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U.S. stock futures are trading slightly higher to close the week in positive territory. This week was an eventful one as three major central banks took crucial decisions on monetary policies. On Jun 16, the Bank of Japan held its short-term interest rate at -0.1% while keeping its yield curve control policy unchanged.
This was in contrast to the European Central Bank (ECB) which raised its main rate by 25 basis points to a 22-year high of 3.5%. Meanwhile, in its June FOMC meeting, the Federal Reserve kept the existing rate of 5-5.25%. However, Fed Chairman Jerome Powell mentioned that more rate hikes are likely this year.
Yesterday, Wall Street saw a sharp broad-based rally as market participants ignored Fed Chairman’s rate hike warning. A series of favorable economic data released this week, especially, the inflation data, has bolstered investors’ confidence that the central bank is approaching the end of its tight monetary control regime.
The broad-market S&P 500 Index and the tech-heavy Nasdaq Composite recorded their best intraday high since April 2022. The blue-chip Dow 30 posted the best intraday high in four months. The tech-laden index is heading for its eighth consecutive winning week, while the S&P 500 is set to close the fifth successive week on a positive note.
Software giant Adobe Inc. (ADBE - Free Report) reported second quarter fiscal 2023 adjusted earnings of $3.91 per share, beating the Zacks Consensus Estimate of $3.78 per share. The company posted revenues of $4.82 billion, surpassing the Zacks Consensus Estimate by 1.10%.
In a separate development, billionaire Richard Branson founded Virgin Galactic Holdings Inc. (SPCE - Free Report) announced that it will launch its commercial space tourism service this month. The company’s space flight Galactic 01, is targeting a launch window that will open Jun 27 and run to Jun 30. Following the news, the stock price of Virgin Galactic soared more than 40% in today’s per-market.
Moreover, during today’s trading session, the University of Michigan will release the preliminary data on U.S. Consumer Sentiment for June. The consensus estimate is 60.8% while the final reading for May was 59.2%. U.S. stock markets will remain closed on Monday on account of Juneteenth.
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Market on Track to Close a Winning Week
U.S. stock futures are trading slightly higher to close the week in positive territory. This week was an eventful one as three major central banks took crucial decisions on monetary policies. On Jun 16, the Bank of Japan held its short-term interest rate at -0.1% while keeping its yield curve control policy unchanged.
This was in contrast to the European Central Bank (ECB) which raised its main rate by 25 basis points to a 22-year high of 3.5%. Meanwhile, in its June FOMC meeting, the Federal Reserve kept the existing rate of 5-5.25%. However, Fed Chairman Jerome Powell mentioned that more rate hikes are likely this year.
Yesterday, Wall Street saw a sharp broad-based rally as market participants ignored Fed Chairman’s rate hike warning. A series of favorable economic data released this week, especially, the inflation data, has bolstered investors’ confidence that the central bank is approaching the end of its tight monetary control regime.
The broad-market S&P 500 Index and the tech-heavy Nasdaq Composite recorded their best intraday high since April 2022. The blue-chip Dow 30 posted the best intraday high in four months. The tech-laden index is heading for its eighth consecutive winning week, while the S&P 500 is set to close the fifth successive week on a positive note.
Software giant Adobe Inc. (ADBE - Free Report) reported second quarter fiscal 2023 adjusted earnings of $3.91 per share, beating the Zacks Consensus Estimate of $3.78 per share. The company posted revenues of $4.82 billion, surpassing the Zacks Consensus Estimate by 1.10%.
In a separate development, billionaire Richard Branson founded Virgin Galactic Holdings Inc. (SPCE - Free Report) announced that it will launch its commercial space tourism service this month. The company’s space flight Galactic 01, is targeting a launch window that will open Jun 27 and run to Jun 30. Following the news, the stock price of Virgin Galactic soared more than 40% in today’s per-market.
Moreover, during today’s trading session, the University of Michigan will release the preliminary data on U.S. Consumer Sentiment for June. The consensus estimate is 60.8% while the final reading for May was 59.2%. U.S. stock markets will remain closed on Monday on account of Juneteenth.