June 16, 2023June 16, 2023

Enthusiasm for Tech Stocks and Optimism About Fed Rate Hikes Lift Markets

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Key Takeaways

Markets jumped on Thursday, June 15, 2023, on enthusiasm for tech shares and optimism about Fed rate hikes.
Microsoft leads the Dow higher as shares hit a record high.
An upgrade sent Domino’s Pizza shares up 6%.

U.S. equities posted strong gains, boosted by tech shares and anticipation that the Fed could soon finish its cycle of interest rate hikes that began 15 months ago. The Dow, S&P 500, and Nasdaq all jumped more than 1%.

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Almost every stock in the Dow advanced, with tech shares helping lead the charge. Microsoft (MSFT) was the best-performing stock in the average, rising 3% and reaching an all-time high. Shares of Apple (AAPL), Cisco Systems (CSCO), and Salesforce (CRM) added more than 1%. Oracle (ORCL) shares were in the green for the sixth day in a row. It was the 15th-straight winning session for Delta Air Lines (DAL) after the carrier restarted its quarterly dividend,

Leading the S&P 500 was Domino’s Pizza (DPZ) following an upgrade from Stifel. T-Mobile US (TMUS) shares climbed as Morgan Stanley reinstated the stock as a top pick. CAVA Group shares skyrocketed in the first day of trading for the Mediterranean restaurant chain.

Shares of home builders increased after Lennar (LEN) reported better-than-expected earnings. and lifted its expectations for home deliveries this year. After being pummeled yesterday, shares of UnitedHealth Group (UNH) and other health insurance providers rallied.

Warner Bros. Discovery (WBD) shares sank as the media company shut down its unit in Denmark and consolidated its Scandinavian operations. Shares of Kroger (KR) tumbled after the supermarket chain’s sales missed forecasts and it gave muted guidance. Hotel stocks lost ground. American Express (AXP) and Nike (NKE) were the only Dow stocks to fall.

Oil futures were up 3%. Gold prices were slightly higher. The yield on the 10-year Treasury note slid. The U.S. dollar gained versus the yen, but dipped against the euro and pound. Major cryptocurrencies traded in negative territory.

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