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- ACTION PLAN - June 14, 2023
Major Highlights from the Global Markets
Highlights of US Markets
The major US benchmarks, including the S&P 500 and Nasdaq Composite, ended with gains of 0.69% and 0.83% on Tuesday. S&P 500 Index entered the bull market territory, closing at 4,369.02, gaining 0.69% on Tuesday. Dow Jones finished on a positive note, gaining 0.43%, while Nasdaq 100 gained 0.79% on Tuesday.
The consumer price index (CPI) rose by 0.1% in May, in line with expectations. The year-over-year CPI figure decreased to 4.0% from 4.9% reported the previous month.
Bets on a Fed pause reached 95%, up from 81% the day before. The odds of the Fed resuming rate hikes in July increased to 60% from 50%. Investors await eagerly for the Fed meeting outcome, which is set to be announced on June 14.
Materials stocks, including Freeport-McMoran Copper & Gold Inc, Steel Dynamics Inc, and Albemarle Corp, gained over 4%. Energy stocks, such as Baker Hughes Co, APA Corporation, and Halliburton Company, saw significant gains.
Tech stocks performed well, except for Apple, which experienced a decline after a UBS downgrade. Oracle reported better-than-expected quarterly results, with strength in its cloud business and AI-driven demand. Deutsche Bank raised its target on Oracle to $135 from $121.
Cruise companies, including Norwegian Cruise Line, Carnival Corporation, and Royal Caribbean Cruises, rallied after Bank of America raised its price target and provided a bullish outlook.
European Markets Highlights
The STOXX Europe 600 Index closed higher, gaining 0.55% on Tuesday, while Germany’s DAX and France’s CAC 40 gained 0.83% and 0.56%, respectively.
Asian Markets Highlights
Japanese equities saw gains, with the Nikkei 225 Index rising 1.80% and the TOPIX Index up 1.16% for Tuesday’s session.
Chinese equities closed higher on Tuesday, with the Shanghai Stock Exchange Composite Index gaining 0.15% and the CSI 300 gaining 0.53% for the day. On the other hand, Hong Kong’s Hang Seng rose 0.60% on Tuesday.