- U.S. equities advanced at midday on June 15, 2023 as tech stocks climbed after the Fed paused rate hikes.
- Tech stocks advanced, with shares of Microsoft trading at an all-time high.
- Shares of home builders gained after Lennar posted better-than-expected profit and raised its outlook for home deliveries this year.
U.S. equities rose at midday, lifted by demand for tech stocks amid optimism the Fed may be close to wrapping up its interest rate hike cycle to fight inflation after deciding not to raise rates yesterday. The Dow was up 1%, and the S&P 500 and Nasdaq also gained.
Almost all of the stocks in the Dow were in the green. Tech stocks advanced, with shares of Microsoft (MSFT) up 2% and trading at an all-time high. Intel (INTC) shares also picked up 2%, and shares of Apple (AAPL), Cisco Systems (CSCO), and Meta Platforms (META) added 1%. Domino’s Pizza (DPZ) was the best-performing stock in the S&P 500 on an upgrade from Stifel. Shares of T-Mobile US (TMUS) jumped after Morgan Stanley reinstated the stock as a top pick.
Lennar (LEN) shares advanced as the home builder posted better-than-expected profit and raised its outlook for home deliveries this year. Shares of rivals were higher as well following the news. Shares of UnitedHealth Group (UNH) and other health insurance providers bounced back after yesterday’s big selloff.
Kroger (KR) shares sank as the grocer missed quarterly sales estimates and didn’t raise its full-year guidance. Hotel stocks tumbled. After leading both the Dow and S&P 500 yesterday, shares of Nike (NKE) declined.
Oil futures rose. Gold prices were little changed. The yield on the 10-year Treasury note tumbled. The U.S. dollar gained on the yen, but fell to the euro and pound. Prices for major cryptocurrencies plunged.