Wall Street notches first weekly gain since May; MSFT, NVDA soar

Image Source: © Dreamstimer99 | Megapixl.com

Major US indexes closed the week higher on Friday, June 24, notching their first weekly gains in three weeks as mega-cap technology and bank stocks rallied after rate fears eased.

The S&P 500 rose 3.06% to 3911.74. Dow Jones gained 2.68% to 31500.68. The Nasdaq Composite was up 3.34% to 11607.62, and the small-cap Russell 2000 increased 3.16% to 1765.74.

US stocks saw gains for the second straight session on Friday, helping the indices to snap their three consecutive weekly losses. Traders were worried over the Fed’s sharp rate increases, which triggered fears of a looming recession.

Consumer sentiments plunged to rock bottom in June as rising inflation derailed the household budget. However, traders hope that inflation may reduce after Fed’s monetary tightening.

In corporate news, software company Zendesk (ZEN) said that it closed its US$10.2 billion purchase deal with a group of investors. ZEN shares soared 28% after the announcement.

Parcel delivery firm FedEx (FDX) stock rallied more than 7% after reporting strong fourth-quarter and fiscal 2022 results the day before. Its fiscal 2022 GAAP revenue increased to US$24.4 billion from US$22.6 billion in the previous fiscal year.

Shares of financial services company Wells Fargo (WFC) surged 7.5% after the Federal Reserve said the country’s biggest lenders were in good shape following a stress test.

Goldman Sachs Group, Inc. (GS) stock also rallied 5.8% on Friday. The banking stocks were set to gain from the higher rate environment.

Also Read: ATI to CRS: 5 Titanium stocks to watch amid Russia-Ukraine war

Sector summary

All the 11 sectors of the S&P 500 were in the positive territory. While basic materials, technology, and financials were the top three gainers, utilities, healthcare, and energy were the bottom movers.

In the basic materials sector, BHP Group Limited (BHP) gained 2.87%, Linde plc (LIN) rose 2.16%, and Rio Tinto Group (RIO) increased 3.14%.

In technology stocks, Apple Inc. (AAPL) jumped 2,45%, Microsoft Corporation (MSFT) increased 3.41%, and NVIDIA Corporation (NVDA) gained 5.55%.

In financials stocks, Berkshire Hathaway Inc. (BRK-B) scaled 4.02%, Visa Inc. (V) rose 4.51%, and JPMorgan Chase & Co. (JPM) increased 2.98%.

In the utility sector, NextEra Energy, Inc. (NEE) gained 1.06%, Duke Energy Corporation (DUK) was up 1.08%, and The Southern Company (SO) rose 0.79%.

In healthcare stocks, Johnson & Johnson (JNJ) was up 1.46%, Eli Lilly and Company (LLY) gained 4.13%, and Pfizer Inc. (PFE) increased 2.99%.

In the crypto market, Bitcoin was up 1.94 % and Ethereum gained 7.94%. The global crypto market rose 3.27% to US$954.44 billion.

Also Read: Senate passes gun bill; to provide US$15 bn funding to states

Also Read: Software maker Zendesk closes US$9.5 bn sellout bid with investor firms

Also Read
: Why Carnival Corp (CCL) stock jumped more than 8% on Friday?

Futures & Commodities

Gold futures were down 0.07% to US$ 1,828.45 per ounce. Silver increased by 0.37% to US$21.120 per ounce, while copper slipped 0.04% to US$3.7375.

Brent oil futures increased by 2.65% to US$112.97 per barrel, and WTI crude was up 2.75% to US$107.14.

Also Read: Novartis AG (NVS) stock rises after FDA’s accelerated drug approval

Bond Market

The 30-year Treasury bond yields rose 2.63% to 3.265, while the 10-year bond yields gained 2.14% to 3.136.

US Dollar Futures Index fell 0.29% to US$103.892.



The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use on