Todd Bishop
On June 10, the Dow rose 78.74 points to 26062.68 points; the S&P 500 index rose 13.39 points to 2886.73 points; the Nasdaq rose 81.07 points to 7823.17 points.
Among them, US stock chip stocks rose overall, Nvidia closed 2% higher, Intel closed 1.7% higher, AMD rose 2.5%, and Micron Technology closed 2.8% higher.
In addition, it is worth noting that the first stock of US stocks, Beyond Meat, rose more than 20%, up nearly 600% from its IPO issue price. Previously, on June 7, Beyond Meat, the first artificial meat, released its first fiscal quarter earnings report for 2019, which was the first financial report released after its listing. According to the earnings data of Beyond Meat, Beyond Meat’s revenue in this quarter continued to maintain a steady growth rate, and revenue exceeded market expectations. However, both artificial meat and Beyond Meat have this certain bubble and controversy.
In the news, the Fed will hold a monetary policy meeting from June 18 to 19. According to data from the CME Group, the futures market trend suggests that the Fed’s probability of a rate cut at the June 18-19 meeting is about 20%, and the probability of a rate cut at the July 30-31 meeting is 70%. Unlike May, Fed officials have not made a clear voice in recent days to pour cold water on the market’s interest rate cuts. Bank of America wrote in a report that the historical curve for 1 month to 6 months of Fed funds futures suggests that the central bank may implement its first action in the interest rate cut cycle within a month.
In terms of data, the United States released weak non-agricultural employment data on June 7. The US Department of Labor’s non-farm payrolls report shows that the number of non-farm payrolls in the US increased by only 75,000 in May, far below the market’s estimated 185,000. The market-focused inflation indicator – average hourly wage – fell to 3.1% year-on-year, the lowest increase since September. Just three months ago, the average US hourly wage created the largest year-on-year increase in 10 years. This also prompted the market to heat up expectations of the Fed’s interest rate cuts.
