Market Recap – June 12th
On Monday, the S&P 500 surged to its highest level in 13 months, driven by optimism among traders that the Federal Reserve would refrain from raising interest rates during its policy decision on Wednesday. The index closed at 4,338.93, marking a gain of 0.93% and surpassing its previous high from August. The Nasdaq Composite also experienced significant growth, rising 1.53% to reach 13,461.92, its highest level since April 2022. The Dow Jones Industrial Average climbed 189.55 points, or 0.56%, closing at 34,066.33.
Notably, Oracle’s shares rose by 5.99% ahead of its quarterly earnings announcement, with analysts praising the company’s early-mover advantage in the artificial intelligence sector. Additionally, Nio, a Chinese electric car manufacturer, saw its stock rise by 8.67% after implementing price reductions for its vehicles and discontinuing free battery swaps for new buyers. The company also announced delays in capital expenditure projects. Nomura, a financial services group, changed its rating on Nio to neutral from buy while previously assuming stock coverage.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.