June 12, 2018

US stocks held steady after the historical Trump-Kim Summit.  President Donald Trump and North Korea leader Kim Jong Un signed an agreement aimed at establishing a “peace regime” on the Korean peninsula.  Lack of detail in the agreement kept the markets in check, however.  Investors are also awaiting the announcement tomorrow after the Federal Reserve’s two-day policy meeting, in which the Feds are expected to announce a .25% increase in interest rates.  Finally, closely watched consumer pricing data, often viewed as inflation, saw an increase of 2.8% over the last 12 months, the biggest advance since February 2012.  At the end of the day, the major averages moved quite mildly for the day, closing mixed:

DOW  -1 at 25320
SP500   +4 at 2786
NASDAQ    +43 at 7703

10 Year Treasury closed flat to yield 2.95%
Oil prices closed +.18 at 66.28 a barrel
Gold prices closed +1.60 at 1304.30 an ounce

In the days’ stock news:

  • AT&T shares rose ahead of a US District Court decision on whether to permit its $85 billion deal for Time Warner.  T closed the day +.17 at 34.35.
  • The Nasdaq continued its climb higher thanks to gains in Facebook, Apple, Amazon Netflix and Google-parent Alphabet.
  • Tesla will cut approximately 9% of its 46,000 person workforce in an effort to reorganize the company.  TSLA closed +10.67 at 342.77.