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.All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.