Markets Edge Higher on Hopes of Dovish Fed

Wall Street is also eyeing tomorrow's inflation data

Digital Content Manager
Jun 12, 2023 at 9:04 AM
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Hopes that the Federal Reserve will take on a more dovish tone and forego an interest rate hike this week are boosting indexes before the bell. Futures on the S&P 500 Index (SPX), Nasdaq-100 Index (NDX), and Dow Jones Industrial Average (DJIA) are enjoying modest gains. Investors are also looking ahead to the consumer price index (CPI) report, which is due out tomorrow. 

Continue reading for more on today's market, including:

  • Steer clear of these 3 travel stocks for now.
  • Chevron stock weighing on this energy ETF
  • Plus, CCL upgraded; Illumina CEO resigns; and why Bill stock is moving lower.

OV Futures 0612

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2 million call contracts and more than 1 million put contracts exchanged on Friday. The single-session equity put/call ratio fell to 0.50 and the 21-day moving average dropped to 0.68.
  2. J.P. Morgan Securities upgraded Carnival Corp (NYSE:CCL) to "overweight" from "neutral," and raised its price target to $16 from $11, as the analyst in question cited consistent demand for cruises. CCL is up 5.7% premarket and 62% higher year-to-date.
  3. Medtech name Illumina, Inc. (NASDAQ:ILMN) is up 3% ahead of the open, after pressure from activist investor Carl Icahn led to CEO Francis deSouza' resignation, effective immediately. In the past 12 months, Illumina stock has dropped more than 10%.
  4. BILL Holdings Inc (NYSE:BILL) is down 3.9% before the bell, after the security received a downgrade from Morgan Stanley to "equal weight" from "overweight." The firm said competition is growing, and its ability to expand may be limited. Year-over-year, BILL carries a 10% deficit.
  5. The Federal budget balance is on tap today.

OV Buzz June 12

Asian Markets Mixed After Japan's Inflation Data

Asian markets started the week mixed, as investors await upcoming central bank meetings. Japan’s Nikkei added 0.5%, after the country’s producer price index (PPI) added 5.1% year-over-year in May, which was the slowest rate increase since July 2021. Hong Kong’s Hang Seng rose 0.07% for the day, while China’s Shanghai Composite and the South Korean Kospi fell 0.08% and 0.5%, respectively.

European markets are on the rise. London’s FTSE 100 is up 0.08% at last glance, while the German DAX and French CAC 40 both add 0.7%. Traders are eyeing the bank sector, after UBS completed its takeover of Credit Suisse.

 

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