- U.S. stocks edged higher at midday on June 15, 2023, as tech stocks rallied after the Fed put rate hikes on hold.
- Tech stocks rose, with Microsoft shares trading at an all-time high.
- Homebuilder shares rose after Lennar reported better-than-expected earnings and raised its outlook for home deliveries this year.
U.S. stocks rose at midday, lifted by demand for technology stocks, amid optimism the Fed may be close to ending its inflation-fighting interest rate hike cycle after deciding not to raise rates yesterday. The Dow rose 1%, as did the S&P 500 and Nasdaq.
Almost all stocks in the Dow were in the green. Technology stocks advanced, shares of Microsoft (MSFT) up 2% and trading at an all-time high. Intel (INTC) shares also rose 2% and shares of Apple (AAPL), Cisco Systems (CSCO) and Meta Platforms (META) added 1%. Domino’s Pizza (DPZ) was the top-performing stock in the S&P 500 after Stifel’s upgrade. Shares of T-Mobile US (TMUS) jumped after Morgan Stanley restored the stock as a top performer.
Lennar (JUST) shares rose as the homebuilder reported better-than-expected earnings and raised its outlook for home deliveries this year. Shares of rivals were also higher after the news. Shares of UnitedHealth Group (UNH) and other health insurance providers bounced back after yesterday’s big selloff.
Kroger (CR) shares fell as the grocer missed quarterly sales estimates and did not raise its full-year outlook. Hotel stocks fell. After leading both the Dow and S&P 500 yesterday, shares of Nike (NKE) refused.
Oil futures rose. Gold prices changed little. The yield on the 10-year government bond fell. The US dollar strengthened against the yen but fell against the euro and pound. Prices of major cryptocurrencies have plunged.