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The S&P 500 Index is up +0.25% and has reached a 4-month high, while the Nasdaq 100 is up +0.58% and has hit an all-time high. In contrast, the Dow Jones is down -0.09%. This movement comes ahead of Fed Chair Powell’s second day of testimony on the economy, with reduced geopolitical tensions in the Middle East boosting market sentiment.
In the week ending June 20, US MBA mortgage applications rose +1.1%, while the average 30-year fixed mortgage rate increased to 6.88%. Kansas City Fed President Schmid indicated the Fed’s current “wait and see” approach to interest rates is appropriate pending effects from tariffs and other economic policies.
Super Micro Computer (SMCI) leads gainers in the S&P 500, up more than +6% after coverage initiation by GF Securities with a buy rating. In contrast, Paychex (PAYX) is down over -7% after reporting Q4 adjusted EPS that matched estimates.
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