The main indices of Wall Street they rose strongly this Monday, June 12, following the momentum of last week that pushed the S&P500 to a 13-month closing high.
On the eve of highly anticipated inflation data in the United States, the Dow Jones gained 0.6%, the tech-heavy Nasdaq 1.5% and the S&P 500 0.9%.
Like the S&P 500, the Nasdaq finished at its highest level in months, in its case since the end of April 2022. “The market remains sustained”summed up Adam Sarhan, of 50 Park Investments. “I had every reason to loosen up” ahead of the release of the US consumer price index on Tuesday, Sarhan said. “But it continued to go up.”
“Investors are positioning themselves more and more” to buy in the stock market, JPMorgan analysts noted.
“The momentum seems to be holding, which shows that Wall Street is confident that the Fed (US central bank) will not raise its rates” of reference interest this weekOanda analyst Edward Moya estimated in a note.
The Fed’s Monetary Policy Committee meets on Tuesday and Wednesday to make a decision. The market attributes a probability of almost 80% to a status quo scenario, before a further hike in July.
For Sarhan, the New York square It could undergo a correction after the Fed’s decision, if it confirms what was anticipated by investors, who have already integrated a pause in the rate hike that the central bank has been doing to fight inflation.
Among the values of the day, the technology sector rose again, driven by Amazon (+2.5%) and Meta (+2.3%), as well as the other values involved in the development of artificial intelligence.
semiconductor manufacturers Broadcom (+6.3%), TSMC (+3.7%), Intel (+5.5%) and AMD (+3.4%) also shone, as did graphics card specialist Nvidia (+1, 8%).
Cruise companies also had a good wind, supported by recommendations from Bank of America and JPMorgan, given the high level of reserves and prices. Norwegian (+7.2%), Carnival (+12.4%) and Royal Caribbean (+2.6%), the three giants in the sector gained ground.
Source: Ambito
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