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.
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:
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