The Nasdaq 100 rose 1.20% to close at 15,185.48 on Thursday, amid gains in shares of Apple Inc and Microsoft Corp. The S&P 500 rose 1.22%, while the Dow Jones gained 1.26% to 34,408.06 in the previous session. All the major sectors on the S&P 500 closed on a positive note, with health care, communication services and industrials stocks recording the biggest gains on Thursday.
In the week ended June 14, investors added a net $16.18 billion to global equity funds, nearly offsetting the $17.69 billion in net selling observed just a week earlier, according to data from Refinitiv Lipper. Meanwhile, money market funds experienced outflows of $33.52 billion after seven consecutive weeks of inflows.
BofA said individual investor sentiment had risen “with frothy stocks as investors chase the bull”. “We say, ‘big rally before big collapse’, but the latter now needs 6% terminal Fed funds, real rates to 2%, unemployment rate >4%,” BofA analysts said.
On the economic data front, U.S. jobless claims came in unchanged at 262,000 in the week ending June 10, versus the previous week’s revised value. However, analysts were expecting a reading of 249,000. Retail sales in the U.S. increased 0.3% month-over-month in May versus a 0.4% growth in April, and topping market expectations for a 0.1% drop.
Friday’s session will likely be busy given the quarterly rebalancing of some indexes and expiration of some options expected to take place. Friday also marks the final trading day before a long weekend, with the market closed Monday in observation of Juneteenth.
WTI crude futures held above $70 per barrel. Gold held above $1,950 an ounce while the yield on the 10-year US Treasury note eased back below the 3.8% mark from the three-month high of 3.84% touched on June 13th.
Check out the stock watchlists, market news headlines and the Paper Trade Portfolio on the Platinum Channel!
Have a great weekend!
Share this article:
More in Platinum Swing Trading:
Good morning. Market futures are flat this morning this morning as Treasury yields found firmer footing, with investors’ focus now...
October 4, 2023
Good morning. Futures tracking Wall Street indexes inched up on Friday after concerns over interest rates battered stocks in the...
September 22, 2023
Good morning. U.S. stock index futures declined as growth stocks took a hit from a jump in Treasury yields after...
September 21, 2023
Good morning. Wall Street index futures were mixed on Friday as shares of Ford and General Motors as well as...
September 15, 2023