On the market front, the S&P 500 Index is up 0.73%, the Dow Jones Industrial Average has risen 0.64%, and the Nasdaq 100 Index is up 1.08% as of today. This upward movement is bolstered by gains in major technology stocks, including Amazon (up over 4%), Tesla (up over 4%), and Alphabet (up over 3%). Meanwhile, WTI crude oil prices have increased by more than 1% amid escalated tensions in the Strait of Hormuz, although prices have slightly retreated following a temporary agreement between the U.S. and Iran to de-escalate hostilities.
In economic indicators, the Eurozone June economic confidence index rose to 95.0, surpassing expectations of 94.3. Additionally, the M3 money supply in the Eurozone increased by 3.2% year-over-year. Markets are currently pricing in a 29% chance of a Federal Reserve rate hike of 25 basis points at the upcoming FOMC meeting on July 28-29.
Iridium Communications saw a significant spike of over 21% following Rocket Lab’s agreement to acquire the company for approximately $8 billion. Conversely, Verizon Communications is down more than 7% due to anticipated losses of up to $800 million in Q2 related to a joint venture with BT Group Plc.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
