- Markets jumped Thursday June 15, 2023 on enthusiasm for tech stocks and optimism about a Fed rate hike.
- Microsoft leads the Dow higher as shares hit a record high.
- The upgrade lifted Domino’s Pizza shares by 6%.
U.S. stocks posted strong gains, boosted by technology shares and expectations that the Fed may soon complete the interest rate hike cycle that began 15 months ago. The Dow, S&P 500 and Nasdaq jumped more than 1%.
Nearly every stock in the Dow advanced, with tech stocks helping to lead the charge. Microsoft (MSFT) was the best-performing stock on average, rising 3% to hit an all-time high. Apple stock (AAPL), Cisco Systems (CSCO) and Salesforce (CRM) added more than 1%. Oracle (ORCL) shares were in the green for the sixth straight day. It was the 15th consecutive winning session for Delta Air LinesGAVE) after the carrier restarted the quarterly dividend,
The S&P 500 index was led by Domino’s Pizza (DPZ) after an upgrade from Stifel. T-Mobile USA (TMUS) shares rose as Morgan Stanley reinstated the stock as a top performer. Shares of CAVA Group soared on the Mediterranean restaurant chain’s first day of trading.
Shares of homebuilders rose after Lennar (JUST) reported better than expected earnings. and raised its expectations for home deliveries this year. After yesterday’s blow to UnitedHealth Group shares (UNH) and other health insurance providers gathered.
Warner Bros. Discovery (WBD) shares fell as the media company closed its unit in Denmark and consolidated its Scandinavian operations. Kroger stock (CR) collapsed after the supermarket chain’s sales missed forecasts and provided muted guidance. Hotel shares lost ground. American Express (AXP) and Nike (NKE) were the only Dow stocks to decline.
Oil futures rose 3%. Gold prices were slightly higher. The yield on the 10-year government bond fell. The US dollar strengthened against the yen, but fell against the euro and the pound. Major cryptocurrencies are trading in negative territory.