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Crucial Wednesday: Inflation report and FOMC rate decision
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Apple Intelligence Coming Soon, S&P + Nasdaq Hit Records | Wall Street Today

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Moomoo Recap US joined discussion · Jun 10 15:27
Apple Intelligence Coming Soon, S&P + Nasdaq Hit Records | Wall Street Today
The market climbed Monday, and indexes grew slightly, placing the S&P 500 and the Nasdaq just over the hurdle for two more record closes. By the close, the $S&P 500 Index(.SPX.US)$ gained 0.26%, the $Dow Jones Industrial Average(.DJI.US)$ climbed 0.18%, and the $Nasdaq Composite Index(.IXIC.US)$ rose 0.35%.
By direction, 6700 equities climbed in the U.S. and 6200 fell.
Apple Intelligence Coming Soon, S&P + Nasdaq Hit Records | Wall Street Today
MACRO
This week, investors can expect CPI and PPI data, but most importantly, an FOMC rate decision on Wednesday at 2 PM EST. The Fed will also display its economic predictions, a dot plot of where members of the Open Market Committee see rates in the coming months, and signal how many rate cuts it expects to make for the remainder of the year.
According to the CME Fed Watch tool, the futures prices of ZTrasuries are pricing in the next rate change after September, where target rate 'chances' go above less than 1%.  
Apple Intelligence Coming Soon, S&P + Nasdaq Hit Records | Wall Street Today
Last week, investors watched labor data that appeared too hot for the possibility of a rate cut.
Friday, the nonfarm payrolls release showed employment grew in April to 272,000 in May compared to 182K expected. According to the Labor Department, that's about 100k more than the economy added in April. The unemployment rate climbed to 4% for the first time in more than two years, up from April's 3.9%.
SECTORS
In sectors,  publicly listed semiconductor companies climbed 1% following a rebound in Nvidia stock priceThe stock was trading below $120/share after a 10-1 split, a level not seen for two years before climbing.
Consumer Electronics was another industry group hit by the news, down nearly 2% after Apple's AI presentation foretold a stock sell-off as investors weighed incoming Apple features.
Apple Intelligence Coming Soon, S&P + Nasdaq Hit Records | Wall Street Today
Gold and Silver both climbed in price by about 66  bips and 170 bips, respectively. Crude oil futures climbed about 3% after pulling back from OPEC+ supply changes last week. The price level is still below prices last.
MOOVERS
$KKR & Co(KKR.US)$ and $CrowdStrike(CRWD.US)$  climbed about 11% and 7% after news they would join the S&P500 June 24th, alongside $GoDaddy(GDDY.US)$ that saw a 2% climb.
$Southwest Airlines(LUV.US)$ climbed about 7%, the highest on the S&P, after a rumor activist investor Elliott Investment Management built a stake in the company, according to the Wall Street Journal.
$Illumina(ILMN.US)$ was the lowest decliner on the Nasdaq 100, down about 3% after news that the firm would face delisting from the S&P 500.
$Apple(AAPL.US)$ annual tech keynote, the firm announced the "Apple Intelligence" system, a large language model that learns how to help with "everyday tasks" by analyzing user activity. Siri will also use ChatGPT 4 to answer questions right on Apple devices. The mag seven stock fell about 2%.
This week, ivestors can watch for earnings from $Oracle(ORCL.US)$ on Tuesday, $Broadcom(AVGO.US)$ Wednesday, and $Adobe(ADBE.US)$ Thursday. Investors are also sifting through announcements from Apple during its annual tech week, looking for anything related to recent AI trends.
WORD FROM THE HEARD: Mooers, what are you watching?
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