The S&P 500 Index rose by 0.55% today, alongside the Dow Jones Industrial Average at 0.28% and the Nasdaq 100 at 0.79%. Key contributors to this performance include Apple, which reported Q2 revenue of $111.18 billion, exceeding estimates of $109.66 billion and driving the stock up over 4%. Additionally, Atlassian’s Q3 revenue of $1.79 billion, beating a $1.69 billion forecast, propelled its shares up more than 25%.
WTI crude oil prices fell over 1%, with Goldman Sachs estimating a drawdown of nearly 500 million barrels due to disruptions from ongoing tensions in the Strait of Hormuz, crucial for global oil transit. Furthermore, as of this week, 81% of the 303 S&P 500 companies that reported Q1 earnings surpassed expectations, with Q1 earnings projected to rise by 12% year-over-year, according to Bloomberg Intelligence.
Looking ahead, the Federal Open Market Committee’s next meeting on June 16-17 shows a market expectation for only an 8% chance of a 25 basis point rate cut. Meanwhile, the European Central Bank may need to increase interest rates if inflation does not improve, with swaps indicating an 89% likelihood of a rate hike at its June 11 policy meeting.
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