- US stocks closed on Friday, June 16, 2023, but gained optimism this week about inflation and the end of the Fed’s rate hike cycle.
- Shares of Ball Corporation jumped on news that the company is considering selling its aerospace unit.
- After doubling on its first day of trading, CAVA Group shares fell.
U.S. stocks ended the day lower but had a winning week after news showing inflation slowing and suggesting the Fed may be close to ending its rate-hiking cycle. Markets were also affected today fourfold witchcraftand a long weekend ahead due to the Monday 16th June bank holiday.
Ball Corporation (BALL) was the top-performing stock in the S&P 500 on news that the company intended to sell its aerospace unit for more than $5 billion. Domino’s Pizza (DPZ) and Corning (GLW) shares gained for a second straight day after receiving analyst upgrades. Adobe (ADBE) shares gained as the maker of Photoshop and other creative software became the latest firm to say its sales are being boosted by enthusiasm for artificial intelligence (AI).
Tesla (TSLA) shares resumed their gains and closed higher than when their record winning streak ended earlier this week. Shares of iRobot Corporation (IRBT) surged when UK regulators allowed Amazon (AMZN) Purchase of Roomba maker for $1.7 billion. Virgin Galactic shares (SPCE) took off when the space tourism company founded by billionaire Richard Branson announced plans to launch its first commercial flight this month.
Humana (HUM) shares fell when the health insurance provider joined UnitedHealth Group (UNH) in a warning about the rising cost of doctor’s office coverage. Shares of Steel Dynamics (STLD) fell after the steel products maker provided a second-quarter outlook that missed estimates. Walt Disney (DIS) shares fell when CFO Christine McCarthy abruptly left the entertainment giant amid reports that she had conflicts with CEO Bob Iger. CAVA Group (CAVA) shares reversed course and fell 12% after doubling in the first day of trading yesterday.
Oil futures rose. Gold prices fell. The yield on the 10-year Treasury note advanced. The US dollar rose against the euro and yen, but lost ground against the pound. Most major cryptocurrencies are trading solidly in the green.