Has the Pullback Finally Come? | Herd on Wall Street Podcast
Morning mooers! It is finally Friday, June 14th. The market may actually pull back today after the S&P 500 and Nasdaq hit closing highs for the past four sessions.
My name is Kevin Travers, here are stories from the herd on Wall Street today.
$Carnival (CCL.US)$ was the lowest declined alongside the entire cruise industry after Bank of America Analysts said there were softer prices in June than May. The stock fell 6.8%, the lowest on the S&P 500, followed by Norwegian Cruise Lines.
$Adobe (ADBE.US)$ was the highest gainer on the S&P 500, up about 14% after the firm's Q2 earnings beat and the firm offered strong year guidance and celebrated their AI photo tools.
$Novavax (NVAX.US)$ fell 9% Friday, pulling back this week after a 440% stock climb over five weeks
$Tesla (TSLA.US)$ fell just 1.8% after the firm's annual shareholder day held in Texas. The firm celebrates their goal of self-driving cars and electric Semi trucks, and the shareholders vote to move the firm to Texas permanently and CEO Elon Musk's $56B pay package.
Friday was a low-volume day, and most industries were not moving much overall, but there was a development in Semiconductor equipment. The industry list tracked by moomoo fell 2%, while Semiconductor firms climbed 0.64%, a normal low-volume day movement comparatively. $ASML Holding (ASML.US)$ fell 2%.
Gold climbed about 1.12%, Silver climbed 0.53%. Crude oil futures traded flat, alongside flat Bitcoin prices.
As a recap just past 10:45 AM EST, the $S&P 500 Index (.SPX.US)$ was pulling back by 0.38%. The $Dow Jones Industrial Average (.DJI.US)$ fell 0.56%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.11%.
Overall, 7600 equities fell on the U.S. market, while 2800 climbed.
Friday's macroeconomic data came in the form of consumer sentiment, which was tracked by the University of Michigan and came in lower than expected at 65, compared to estimates of 72. Michigan consumer expectations of inflation came in at 3.3% over the next year.
Thursday, PPI numbers came in lower than expected, and month-over-month producer prices went negative in May, down -0.2.
Wednesday, investors watched as the FOMC kept interest rates in place and showed off a dot plot that tracked about one rate cut for the remainder of 2024. That 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. The release of nonfarm payrolls showed employment grew by 100k more jobs in May than in April.
Yesterday, user Strock_Drift enjoyed the shareholder meeting and new Tesla Semi truck! I met with Stock_Drift in a moomoo user story interview!
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
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Moo moo News and Community Manager, NJ Office.
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RDK79 : Wow, it’s taken only 1 day to re-start this topic. At least it was probably easy to write, just dig up a recent version, change the date :)
exera : If it goes up, it's basic to repeat up and down, isn't it? Maybe bracing yourself thinking that the recent strong trend will be adjusted somewhere is risk off