Inflation Progress

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News in Brief

Bloomberg:

Stock bull run breaks record on Fed decision day.
JPMorgan clients are piling into US stocks ahead of Fed, CPI.

MarketWatch:

Powell says Fed is ready to cut rates if inflation falls quickly.
GameStop shares slide as trading surges in options contracts associated with Roaring Kitty (-16.5%).
FedEx laying off up to 2,000 workers in Europe to save $175 million a year.
Elon Musk’s Tesla pay package gets another ‘no’ from a major shareholder.
Apple’s stock loses steam as company fails to finish worth more than Microsoft.

yahoo! finance:

Fed slashes rate-cut forecast but notes inflation progress.
Samsung unveils chip technology road map to win AI business.
Broadcom surges after earnings beat, stock split.
JPMorgan expects investment banking revenue to jump as much as 30% in second quarter.

May inflation data cools to give markets another lift.

Global Indexes

S&P 500

The S&P 500 opened with a gap after the CPI report showed cooling of inflation.

DAX

The DAX bounced on its 50DMA support to close above its EMA8 line.

HANG SENG

The HANG SENG also bounced on its 50DMA, but not so convincing as it is still trading below its EMA8 line.

NYSE & NASDAQ Stocks

Home Depot Inc

Home Depot broke its 50 DMA with a gap and has a long way to go to reach its average target price of $390.

Broadcom Ltd

AVGO reported upbeat earnings and the price jumped 14% in afterhours trading. This share is also splitting. Price targets of analysts have not been adjusted, but the previous average target was $1589.

JSE Stocks

JSE All Shares

The JSE All Shares also made a bounce that broke our negative trend line. Maybe insider information about a political solution? We were technically in oversold territory.