Key things

  • US stocks rose on Tuesday, June 13, 2023 as cooling inflation increased speculation that the Fed would not raise interest rates when policymakers wrap up their meeting tomorrow.
  • Cruise Line shares jump for second straight day; Tesla’s winning streak continued.
  • Higher oil and copper prices lifted shares of companies in those sectors.

US stocks advanced on the May report consumer inflation posted the smallest annual increase since March 2021. That boosted optimism that the Federal Reserve will not raise interest rates when policymakers announce the results of their two-day meeting tomorrow.

It was the second straight session of solid gains for Cruise Line stocks, led by a more than 5% jump in shares of Norwegian Cruise Line Holdings (NCLH). Copper futures rose to their highest level in more than a month, lifting shares of Freeport-McMoRan (FCX) and competing copper miners. Oil futures also saw strong gains and stocks in the energy sector, including Devon Energy (DVN) and Halliburton (HALL), obtained. The Dow was led by shares of Caterpillar (CAT), Dow (DOW), Intel (INTC) and Amgen (AMGN).

Tesla’s winning streak extended

Tesla (TSLA) record winning streak continued, shares rose for 13th straight day. Toyota Motor Company (TM) shares moved higher on the automaker’s plans for new electric vehicles (EVs). Shares of Assurant (AIZ) jumped on the Piper Sandler upgrade. Comerica (CMA) shares climbed to regional banks net interest income (NII) forecast. However, shares of Zions Bancorporation (ZION) plunged after the bank indicated that its net investment income was falling.

Salesforce (CRM) was the top performing stock in the Dow as a competitor (ORCL) announced a new artificial intelligence (AI) cloud service. Shares of Biogen (BIIB) sank after a shakeup of the biopharmaceutical company’s board of directors. apple (AAPL) shares fell after UBS downgraded the stock on concerns about iPhone sales.

Gold falls, treasury gains

Gold prices fell. The yield on the 10-year government bond moved higher. The US dollar strengthened against the yen but fell against the euro and pound. Most major cryptocurrencies are trading in positive territory.

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