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Crucial Wednesday: Inflation report and FOMC rate decision
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Third Day of Index Records, FOMC Said One Cut Coming | Wall Street Today

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Moomoo Recap US joined discussion · Jun 12 15:24
Third Day of Index Records, FOMC Said One Cut Coming | Wall Street Today
The FOMC left rates the same Wednesday afternoon, pointing to about one cut this year. The market was genuinely higher with record index prices.
As a recap just past 10:20 AM EST, the $S&P 500 Index(.SPX.US)$ was climbing past a record by 1.23%, the $Dow Jones Industrial Average(.DJI.US)$ climbed 0.57%, and the $Nasdaq Composite Index(.IXIC.US)$ climbed 1.43%. The indexes gapped higher Wednesday morning, the dow jumping 500 points overnight.
Overall, 3900 equities fell o the U.S. market, while 8400 climbed.
MACRO
Wednesday, the Federal Open Market Committee left the target Federal Funds Rate unchanged at 5.25%-5.50%. The Committee also showed an updated dot plot and updated projects that call for a median final rate goal of 5.10% by the end of the year. The dot plot shows about one rate cut, compared to the March projection of about three and a final rate goal 4.6%.
The dot plot shows about one rate cut, compared to the March projection of about three and a final rate goal 4.6%.
Third Day of Index Records, FOMC Said One Cut Coming | Wall Street Today
Federal Reserve Chair Jerome Powell highlighted the economic data uncertainty that makes it difficult for policymakers to predict exactly when they will start cutting interest rates.
"We're left with ambiguous results, and we have to deal with that uncertainty around data," Powell said at a press conference shortly after the committee release. "The overall picture is one of a strong and gradually cooling, gradually rebalancing labor market."
Wednesday morning, CPI data for the month of May showed an unexpected slowdown, with Core CPI coming in at 3.4% Year over YEar compared to 3.5% estimated. Consumer prices overall remained unchanged month over month, compared to a 0.1% growth expected.
SECTORS
In sectors, Consumer Electronic companies were still climbing on Apple volume, followed by Semiconductor companies, led by a 5% advance from $Taiwan Semiconductor(TSM.US)$ and a 4% climb from $NVIDIA(NVDA.US)$.
Semiconductor Equipment companies raised even further, up 3.41%
Third Day of Index Records, FOMC Said One Cut Coming | Wall Street Today
Gold climbed about 27 bips, Silver climbed 1.39%. Crude oil futures fell about 0.67%. Bitcoin climbed just 0.73%.
MOOVERS
$Oracle(ORCL.US)$ climbed 13%, the highest on the S&P 500, after the firm's earnings came in lower than estimated, but the firm said Microsoft OpenAI and Google Cloud would launch new partnerships to rent processing power on Oracle networks.
$Broadcom(AVGO.US)$ reported quarterly earnings of $10.96 per share which beat the analyst consensus estimate of $10.84 by 1.11 percent. The firm announced a 10-1 stock split for July 15th. At current prices, each share would come in just below $150. The stock climbed 9% after the close.
$Apple(AAPL.US)$ was the highest climber on the Dow for the second day, continuing its record-breaking Tuesday climb with a 3% morning jump. It became the most valuable company in the U.S., upsetting Microsofts reign with a market cap of $3.3T, just one week after losing the #2 spot to $NVIDIA(NVDA.US)$
$Avidity Biosciences(RNA.US)$ was the highest gainer above $1B market cap, climbing 32% as the company shared positive data from a trial treating facioscapulohumeral muscular dystrophy (FSHD), a type of muscular dystrophy I can not pronounce.
$GameStop(GME.US)$ pulled back about 15% after an early morning climb. The firm said it minted more than $2B offering fresh stock to investors in the past couple of days.
$Vera Bradley(VRA.US)$ sank nearly 20% Wednesday after the women's clothing and accessories maker posted a surprise net loss of $8.1 million, or 26 cents a share, for the quarter to May 4. That was wider than the loss of $2.6 million, or 9 cents a share, posted in the year-earlier period.
In earnings, investors can expect $Adobe(ADBE.US)$ Thursday.
Word from the herd: Mooers, what are you watching?
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