"Fear Gauge" Slides as Rate Decision Looms

The Nasdaq and S&P 500 extended their winning streak to four

Deputy Editor
Jun 13, 2023 at 4:26 PM
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Wall Street added to yesterday's gains, following upbeat inflation data for May. Locking in a triple-digit win, the Dow extended its winning streak to six, while the S&P 500 and Nasdaq logged their fourth-straight gains and both settled at their highest levels since April 2022. Elsewhere, the Cboe Volatility Index (VIX) broke from its two consecutive wins, as investors priced in the possibility that the Federal Reserve will skip another rate hike.

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

  • Bullish traders could cash out with Trade Desk calls.
  • Can this solar stock bounce within the month?
  • Plus, Man United's buyout update; URBN's bull note; and home retailer reaffirms forecast.



5 Things to Know Today

  1. A quick guide with a detailed inflation breakdown for last month. (CNBC)
  2. GameStop (GME) Executive Chair Ryan Cohen bough $10 million in shares of the retailer following a post-earnings selloff. (MarketWatch)
  3. Manchester United's takeover talks ramped up.
  4. Analyst loved Urban Outfitters stock's outlook. 
  5. Home Depot reaffirmed its 2023 forecast.



Oil Prices Bounce as Investors Bet on Chinese Demand

Oil prices jumped after China's central bank cut its short-term lending rate, bolstering investors' hopes that oil demand in the world's second-largest economy, will increase. July-dated crude added $2.30, or 3.4%, to close at $69.42 per barrel for the day.

Gold futures fell for a third-straight session, following May's CPI reading. August-dated gold lost $11.10, or 0.6%, to close at $1,958.60 an ounce today.



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