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Fed Rate Day Sees Record High Market So Far | Herd on Wall Street Podcast
Morning mooers! It is Wednesday, June 12th: FOMC rate decision day! The market was lower overall Tuesday but hit all time highs in the S&P 500 and Nasdaq right before the close on Apple AI gains. Today the market is even higher, with most quities climbing.
My name is Kevin Travers, here are stories from the herd on Wall Street today.
$Oracle (ORCL.US)$ climbed 12%, the highest on the S&P 500, after the firm's earnings came in lower than estimated, but the firm said Microsoft OpenAI and Google Cloud would launch new partnerships to rent processing p[ower on Oracle networks.
$Apple (AAPL.US)$ was the highest climber on the Dow for the second day, continuing its record-breaking Tuesday climb with a 3% morning jump. The firm announced AI tech on Monday.
$Avidity Biosciences (RNA.US)$ was the highest gainer above $1B market cap, climbing 34% climbing as the company shared positive data from a trial treating facioscapulohumeral muscular dystrophy (FSHD.)
In industries, Consumer Electornic companies were climbing on Apple volume, followed by Semiconductor companies led by a 5% advance from $Taiwan Semiconductor (TSM.US)$ and a 4% climb from $NVIDIA (NVDA.US)$.
Gold climbed about 45 bips, Silver climbed 2%. Crude oil futures fell about 1.6%. Bitcoin climbed 3%, pulling crypto companies into the highest climbing industry tracked by moomoo.
As a recap just past 10:20 AM EST, the $S&P 500 Index (.SPX.US)$ was climbing past a record by 1.23%, the$Dow Jones Industrial Average (.DJI.US)$ climbed 0.57%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 1.43%. The indexes gapped higher Wednesday morning, the dow jumping 200 points overnight.
Overall, 2000 equities fell o the U.S. market, while 8400 climbed.
Investors are awaiting the FOMC rate decision today at 2 PM EST. The Fed will also display its economic predictions, a dot plot of where members of the Open Market Committee see rates in the coming months, and signal how many rates cuts it expects to make for the remainder of the year.
Wednesday morning, CPI data for the month of May showed an unexpected slowdown, with Core CPI coming in at 3.4% Year over Year compared to 3.5% estimated. Consumer prices overall remained unchanged month over month, compared to a 0.1% growth expected.
Last week, investors watched labor data that appeared too hot for the possibility of a rate cut nonfarm payrolls release showed employment grew by 100k more jobs in May than in April.
Yesterday, Mooers said ApplesAI presentation sounded linke a collection of outdated buzzwords.
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
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Kevin Travers
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
Posts do not represent mm
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