NEW YORK: The S&P 500 and the Nasdaq rallied on Monday (June 12) to their highest closing levels since April 2022, while Oracle hit a record high ahead of quarterly results as investors awaited inflation data and the Federal Reserve’s (Fed) interest rate decision this week.
Lifted by gains in market heavyweights Amazon, Apple and Tesla, the S&P 500 has now recovered 21% from its October 2022 lows. Some investors say Wall Street is the midst of a bull market.
“The further out the October lows get in the rear view mirror, the more confident investors become. Have investors become more complacent? They probably have, and that’s actually a good sign,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.,
Tesla rose 2.2% and has now climbed for 12 straight trading sessions, a record for the electric car maker.
Apple and Microsoft each rose about 1.5%, with year-to-date gains in the two technology companies' shares reaching 41% and 38%, respectively.
The S&P 500 climbed 0.93% to end the session at 4,338.93 points.
The Nasdaq gained 1.53% to 13,461.92 points, while Dow Jones Industrial Average rose 0.56% to 34,066.33 points.
“The bull market rally looks like it doesn’t want to stop, which means Wall Street appears confident that the Fed will not be delivering its 11th straight rate hike this week,” said Oanda’s Edward Moya.
The US Labor Department's consumer price index reading on Tuesday is expected to show inflation cooled slightly in May, with core prices likely remaining sticky. Tuesday is also first day of the Fed's two-day meeting.
Traders see a 76% chance of the central bank holding rates at the 5%-5.25% range on Wednesday, while pricing in a 71% chance of a rate increase in July, according to the CME Fedwatch tool.
“There’s a chance that the Fed will stay data dependent. So we don’t necessarily think that a rate hike is off the table in the future, but for the near term we just see them staying steady,” said Dylan Kremer, co-chief investment officer of Certuity.
After the bell, Oracle climbed 3.5% following its quarterly report. In Monday's trading session it rose as much as 7% to an all-time high after JPMorgan hiked its price target.
Nasdaq Inc slumped almost 12% after the exchange operator said it would buy software firm Adenza for US$10.5 billion, which analysts called an expensive bet.
Broadcom Inc jumped 6.3% after Reuters reported the chipmaker was set to gain conditional EU antitrust approval for its US$61 billion proposed acquisition of cloud computing firm VMware. That helped lift the Philadelphia semiconductor index 3.3%, bringing its recovery in 2023 to over 44%. – Reuters, AFP
Source: The Sun Daily
A word from our sponsor:
Need Help With Your Personal Finance / Money Issue or need a coach to help you structure or just want to learn the financial skill to self manage your financial matters and retirement. iLearnFromCloud.com
Need to solve a problem quickly, now you can solve it by learning the art of problem solving Art Of Problem Solving
Feeling hungry. Latest food news from Best Restaurant To Eat Malaysian Food and Travel Blog
Memory loss. Need to organize better. Solve problem fast with Free Mind Mapping Software Mind Mapping 101
Need A Customized System Development for your business or Going Paperless XPERT TECHNOLOGIES - Empowering The Paperless Economy
No comments:
Post a Comment