Market Recap – June 13th
On Tuesday, stock markets experienced a boost as new inflation data revealed a slowdown in price pressures during May. This development fueled investor optimism that the Federal Reserve might refrain from implementing a rate hike in its upcoming policy decision this week. The Dow Jones Industrial Average surged by 145.79 points, or 0.43%, closing at 34,212.12, while the S&P 500 climbed 0.69% to reach 4,369.01. Similarly, the Nasdaq Composite saw a notable advancement of 0.83% to settle at 13,573.32.
However, Biogen, a prominent biotech company, encountered a 2.8% decline in its stock following a board of directors restructuring announcement. Notably, three existing board members opted not to seek re-election, and Susan Langer, the company’s former head of corporate strategy, was nominated to join the board. Furthermore, both Carnival and Royal Caribbean, major players in the cruise industry, witnessed their target prices rise to $20 from $11 and $95 from $82, respectively, with Royal Caribbean’s stock reaching its highest point since November 2021, while Carnival reached its peak since May 2022.
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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.