Manage episode 295328620 series 2917102
US stock futures keep falling and the Dow might have its worst week since January.
Here's what is happening in the markets today, Friday, June 18th.
The Dow has lost 1.9% week to date, on pace for its worst week since January.
The S&P 500 has fallen 0.6%. But the Nasdaq has gained 0.65% on the week.
The Fed moved up its timeline for rate hikes, seeing two increases in 2023 after Powell said in March that he saw no increases until at least 2024.
But the fact that Powell also did not discuss tapering (even taking it out of the vocabulary), could signal expansionary policy is here to stay for the next while. That's in addition to the "transitory" inflation outlook, which is starting to take root among the investing community.
Investors see inflation as transitory, too. This means: Out of value stocks and into growth stocks. Gold fell below 1,800.
Smith & Wesson (SWBI) reported better-than-expected profit and sales for its latest quarter, as the gun maker’s sales surged 67% compared to the same quarter a year earlier. The company notes that its shipments jumped 70% compared to overall industry growth of 42%. Shares rallied 4.7% in premarket trading.
Orphazyme (ORPH) plunged 52.6% in the premarket after the Food and Drug Administration rejected its experimental treatment for a genetic disorder known as Niemann-Pick disease type C.
Citigroup (C) – The bank’s stock remains on watch after declining for the past 11 consecutive trading days, losing 14% over that time.
New national holiday: Juneteenth = June 19th. Union General Gordon Granger arrived with federal troops in Galveston, Texas, and issued an order freeing the last of America's slaves. This is the 12th national holiday.
This wraps up today's stock market news.
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