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Home » Dow Jones looks positive for new ‘megaweek’ after Fed action

Dow Jones looks positive for new ‘megaweek’ after Fed action

Wall Street is once again preparing to close a week in positive territorywith the approval of the digest that investors are doing following the expected decision by the United States Federal Reserve Open Market Committee on the Fed’s new moves to “pause” the tariffs and increases introduced this month of June, I’m waiting for them to resume in July.

At the moment, in this session, when the market is volatile due to the “witching hour” and the usual expected expiry of options and futures occurs in the third week of each month, the indicators have opened, which is marked by the good weekly mood . and the shifting sentiment of some investors anticipating a new week of earnings. The DOW JONES Ind Average rose 0.37% to 34,535 points, the S&P 500 rose 0.34% to 4,440 points and the Nasdaq rose 0.34% to 13,836.11 points.

As such, the S&P 500 could even gain as much as 3% during this magic week for the indicator if forecasts come true. If so, it would post its best week since last March and if it closes in the green today, it would be six consecutive sessions and increasing.

Meanwhile, the Nasdaq Composite would rise awaiting the final session of the week with gains of nearly 4% six sessions also with progress. A big challenge that would consolidate an eighth straight week of wins if extended collects annual advances of more than 31% and a monthly income, that are over 8.6%. It’s about waiting for today’s session, the best weekly performance for the innovation and technology indicator since March 2019.

Perhaps the most lagging indicator this week is the Dow Jones Industrials, which has been hurt by the downtrend in one of its stocks. UnitedHealth, but with a positive sign of 1.6% in its stock market development so far. nonethelessremains at its high for the year, above the one it closed yesterday.

From Link Securities, CCI Management Director Juan J. Fernández-Figares highlights that “on Wall Street, major indices closed higher again in the most recent session – the S&P 500 thus posted six consecutive sessions of gains, its best streak since November 2021, when it strung together eight sessions of consecutive gains – making significant gains represents.” , These all mark their highest levels in more than a year. In this market, all sectors that make up the S&P 500 closed positive yesterday.”

Investors’ assessments on the day are driven by some economic data such as consumer sentiment and first-minute statements by several Fed members, which could confirm the good tone being used by both movements- or not included moves with pause from the Federal Reserve in June- and Jerome Powell’s statements have sent the market into turmoil as it maintains its best level in more than last year. Among them is Fed Governor Christopher Waller, who supports the message They will not back down in their efforts to bring inflation down.

Among the stocks attracting a lot of attention today we find a sublime move for Virgin Galactic shares, which increases opening by 44% Following the announcement that commercial spaceflights will begin later this month, the company is following the path marked during the night hours with gains of up to 55%, the highest on the market.

The company notes that its first spaceflight will be called Galactic 01 The event is scheduled to take place between June 27th and 30th. It will consist of a crew that will include three members of the Italian Air Force and that country’s National Research Council. His goal is to do research in microgravity.

While Adobe stocks are up 4.4% to start, after presenting what analysts see as solid quarterly results and what’s better, these are good guides for next year and the rest of the year. In fact, the company achieved Earnings per share of $3.91 on sales of over $4.82 billion, Figures are above the consensus set by the market.

Goldman Sachs just renewed its confidence in the stock and recommends buying it for now raises the stock’s price target to $550 from $480 per share after Abobe was considered one of the big beneficiaries of artificial intelligence.

From Bank of America, they’re looking at Meta (Facebook) for artificial intelligence. The company particularly points to getting the most out of its bulk messaging platforms. And they’re raising their stock price target to $320 per share, with a 13% upside potential. from their current price level.

Analyst recommendations like the one Amazon renewed from Credit Suisse this Friday. His analyst Stephen Ju, Overweight the stock in the market with a target price of $142 We expect the company to increase earnings in the third quarter of the year thanks to its participation in the US market.

Attention is also turning to iRobot and its double-digit gains once UK regulators approve Amazon’s purchase of the Roomba vacuum cleaner. Also the profits of the newly founded restaurant chain Cava, which is extending gains as it begins its second trading session after its brilliant debut yesterday where it more than doubled its price.

As for the dollar, it is moving slightly inward its index, which barely moves to 102.03, barely loses 0.09%while in fixed income, the 10-year Treasury yield slips slightly to 3.723% and the US 2-year bond yield rises slightly to 4.701%, solidifying the inversion of the yield curve.

Oil is back on modest gains after taking profits this morning given yesterday’s rebound the West Texas barrel, up 0.27% to $70.92, in the reference in the United States while Brent oil rose 0.52% to $76.06.

A Wall Street that’s gonna have a party on Monday with a short week for the next few days where additional US Secretary of State Anthony Blinken will appreciate the trip to China this weekend. the first of the Biden administration.

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