A minute after trading took off on the New York stock exchange, the Nasdaq index has risen 0.5 percent and stands at 13,322.87 points, while the Dow Jones rises 0.2 percent to 33,958.56 points. The S&P 500 rose 0.3 percent to 4,310.10 points.
The ten-year US government bond yield is at 3.73 per cent, while the VIX index, also called the fear index, rises 5.7 per cent to 14.62.
Oracle
Oracle presents its quarterly figures after the stock exchange closes, and the IT giant rises 5.1 per cent in the opening minutes. Over the weekend, Wolfe Research upgraded the stock to an outperform recommendation, and on Friday, Evercore ISI emphasized that it expects a strong quarterly report and positive comments around the cloud business. Both Evercore ISI, Barclays and JPMorgan have all raised their price target on Oracle during the past few days.
Carnival shares rise 6.8 percent after an upgrade from JPMorgan.
macro
– There is more macro news this week. We get inflation figures from the US on Tuesday, on Wednesday there is a Fed meeting, while there is an ECB meeting on Thursday. In addition, retail sales figures and industrial production from the US are due on Thursday, so it’s actually quite a busy macro week. It can give an indication of whether the development in the economy still looks good, or whether there are any signs of weakness, says DNB strategist Paul Harper to Finansavisen.
It is expected that the Fed will take an interest rate break, and keep the interval on the key interest rate between 5-5.25 per cent. According to Handelsbanken, the interest rate peak is close, and the market sees a final rise in July before it is cut sometime towards the end of the year. This week, the Fed also publishes its new “dot plot”, which will show what members expect of future interest rate developments.
Senior economist Sara Midtgaard emphasizes that this week’s inflation figures from the US will be important in the run-up to the US central bank’s interest rate meeting.
2023-06-12 13:32:27
#Wall #Street #Rally #upgrades
