Market session wraps on Monday; all major indexes recover some losses from last week

All benchmark equities ended higher today, and was able to get back some of the losses when the Federal Reserve updated their outlook for possible interest rate hike last week.
WAN CHAI, Hong Kong - June 28, 2021 - PRLog -- Investors were able to digest and recover from the shock from the announcement of the Feds about a possible interest rate hike or two before year 2023 ends. Treasury yields are also affected by this news as the yield's upward trend was flattened when the news came out, but it was able to at least recover on Monday.

Trader continue to mull over the facts surrounding the Federal Reserve's outlook and new guidance after their June meeting, and incorporate them to their investment standings. This was especially followed by the statement by James Bullard, St. Louis Fed President, further fanning the concerns and suggesting that an interest rate hike may happen as soon as next year.

Another news that investors will be watching out for would be the release of info on core PCE or personal consumption expenditure which is to be released later this week. The Fed is also using this information to gauge inflation, and the details are to be released on Friday and is expected to show 3.4% year-to-year increase for the month of May. This is bound to be the fastest increase recorded since 1992, although it is compared to May 2020's pandemic level data.

Despite all the news about inflation and possible tax rate hike, some market strategist continues to be optimistic about the possibilities of US stocks due to the continuously improving economic backdrop.

Monday's market moves are the following:
  • The Dow Jones Industrial Average up by 1.76% or 586.89 points and at 33,876.97.
  • S&P 500 Index increased by 1.40% or 58.34 points and currently at 4,224.79.
  • NASDAQ Composite Index advanced to 14,141.48 after gaining 111.10 points or 0.79%.
  • Yield on 10 Year Treasury now at 1.4840%.
  • Gold up by $14.00 or 0.79% and now at $1,783.00 an ounce.
  • Crude up by $1.96 or 2.74% and closed at $73.60 per barrel.
The Dow Jones Industrial Average jumped by more than 1.70%% or almost 600 points, cutting the 5 day losing streak from last week and recording best performance day since March. S&P 500 increased by 1.40% as well as NASDAQ Composite Index which gained by more than 100 points or almost 0.80%. The 10 Year Treasury yield increased by 3.4 basis points ending at 1.4840%.

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