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Benchmark US indices closed the week higher on Friday, June 11, ahead of a crucial meeting of the Federal Reserve that may deliberate on the recent spike in inflation and other developments.
The S&P 500 was up 0.19% to 4,247.44. The Dow Jones rose 0.04% to 34,479.60. The NASDAQ Composite gained 0.35% to 14,069.42, and the small-cap Russell 2000 was up 1.06% to 2,335.81.
Markets saw subdued trading for most of the week amid mixed domestic and global cues. Technology and other growth stocks moved cautiously on investors’ reduced appetite for risk.
Friday’s lacklustre session follows the Labor Department’s latest CPI data released a day before that showed inflation rose to a 13-year high of 5% in May. Rising consumer prices may have dampened investors’ spirits as they can eat into their profits. Although the central bank had ruled out any rate revision in the past, the new CPI data may push them to reconsider, say economists.
Meanwhile, the Biden administration may loosen some of the laws concerning the oil industry after pressure from the labor unions and some US senators, according to people familiar with the matter. Also, the White House said that the G7 might reallocate around US$100 billion through the IMF fund to help countries struggling with the Covid-19 crisis. The issue is likely to come up for discussion during the three-day G7 summit in England, starting June 11.
The S&P 500 segments like consumer discretionary, technology, and financials saw modest advances in Friday’s session, while real estate declined the most.
Technology stocks Nvidia Corp. (NVDA) gained 2.28%, Zoom Video Inc. (ZM) rose 5.64%, and BlackBerry Ltd. (BB) and Infosys Ltd. (INFY) were up 2.05% and 2.64%, respectively.
Apple Inc. (AAPL) saw moderate gains at 0.82%. EV maker NIO Inc. (NIO) surged 6.62%, and the aerospace and defence company Rolls Royce gained 55%. Ford Motor Co (F) advanced 1.05%. The meme stock AMC Entertainment Holdings, Inc. (AMC) rallied 14.17%, while the pharmaceutical company Vertex Pharmaceuticals Incorporated (VRTX) shed 10.74%.
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Top Gainers
Top performers on S&P 500 included VF Corp (4.56%), PVH Corp (3.97%), Tapestry Inc (3.70%), Gap Inc (3.19%). On NASDAQ, top performers were Novan Inc (62.39%), Baosheng Media Group Holdings Ltd (56.25%), Urban One Inc (33.20%), Progenity Inc (28.92%). On Dow Jones, American Express Co (1.41%), Goldman Sachs Group Inc (1.10%), Mcdonald's Corp (1.00%), Apple Inc (0.98%) were the leaders.
Top Losers
Top laggards on S&P 500 included Vertex Pharmaceuticals Inc (-10.96%), Incyte Corp (-5.66%), Biogen Inc (-4.36%), Eli Lilly and Co (-4.05%). On NASDAQ, Orphazyme A/S (-55.57%), Recon Technology Ltd (-51.02%), Curis Inc (-36.83%), Aptose Biosciences Inc (-32.01%). On Dow Jones, Caterpillar Inc (-2.23%), Johnson & Johnson (-1.27%), UnitedHealth Group Inc (-0.90%), Amgen Inc (-0.76%) were the laggards.
Volume Movers
Top volume movers were Apple Inc (12.94M), Ford Motor Co (8.39M), AT&T Inc (8.36M), Bank of America Corp (8.03M), General Electric Co (6.75M), Microsoft Corp (6.49M), Pfizer Inc (5.91M), American Airlines Group Inc (5.43M), Recon Technology Ltd (21.40M), Novan Inc (17.47M), Clover Health Investments Corp (14.31M), ContextLogic Inc (12.89M), Vaxart Inc (12.39M), Orphazyme A/S (11.85M).
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Futures & Commodities
Gold futures were down 0.90% to US$1,879.25 per ounce. Silver remains same at US$28.047 per ounce, while copper was up 1.46% to US$4.5505.
Brent oil futures slightly rose 0.10% to US$72.59 per barrel and WTI crude was up 0.74% to US$70.81.
Bond Market
The 30-year Treasury bond yields were down 0.55% to 2.142, while the 10-year bond yields decreased 0.38% to 1.454.
US Dollar Futures Index rose 0.47% to US$90.505.
