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On June 2, 2023, the S&P 500 Index rose by 0.67% to reach a two-week high, while the Dow Jones Industrial Average increased by 0.85%, hitting a new all-time high. The Nasdaq 100 Index also saw an uptick of 0.40%. The stock market’s gains followed a slower-than-expected increase in U.S. nonfarm payrolls, where June jobs rose by 57,000, significantly below expectations of 113,000, and the previous month’s figures were revised down.
Despite the weaker payroll numbers, the U.S. unemployment rate fell unexpectedly by 0.1% to 4.2%, marking a one-year low. This mixed labor market data fueled speculation that the Federal Reserve could refrain from further interest rate hikes. The likelihood of a 25 basis point increase at the next FOMC meeting on July 28-29 is currently estimated at 18%.
Additionally, WTI crude oil declined over 1% to a new 4.25-month low, following a 30% increase in crude oil shipments from the UAE, reinstating exports to pre-war levels at more than 3.9 million barrels per day. This increase in supply has contributed to diminishing inflation expectations in the market.
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5 Stocks Our Experts Predict Could Double In the Next Year
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