Day Traders Diary
The major averages continue their surge in June with the Dow rising 249 points and the S&P 500 closing up 1% at new all-time highs. For the month, the S&P 500 is up over 7%. The rally this week has been led by comments from the Federal Reserve hinted at a possible interest rate cut in July or later this year.
Leading equities higher were the energy stocks, as oil prices climbed 5% amid the weaker dollar and escalated tensions in the Middle East. Iran shot down a U.S. military drone, which President Trump said was a "very big mistake." Geopolitical tensions briefly unnerved the market before the influence of the Fed pushed stocks higher during the afternoon.
Earnings are starting to roll in. Adobe (ADBE) rose 5% yesterday to new all-time highs following earnings. Today, Oracle (ORCL) rose 8% to new all-time highs following earnings. Carnival (CCL) closed down 7% after the company guided earnings for the third quarter and full year below consensus.
On the IPO front, Slack (WORK) rose 12 points or 48% from their IPO price of $26 per share, valuing the company at approximately $19 billion. The CEO and founder believes his workplace-messaging firm will end the world of email as we know it inside companies in the next seven years.
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