🔥 𝗛𝗼𝘁𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝘆𝗲𝘀𝘁𝗲𝗿𝗱𝗮𝘆, 𝗝𝘂𝗻𝗲 𝟭𝟯, 𝟮𝟬𝟮𝟰 🔥
🔹 The latest Consumer Price Index (CPI) data released Wednesday morning showed a deceleration in price increases in May. Later in the day, the Federal Reserve announced its latest policy decision, opting to hold interest rates steady for the seventh consecutive meeting
🔹 Fed policymakers also published their latest series of economic projections, providing insight into the expected trajectory of inflation and interest rates. The median prediction now calls for just one rate cut in 2024, down from the three cuts predicted in March
🔹 The $SPX500 jumped 0.9%, posting an all-time closing high for the third straight session. Outperformance from the tech sector helped lift the $NSDQ100 1.5%, launching the index well into record territory. The $DJ30 slipped 0.1%, with the blue-chip index restrained by declines from several components including $NKE (NIKE) and $CRM (Salesforce Inc)
🔹 $ORCL (Oracle Corporation) shares soared 13.3%, marking the day's top performance of any S&P 500 stock, after the software giant forecast better-than-expected revenue for the full year. Robust demand for Oracle's artificial intelligence (AI) cloud services underpinned the upbeat outlook. The company also announced new partnerships with OpenAI, $MSFT (Microsoft) and $GOOG (Alphabet) Google Cloud as it aims to expand the footprint of its AI infrastructure.
🔹 Shares of $SWKS (Skyworks Solutions) a provider of communication semiconductor systems, jumped 6.7%. Skyworks is a major provider to $AAPL (Apple) whose shares popped to an all-time high on Tuesday after the tech giant announced new AI features. Apple shares continued their record-setting ways on Wednesday, adding 2.9%.
🔹 Shares of $GEV (GE Vernova LLC) the energy company that separated from the GE conglomerate in April, gained 5.5% after the firm signed a memorandum of understanding with Ukrainian renewable energy company DTEK. Under the agreement, GE Vernova will work with DTEK to develop wind power projects in Ukraine and the European Union.
🔹 $UBER (Uber Technologies Inc.) shares drove 5.1% higher on the day. Despite losing its legal challenge of a California law requiring the company to treat drivers as employees, Uber stock still showed up as a top pick in a CNBC report. According to the bullish analysis, autonomous driving will be a benefit to the company.
🔹 Shares of $EXC (Exelon Corp) dropped 4.0%, marking the steepest losses of any stocks in the S&P 500, after the state of Maryland rejected the utility's rate-hike proposal. The state said the company could boost rates by less than 40% of what it had requested.
🔹 Although crude oil futures prices ticked slightly higher on Wednesday, numerous oil and gas stocks were feeling pressure. Shares of downstream petroleum firm $VLO (Valero Energy Corp) sank 3.4%. Shares of exploration and production company $MRO (Marathon Oil Corp) were down 1.2
Source: Investopedia ... Show More