Key things

  • US stocks rose at midday on Monday, June 12, 2023 amid optimism that the Fed will pause its rate hike cycle.
  • Cruise ship shares rose after positive comments from analysts.
  • Shares on Nasdaq and other exchanges fell after Nasdaq’s purchase of Adenza.

U.S. stocks were higher at midday on expectations that the Federal Reserve will pause its month-long cycle of interest rate hikes when policymakers meet this week. The Dow, S&P 500 and Nasdaq all gained.

Carnival Corporation (CCL) was the best-performing stock in the S&P 500 after Bank of America and JPMorgan upgraded the stock and raised their price targets. Shares of Norwegian Cruise Line Holdings (NCLH) and Royal Caribbean Group (RCL) gained when Bank of America raised its price targets on these stocks as well. An upgrade from Wolfe Research lifted shares of Oracle (ORCL). Intel (INTC) led the Dow higher with shares up 5%.

Shares of Chinook Therapeutics (SOMETIMES) rose after Novartis (NVS) announced that it would pay up to $3.5 billion for the biopharmaceutical. Catalent (CTLT) shares jumped as the contract drugmaker reported better-than-expected revenue in its long-delayed fiscal third-quarter results.

Nasdaq (NDAQ) was the best-performing stock in the S&P 500 as the stock agreed to buy risk management and regulatory software maker Adenza for $10.5 billion. Shares of the International Stock Exchange (ICE), CME Group (CME), Cboe Global Markets (CBOE) and Marketaxess Holdings (MKTX) also lost ground.

Shares of regional banks fell, shares of KeyCorp (KEY) and Citizens Financial Group (CFG) a decrease of 7%. Kellogg (TO) shares fell on suggestions that the cereal maker’s involvement in the Tony Awards could cause a consumer backlash.

Oil and gold futures fell, while the 10-year Treasury yield rose. The US dollar rose against the pound and the yen and was little changed against the euro. Trading in major cryptocurrencies was mixed.

YCharts


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