(Tiper Stock Exchange) – Wall Street moves higher, after a measure of inflation – closely watched by the US central bank – cooled down in May, offering new evidence that price pressures were easing due to the Federal Reserve’s aggressive interest rate hikes. The personal consumption expenditures price index in fact, it increased by only 0.1% on a monthly basis and by 3.8% on a year, marking thesmallest increase in more than two years.
On the macroeconomic front, personal consumption increased less than expected in May, while personal income increased more than expected. Also keep an eye on the consumer confidence surveyed by the Univ. of Michigan in June (final).
Between quarterly spread before the opening of the market, Nike reported declining earnings and a disappointing outlook, while Constellation Brands reported results beyond expectations.
From the world of private equityit turned out that kkr extension has improved the offer to acquire CIRCUM (after another offer from Arcline Investment Management had arrived), and that Apollo Global Management announced its intention to launch a takeover bid on the Spanish Applus Services.
As regards the statements from the central bankthe president yesterday Powell he underlined the importance of effective banking regulation, which guarantees adequate capitalization to withstand unexpected shocks, such as the one that hit the banking system in March. bostic (Atlanta Fed) reiterated its view that it should not be necessary to raise rates beyond the current level, as real rates will rise, implementing “passive tightening” and passing on the lagged effects of monetary policy.
Among the interesting titles come on analysts’ ratings, Carnival benefit from Jefferies upgrade to “buy” from “hold”, e Apple Citi’s initiation of coverage with a “buy” recommendation and a target price of $240 per share.
Own Apple has passed the $3 trillion market cap mark. The Cupertino company had been the first company to reach this market capitalization during a session in January 2022, but it had failed to close the day at that level.
Looking to main indicesthere is a fractional gain on the Dow Jones by 0.61%; along the same lines, earnings day for theS&P-500, which continues the day at 4,433 points. Up the NASDAQ 100 (+1.11%); as well, salt theS&P 100 (+0.9%).