Yahoo Finance Stock Market News for June 11, 2024
Wall Street closed higher on Monday, pulled up by the utilities and energy sectors. Investors traded cautiously ahead of this week’s inflation numbers and the Fed’s June FOMC meeting. All of the three major stock indexes ended in the green.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 69.05 points, or 0.2%, to close at 38,868.04. Twelve components of the 30-stock index ended in negative territory, one remained unchanged, while 17 ended in positive.
The tech-heavy Nasdaq Composite gained 59.40 points, or 0.4%, to close at 17,192.53.
The S&P 500 advanced 13.8 points, or 0.3%, to close at 5,360.79. Eight of the 11 broad sectors of the benchmark index closed in the green. The Utilities Select Sector SPDR (XLU), the Energy Select Sector SPDR (XLE) and the Real Estate Select Sector SPDR (XLRE) rose 1.3%, 0.8% and 0.5%, respectively, while the Financials Select Sector SPDR (XLF) lost 0.4%.
The fear-gauge CBOE Volatility Index (VIX) increased 4.3% to 12.74. A total of 10.4 billion shares were traded on Monday, lower than the last 20-session average of 12.8 billion. Advancers outnumbered decliners by a 1.06-to-1 ratio on the NYSE. On the Nasdaq, advancing issues outnumbered declining ones by a 1.01-to-1 ratio.
Oil prices Shoot up on Expected Demand Rise
Last week, oil prices had posted a third straight weekly loss on concerns that the OPEC and its allies were going to ramp up production from October. On Monday, things took a turn for the better for the sector as oil prices climbed back about 3% to a one-week high on hopes of rising demand.
Brent crude rose $2.01, or 2.5%, to settle at $81.63/barrel, while WTI crude jumped $2.21, or 2.9%, to settle at $77.74/barrel. For both benchmarks, this was their highest close since May 30.
Consequently, shares of BP p.l.c. BP and Marathon Oil Corporation MRO gained 1.9% and 1.5%, respectively. Both currently carry a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Investors Eagerly Await Inflation Numbers and FOMC Meeting
Following stronger-than-expected jobs numbers released on Friday, markets have revised their expectations of the September rate cut by the Fed. CME’s FedWatch tool currently suggests a 49.2% chance that the central bank would cut rates in September. Also, inflation numbers from May will be released this week. Investors would keep a keen watch on price trends and whether the recent softening sustains.
The June Fed meeting will conclude after midday on Wednesday. By that time, the consumer price index number will be out. It will be interesting to see the message given by the central bank and whether the “higher for longer” restrictions on monetary policy are given a longer rope.
No economic data was released on Monday.
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