The major indices started the day in the green and pushed solidly higher into the close on reports the US may delay Mexico tariffs. Fueling the fire was a report that Mexico may deploy 6000 troops to their southern border. The markets were lifted from its recent slumps over the last few days after the Federal Reserve Chair Jerome Powell signaled the central bank would act appropriately to sustain the economic expansion, opening the door for rate cuts. Investors will watch closely in the morning when the employment numbers for May are released. At the end of the day, we finished solidly higher and have seen a near 1000 point rally over the last 3 days. If we continue, we are on pace to post the first gain for the Dow in 7 weeks.
DOW +182 at 25722
SP500 +17 at 2843
NASDAQ +40 at 7615
The 10 Year Treasury closed fairly flat to yield 2.12%
Oil prices closed +1.40 at 53.07 a barrel
Gold prices closed +4.60 at 1338.30 an ounce
In the days’ stock news:
- An outperform rating was initiated on Apple by Evercore ISI. AAPL closed +1.5% at 185.22.
- Stich Fix soared more than 14% after the online personal styling company beat on the top and bottom lines of its quarterly results.
- Advanced Micro Devices rose 6% after Morgan Stanley upgraded the stock to equal weight from underweight and raised the price target to $28 a share.
- Arts and crafts retailer, Michaels, plunged more than 12% after sales disappointed and the company cut its full-year earnings forecast.