U.S. Futures are volatile on Monday morning, while the U.S. markets remain closed for Juneteenth today. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up 0.06%, 0.03%, and 0.01%, respectively, at 4:30 a.m., EST, June 19.
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The three major indices ended Friday, June 16, on a negative note but still maintained their weekly winning streaks. Both the S&P 500 and the Nasdaq Composite recorded their best week since March, reaching their highest levels since April 2022. Meanwhile, the DJIA marked its third consecutive positive week.
Turning toward the macro picture, New York Fed President John Williams will speak tomorrow, followed by Fed Chair Powell’s testimony before the House on Wednesday, June 21. Markets may witness a relatively stagnant week in terms of trading volumes as this is a shorter week. Further, Powell’s testimony may swing the markets sharply towards the end if there are any unexpected comments. At the same time, Weekly Initial Jobless Claims, May’s Existing Home Sales data, and June’s S&P Global Manufacturing and Services PMI figures will be released later during the week.
Elsewhere, tech giant Microsoft (NASDAQ:MSFT) continued its rally on Friday, hitting a new 52-week high of $351.47, and gaining 5.5% for the week. In the meantime, Intel (NASDAQ:INTC) continues to make headlines with newer investments. Yesterday, Israeli Prime Minister Benjamin Netanyahu announced that Intel will invest approximately $25 billion in a new chipmaking factory in the country.
European indices are trading in the red today, as economic uncertainty continues to cloud the markets. The Bank of England is expected to raise interest rates by 25 basis points in its upcoming meeting on Thursday, June 22, its thirteenth consecutive increase. The U.K.’s inflation data for May is also set to be announced on June 21.
Asia-Pacific Markets End Lower on Monday
Asia-Pacific indices finished lower today, with Japan’s Nikkei index still hovering above the $33,000 mark. The Nikkei ended the trading day down by 1%, while the Topix index ended down 0.43%.
At the same time, Hong Kong’s Hang Seng index and China’s Shanghai Composite and Shenzhen Component indices finished the trading session in the red, down by 0.64%, 0.54%, and 0.29%, respectively.
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