US stock market
US stock indices started their trading on the rise, Monday, with the Standard & Poor’s 500 and Nasdaq indexes approaching their highest level in 2023, amid investors’ anticipation of inflation data and the US Federal Reserve’s decision on interest rates within days.
The Fed begins its two-day meeting on Tuesday, which is when the Labor Department releases its CPI reading for May.
This report may influence the Fed’s decision, which is now widely expected to act as a temporary halt to interest rate increases.
Market expectations on the CME FedWatch index indicate a 78.2 percent probability that the Fed’s next decision will be to stabilize interest rates, but given the expectations of the subsequent meeting, the markets see a 54 percent probability that the Fed will return to raise interest rates by 25 basis points, against the possibility 33.6 percent said he would prove it again.
Meanwhile, the prospect of a slowdown in interest rate increases sent equities higher, with the S&P 500 emerging from bear market territory after surging 20 percent above its October low.
Last week, Goldman Sachs raised the year-end target for the index to 4,500 from 4,000, and it now floats around 4,300.
Market movements
The Dow Jones Industrial Average rose 10.58 points, or 0.03 percent, to 33,887.36 points by 14:45 GMT.
The Standard & Poor’s 500 Index rose 8.99 points, or 0.21 percent, to 4,307.30 points, while the Nasdaq Composite rose 79.22 points, or 0.60 percent, to 13,338.57 points.
Shares of Biogen rose 2.3 percent after a panel of advisors to the US Food and Drug Administration unanimously endorsed the company’s Alzheimer’s drug at a meeting last week.
Shares of “Adobe Systems” rose 2.8 percent, after increasing the price target per share from the research firm “Jefferies”, while shares of “Oracle” rose 5.4 percent, after increasing the price target per share by the bank “JP Morgan”.
2023-06-12 15:04:18
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