Market Recap – June 7th
On Wednesday, U.S. stocks experienced mixed trading as Treasury yields climbed, putting pressure on technology stocks. Investors were also considering the possibility of further interest rate hikes by the Federal Reserve following the unexpected interest rate increase by the Bank of Canada. In the commodities market, wheat prices surged after Ukraine reported that Russian forces had destroyed a crucial dam in the southern part of the country, leading to concerns about grain supply in the Black Sea region. Meanwhile, oil prices continued to decline as initial optimism surrounding Saudi Arabia’s plans to cut crude output by an additional one million barrels per day waned. WTI crude futures dropped to around $71.59 per barrel, while Brent futures experienced a slight decrease to $74.81 per barrel.
Coinbase, the cryptocurrency exchange, saw a 2% increase in premarket trading after a 12% decline the previous day due to a lawsuit filed by the U.S. Securities and Exchange Commission alleging unregistered operations. On the other hand, Novocure, an oncology company, saw a 3.2% increase before the opening bell following the presentation of key data related to lung cancer treatment at the American Society of Clinical Oncology Annual Meeting, which met its primary endpoint.
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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.