Connect with us

Business

Stock Market Today: Investors Seeking Safety Drive Stocks Higher

Published

on

 


Defensive stocks and the Nasdaq were in rare alignment, leading the way Thursday as much of Wall Street watched Federal Reserve Chairman Jerome Powell continue his economic tightrope walk.

A day after telling the Senate Banking Committee that a recession is “certainly a possibility,” Powell told the House Financial Services Committee that “I don’t think a recession is inevitable,” but again stressed the importance of bringing inflation down to 2%.

“With Chairman Powell finally acknowledging that if a soft landing is possible, the Fed’s commitment to lower inflation could drag the economy into a recession, the market is oscillating between fear of growth and full recession” said Quincy Krosby, chief equity strategist for LPL Financial. “With a still strong labor market, there is a growing sense that the Fed is now moving quickly to make up for lost time in its fight against inflation.”

The tightness of the labor market remained evident in the latest unemployment data from the Labor Department. Initial claims for the week ended June 18 came to 229,000, slightly above the median forecast of 226,000 but below the revised 231,000 from the previous week.

However, June’s Purchasing Managers’ Index (PMI) showed some signs of strain, with the manufacturing reading down to 52.4 from 57.0 and the services PMI down to 51.6 from 53.4. Although both figures still represent an expansion, this expansion has been much slower than economists had expected.

Sign up for Kiplinger’s FREE Investing Weekly e-newsletter for stock, ETF and mutual fund recommendations, plus other investing tips.

The 10-year Treasury yield continued to fall, hitting a low of 3.01% in the session, as investors bought bonds and ducked for cover. (Remember: bond prices and yields move in opposite directions.) People were also looking for safety in parts of the stock market. utilities (+2.4%) is in the lead, with Health care (+2.2%) and basic consumption (+1.9%) also making decent gains. But lower rates have also allowed tech and tech stocks such as Amazon.co.uk (AMZN, +3.2%) and Intuitive (INTU, +5.2%) to float higher.

The result was a solid 1.6% increase in Nasdaq Compoundto 11,232. It was followed by a 1.0% gain to 3,795 for the S&P500while the Dow Jones Industrial Average closed up 0.6% at 30,677.

stock chart for 062322

Other news on the stock market today:

  • Small cap Russell 2000saw a 1.3% improvement to 1,711.
  • U.S. Crude Futureslost 1.8% to settle at $104.27 a barrel.
  • Gold Futures Contractsslid 0.5% to end at $1,829.80 an ounce, marking a fourth consecutive loss.
  • Bitcoin surged 3.9% to $20,901.70. Bitcoin is traded 24 hours a day; prices listed here are at 4 p.m.)
  • We work (WE) jumped 15.7% after Credit Suisse analyst Tayo Okusanya launched a hedge on the office space sharing stock with an outperform rating and a price target of $11 about 76% higher than today’s closing price of $6.26. Shared office stock is a top pick in Credit Suisse real estate investment trust (REIT) coverage and will likely benefit “from a combination of technological innovation (e.g. 5G), industry disruptions (e.g. , the adoption of hybrid working and coworking), demographic aging trends and overall migration trends in the United States,” says Okusanya.
  • Knowledge base home(KBH) jumped 8.6% after the homebuilder reported earnings. In its second fiscal quarter, KBH reported higher-than-expected adjusted earnings of $2.32 per share and revenue of $1.7 billion, marking year-over-year growth 55% and 19%, respectively. Still, CFRA Research analyst Kenneth Leon maintained a Hold rating on KBH stock. “Our Hold rating on KBH is based on an expected decline in demand for home purchases, with mortgage rates rising above 6% and rising,” says Leon. “Bearish views on rising rates and housing affordability are likely to hurt KBH’s traffic and performance.”

Is Artificial Intelligence the Smart Play?

Tech stocks have been among the best performers since the S&P 500 bottomed out in the bear market (or at least as low as it has gone so far) on June 16. The sector has risen 4.6% since then, a welcome respite amid what has been a drop of more than 25% in 2022.

But maybe now is the time for investors to pick up some of those battered tech stocks.

You might consider looking into some of the most proven areas of technology, as some industries have been hit harder than others. The artificial intelligence (AI), for example, took a really nasty hit to the chin. Using the TrueShares Technology, AI & Deep Learning Fund (LRNZ), a thematic exchange-traded fund (ETF) as a proxy, AI shares have lost almost 40% this year.

AI, however, is a massive and growing market that is expected to reach $62 billion by the end of 2022, a 21% increase from 2021. This makes investments in the industry, such as these 10 AI stocksone to watch for growth-oriented investors, especially when it can be bought at a (relatively) cheap price.

Sources

1/ https://Google.com/

2/ https://www.kiplinger.com/investing/stocks/604844/stock-market-today-062322

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]