Market Roundup | June 13, 2023

U.S. stocks posted gains Today as data revealed a decrease in consumer inflation, which led to expectations of a pause in the Federal Reserve's rate hikes. The tech-centric Nasdaq Composite ascended by 0.83%, with the Dow Jones and the S&P 500 also witnessing an uplift. All sectors of the S&P 500, barring Utilities, reported positive movement. The May Consumer Price Index (CPI) showed a year-on-year slowdown, fostering anticipation that the Federal Reserve may refrain from immediate rate changes in their upcoming policy decision.

Treasury yields, however, climbed; the 10-year yield rose by six basis points to 3.83%, while the more Fed-sensitive 2-year yield increased by eight basis points to 4.67%. On the other hand, the dollar index dropped by 0.34% to 103.31. Market sentiment following these changes indicates a 'hawkish pause' from the Federal Reserve, keeping the door open for possible rate hikes in the future. In contrast, Biogen, one of the active stocks on the S&P 500, faced losses, particularly after news broke that its Alzheimer's treatment, developed in partnership with Eisai, might not achieve widespread use in Europe. #SPX #NDX #DJI #MarketUpdate