Market Recap (13th June, 2024)
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The US market notched a fourth straight win on Thursday. The S&P 500 and Nasdaq rose marginally (0.2% and 0.3% respectively) to fresh records, while the Dow dipped 65 points.
Investors weighed softer-than-expected inflation data (PPI) against the Fed’s cautious stance on rate cuts. Renewed hopes for multiple cuts buoyed sentiment.
Tech stocks led the surge. Broadcom soared 12.8% on AI chip revenue forecast hike and a stock split announcement.
Nvidia added 3.5%, extending its recent gains.
Positive news lifted Tesla 2.7% after shareholder approval of Musk’s pay package and Texas relocation plans.
Virgin Galactic plunged 14.2% following a reverse stock split announcement.
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