Stock Market News Today, 6/06/23 – Stocks Close Little Changed amid Macro Uncertainty
Market News

Stock Market News Today, 6/06/23 – Stocks Close Little Changed amid Macro Uncertainty

Last Updated 4:05 PM EST

Stock indices finished today’s trading session in the green. The S&P 500 (SPX), the Nasdaq 100 (NDX), and the Dow Jones Industrial Average (DJIA) gained 0.24%, 0.01%, and 0.03%, respectively.

The healthcare sector (XLV) was the session’s laggard, as it fell 0.84%. Conversely, the financial sector (XLF) was the session’s leader, with a gain of 1.29%.

Furthermore, the U.S. 10-Year Treasury yield saw little change, as it hovers around 3.69%. Conversely, the Two-Year Treasury yield increased to 4.52%. This brings the spread between them to -83 basis points.

Compared to yesterday, the market is pricing in a higher chance of a higher Fed Funds rate for December 2023. In fact, the market’s expectations for a rate in the range of 4.75% to 5% decreased to 30.6% compared to yesterday’s expectations of 32.8%.

In addition, the market is now also assigning a 37.2% probability to a range of 5% to 5.25%. For reference, investors had assigned a 35.3% chance yesterday.

Last updated: 2:23PM EST

Stocks are in the red so far in today’s trading session. As of 2:23 p.m. EST, the S&P 500 (SPX), the Nasdaq 100 (NDX), and the Dow Jones Industrial Average (DJIA) are down 0.02%, 0.15%, and 0.24%, respectively.

Last updated: 11:15AM EST

Stock indices are little changed so far in today’s trading session. Goldman Sachs is lowering the probability of a U.S. recession from 35% to 25% following recent economic developments, including the passing of a bill to suspend the debt ceiling until 2025. The economic outlook has improved as banking stress appears to be less severe than expected, leading to a projected modest dip of 0.4% in real GDP growth for this year.

A recovery in disposable income and a stable housing market also contribute to a 2023 growth forecast of 1.8%, outpacing both private-sector consensus and the Federal Reserve’s estimates.

However, the new legislation also marks the end of the suspension of federal student loan repayments, which could impact consumer spending behavior. UBS analyst Jay Sole expects that U.S. consumers with student loans will reduce spending on non-essential goods as they divert funds to repay debt. Market research indicates a likely decline in spending on apparel among these consumers.

As a result, the financial market remains watchful of consumer spending trends, and Goldman’s equity team retains a cautious year-end target of 4,200 for the S&P 500.

Last updated: 9:30AM EST

The S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) were down 0.18% and 0.13%, respectively, while the tech-heavy Nasdaq 100 (NDX) was down by 0.4% at 9:30 a.m. EST, June 6.

First published: 4:51AM EST

U.S. stock futures are fluctuating on Tuesday morning after the S&P 500 and Dow Jones reversed last week’s gains to some extent on Monday. Futures on the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) were down 0.06% and 0.09%, respectively, while the futures on the tech-heavy Nasdaq 100 (NDX) were essentially flat at 4.50 a.m., EST, June 6.

The latest reading of the ISM non-manufacturing index indicated that the U.S. services sector barely grew in May as new orders slowed. Traders are taking this as a sign that the Federal Reserve’s monetary tightening is working, increasing the possibility of the Fed pausing its rate-hike spree. As per the CME FedWatch Tool, traders see a 76% chance of the Fed pausing rate hikes and a 24% probability of continued rate hikes.   

With Fed officials now in a blackout period ahead of the June 13-14 meeting and no major economic releases scheduled on Tuesday, traders will look forward to reports on the U.S. trade deficit and consumer credit on Wednesday and initial jobless claims on Thursday.  

Meanwhile, Apple (NASDAQ:AAPL) made headlines with the launch of its much-anticipated virtual reality headset and announcements about several software updates at its annual Worldwide Developers Conference held on Monday. However, investors seemed unimpressed, with the stock down in Tuesday’s pre-market trading.

Aside from Apple, crypto markets were also in focus as the SEC’s lawsuit against Binance dragged down Bitcoin (BTC-USD) and several crypto stocks, including Coinbase Global (NASDAQ:COIN).

Major European indices were mixed on Tuesday on weak sentiment in other global markets. On Monday, European Central Bank president Christine Lagarde acknowledged “signs of moderation” in the core inflation but added that there is no clear evidence that underlying inflation has peaked.

Asia-Pacific Indices Mixed on Tuesday

Asia-Pacific indices traded mixed on Tuesday. Australia’s ASX 200 fell 1.2% as the country’s central bank announced an unexpected 25 basis points increase in its benchmark rate.

Meanwhile, Japan’s Nikkei and Topix indices continued their rise and were up 0.90% and 0.74%, respectively.  

In contrast, Hong Kong’s Hang Seng Index declined 0.05% on Tuesday, while China’s Shanghai Composite Index and Shenzhen Component Index fell 1.15% and 1.58%, respectively. 

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