Key things

  • Caterpillar rose 3.2%, leading all Dow components up.
  • Amgen shares gained after the company responded to a request by regulators to block its merger with Horizon Therapeutics.
  • Apple shares fell slightly after an analyst cut their rating on concerns about lower iPhone sales.

The Dow Jones Industrial Average (DJIA) rose 0.4%, or about 145 points, after May’s inflation report encouraged investors that the Federal Reserve will keep interest rates steady at least through July.

Inflation in May it fell to line with Wall Street expectations. That boosted investor confidence that the Fed will decide to hold steady at tomorrow’s FOMC meeting, according to CME’s FedWatch tool.

Markets rose across the board, with the Nasdaq up 0.8% and the S&P 500 up 0.7%, extending its bull market run.

Caterpillar (CAT) was the Dow’s top performer, rising 3.2%. Industrial stocks were among the day’s biggest winners, with chemical maker Dow (DOW) an increase of 2.6%.

Intel (INTC) shares also rose 2.6% after an unidentified source told media that the chipmaker is in talks to be the lead investor in chipmaker Arm’s IPO.

Amgen (AMGN) rose 2.2% after the drugmaker criticized the Federal Trade Commission (FTC) for trying to block its $27.8 billion merger with Horizon Therapeutics (HZNP), who described the intervention as “as misleading as it is unprecedented”.

Salesforce (CRM) was the worst performing stock Dow 30down 2.2% after rival Oracle (ORCL) beat analysts’ earnings estimates and announced that it plans to develop a generation Artificial Intelligence services.

apple (AAPL) shares fell 0.3% after hitting an all-time high yesterday. Analysts at UBS downgraded the stock from buy to neutral, saying they saw a possible slowdown in iPhone sales. Still, Apple shares are up 41% this year, and the company is on a roll reaching a value of 3 trillion dollars.

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