Wall Street Rallies Amid Economic Data, "Hawkish Pause"

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

Deputy Editor
Jun 15, 2023 at 4:24 PM
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Stocks closed Thursday higher, as investors pondered the Federal Reserve's "hawkish pause" and digested a deluge of economic data. The Dow added more than 400 points, while the S&P 500 and Nasdaq logged their sixth-straight wins and settled at roughly 14-month highs. At June's halfway point, the major indexes are vastly outperforming their average returns for the historically weak month. 

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

  • Next week features a deluge of housing data.
  • Analyst notes helped these 3 stocks make midday moves.
  • Plus, biotech firm's late-stage study; retailer's dividend hike; and SOFI's bear note.

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5 Things to Know Today

  1. Mediterranean restaurant chain Cava (CAVA) ended its market debut nearly 90% above its initial public offering (IPO) price. (CNBC)
  2. Microsoft (MSFT) moved toward a record close as investors focused on its artificial intelligence (AI) capabilities, and less on its blocked acquisition. (MarketWatch)
  3. More on Aldeyra Therapeutics' eye treatment study.
  4. Dividend hike helps boost Target stock.
  5. Short-term bear note for fintech stock.

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Oil Prices Clear Key Price Point

Oil futures cleared the $70 mark once again, after July-dated crude added $2.35, or 3.4%, to close at $70.62 per barrel. These gains came on the back of optimistic demand signs out of China, as well as strengthening U.S. demand ahead of the summer season.

Gold prices rallied from earlier losses despite the Federal Reserve's "hawkish pause." August-dated gold gained $1.80, or 0.1%, to close at $1,970.70 an ounce today.

 

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