US Markets Rise as Investors Weigh Economic Data and Earnings
A 5-minute read of yesterday's US session and today's catalysts — what to watch before pre-market opens at 21:30 HKT.
TL;DR
The US markets rose on Friday, with the S&P 500 closing at 7,431.46, up +0.50% and the Nasdaq 100 closing at 29,635.95, up +0.64%. The gains were driven by a mix of economic data and earnings reports, with investors weighing the prospects for future growth.
Today, investors will be watching for further signs of economic strength, as well as any developments on the geopolitical front. The Dow Jones closed at 51,202.26, up +0.70%, while the Russell 2000 closed at 2,943.99, up +0.79%.
US Session Recap
| Index/Asset | Close | Change | Note |
|---|---|---|---|
| S&P 500 | 7,431.46 | +0.50% | |
| Dow Jones | 51,202.26 | +0.70% | |
| Nasdaq 100 | 29,635.95 | +0.64% | |
| Russell 2000 | 2,943.99 | +0.79% | |
| VIX | 17.68 | -9.05% | |
| 10Y Yield | 4.49 | +0.54% | |
| WTI Crude | 80.91 | -4.68% |
Top large-cap movers
JPM rose +2.31% to 320.72, while GS rose +2.62% to 1,062.75. TSLA also rose +1.82% to 406.43.
Spotlight
| Key Metrics | Value |
|---|---|
| 10Y Yield | 4.49 |
| WTI Crude | 80.91 |
| DXY | 99.50 |
The 10Y Yield rose to 4.49, up +0.54%. WTI Crude fell to 80.91, down -4.68%. The DXY fell to 99.50, down -0.25%.
Macro & Fed
- Current policy rate: 4.50%
- Yield levels: 10Y Yield at 4.49, up +0.54%
- Today's data releases:
- 08:30 HKT: Core PCE Price Index
- 10:00 HKT: New Home Sales
Geopolitics & Global
- Tensions between the US and China continue to escalate
- The EU is set to announce new trade policies
- The UK is facing a potential recession
Earnings — What to Watch
| When | Ticker | What to look for |
|---|---|---|
| 16 June | ORCL | Q4 earnings and revenue growth |
| 17 June | KSS | Q1 earnings and same-store sales growth |
Stocks Worth Watching
- NVDA: Up +0.16% to 205.19 on strong earnings
- TSLA: Up +1.82% to 406.43 on improved delivery numbers
- JPM: Up +2.31% to 320.72 on strong banking sector performance
- GS: Up +2.62% to 1,062.75 on improved investment banking revenue
What Could Break the Tape
A surprise interest rate hike by the Fed could send markets tumbling, with the S&P 500 potentially falling to 7,200.
A strong earnings report from AAPL could boost the Nasdaq 100 to 30,000, driven by increased demand for iPhones and Macs.
Sources
- Bloomberg — US Stocks Rise as Investors Weigh Economic Data
- Reuters — Wall Street gains as investors weigh economic growth prospects
- CNBC — Stocks making the biggest moves premarket
- The Wall Street Journal — US Stocks Edge Higher as Investors Weigh Economic Data
- Financial Times — US stocks rise as investors weigh economic growth prospects