The S&P 500 Index is up 0.32%, the Dow Jones Industrials Index is up 0.42%, and the Nasdaq 100 Index is up 0.44% as of today. E-mini S&P futures are up 0.29%, and E-mini Nasdaq futures are up 0.44%. The S&P 500 and Nasdaq 100 reached 3.5-month highs, while the Dow posted a 3-month high, driven by falling bond yields and a weaker-than-expected US May core CPI report.
US MBA mortgage applications rose 12.5% for the week ending June 6, with purchase applications up 10.3% and refinancing applications up 15.6%. The average 30-year fixed mortgage rate increased to 6.93%. Additionally, the May CPI rose 2.4% year-over-year, aligning with expectations.
In corporate news, chip stocks like Micron Technology and Broadcom are up over 2%, while Palantir Technologies surged over 4% after a price target increase. In contrast, Lockheed Martin fell more than 5% due to a cut in F-35 aircraft requests. Meanwhile, airline stocks declined as WTI crude oil prices rose to a 2.25-month high, affecting jet fuel costs.
