: As economic uncertainty squeezes consumer wallets, TJX Companies is emerging as a surprising winner in the retail space. With a powerful setup and bullish technical signals pointing to a short-term breakout, discover how you can capitalize.

Crypto Catch-Up: Cathie Wood says Bitcoin’s next big run is here, this time fueled by institutions who can no longer afford to miss out on what retail investors saw early. Read on to see why Wall Street is more favorable to Bitcoin and Cathie Wood’s latest price target.

Magnificent Shift: Forget the Magnificent Seven. Fidelity’s top fund manager is betting big on Chinese tech, citing booming EV sales, cheap valuations and a fresh wave of innovation. Click to see which stocks and ETFs are top picks.

The market is volatile, and global forces are in motion. Geopolitical risks, inflation and sector rotations are reshaping market leadership. Join Matt Maley today at 6:00 p.m. ET as he reveals his strategy for navigating these shifts — including which sectors he’s targeting and how he’s adjusting his portfolio. This live session will give you the real-time strategy you need to trade smart into July. Register for free before seats fill up.

On This Day In 1981…

Microsoft was incorporated in its home state of Washington, a strategic move that set the stage for its meteoric rise. That same year, Microsoft licensed its MS-DOS operating system to IBM, a landmark deal that positioned the company at the center of the PC revolution. Incorporation marked a key milestone in Microsoft’s transformation from a small software vendor into a global technology powerhouse — a journey that gained further momentum with the launch of Windows in 1985. Just five years after incorporation, in 1986, Microsoft went public, cementing its status as one of the most influential companies in the tech world. Today, the company has a market cap of $3.64 trillion, making it the most valuable company in the world.

QUOTE OF THE DAY

“The big money is not in the buying and selling, but in the waiting.”

— Charlie Munger

Nvidia's Best Chips May Be Powering China's Military — Via DeepSeek

Just when it seemed U.S. export controls had locked down access to America’s most advanced AI chips, a new report suggests those restrictions may not be as airtight as once believed.

DeepSeek — a Chinese AI startup — is at the center of the controversy, as reports state that it’s funneling cutting-edge U.S. technology into the hands of China’s military and intelligence agencies.

Officials say DeepSeek is using clever workarounds to acquire Nvidia’s top-tier chips — despite a sweeping U.S. ban. With Nvidia at the heart of the AI boom and a key player in portfolios across Wall Street, this brewing tech tug-of-war could have deeper implications than most investors realize.

What does this mean for Nvidia, U.S.-China tech tensions and your portfolio? Read on to find out.

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