Global Market Round Up || Why Did US Markets Close Flat, FTSE 100 Traded Above 7,100 Level?

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Global Market Round Up || Why Did US Markets Close Flat, FTSE 100 Traded Above 7,100 Level?

• US stocks closed flat on Monday, June 14, ahead of a crucial meeting of the Federal Reserve in which senior officials are expected to take stock of the current inflationary pressures.

• The S&P 500 was up 0.18% to 4,255.15. The Dow Jones declined 0.25% to 34,393.75. The NASDAQ Composite rose 0.74% to 14,174.14, and the small-cap Russell 2000 was down 0.41% to 2,326.15.

• Investors were waiting for the outcome of the Fed meeting, which may throw light into the central bank’s next move on interest rates.

• The Federal Reserve is likely to cut back its monthly bond buys of US$120 billion and on low rate of interest, which it had initiated to ensure liquidity in the markets due to a slowdown in the economy.

• Moving on to the major newsmakers, the meme stocks continue their rallies led by AMC Entertainment Holdings, Inc. and Corsair Gaming, Inc. The Corsair stock has seen significant growth of late after it started trending on social media sites.

• Shares of AMC Entertainment (AMC) gained 17.95% and Corsair Gaming CRSR) gained 12.64%. However, GameStop Corp. declined by 2.14% in Monday’s session.

• Apple Inc. increased by 2.11% and Facebook, Inc. increased by 1.51%. Other tech stocks, such as Nvidia Corporation gained 0.92% and Adobe Inc., gained 2.79%, while Salesforce.com Inc. rose 2.59%. Shopify Inc. advanced 4.62%.

• Crypto assets, including Bitcoin, got a fresh boost on Monday after Tesla Chief Executive Elon Musk reopened the possibility of accepting digital coins for car purchase in a new tweet message.

• Cryptocurrency exchange Coinbase Global, Inc. gained 6.30%, while Bitcoin rose 5.57% and Etherum rose 4.38%.

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