Don't get fooled by another 'rip' says this strategist who advises watching this 'battleground' S&P 500 level

A stock bounce is in the works for Monday, after last week’s return to losses sparked by the too-strong May jobs data and Tesla CEO Elon Musk’s apparent “super bad” economy vibes.

In our call of the day, he laid out a “battleground level” on the S&P 500 to watch closely — 4,090, which marks a lower high from May 17 and paves the way for a drop down to 4,050, he said. Calvasina said when it comes to sectors, analysts “continue to be more intrigued” with growth over value looking ahead, as most indicators look better for the former and are fading for the latter. Of course, she said this call may not work in the short term if U.S. equities “take another leg lower and start to price in full recession.”

Didi Global DIDI, +45.68% shares are up more than 50%, after The Wall Street Journal reported that Chinese regulators have wrapped a one-year probe into the ride-hailing company, and two-other U.S.-listed tech companies — Full Truck Alliance YMM, +16.95% and Kanzhun BZ, +23.35%, whose shares are also flying.

Paul Singer’s Elliott Investment Management is suing the London Metal Exchange for $456 million for canceling nickel trades due to a short squeeze in March that caused spiking prices.

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