📆 Tuesday, June 18
► European stocks climbed higher following gains in Asian markets and a strong performance by large US tech companies. The Stoxx Europe 600 index increased by 0.3% ahead of German sentiment data, driven by rebounds in the banking and technology sectors. This recovery came after a selloff sparked by political unrest in France. Investors remain cautious ahead of the US retail sales data and upcoming speeches by Federal Reserve officials later today.
► US equity futures steadied after the S&P 500 reached a record high for the 30th time this year. The positive movement was influenced by banks increasing their targets for US equities. Goldman Sachs for instance, has raised its year-end target for the S&P 500 to 5,600, predicting a 7.7% increase driven by stronger-than-expected corporate earnings and a higher price-earnings multiple. They also highlighted the potential for the index to rise or fall significantly based on earnings growth and external factors like the presidential election; Gains at Wall Street continue to be dominated by mega cap tech stocks. Strong corporate earnings, with expectations of possible rate cuts enhanced market optimism as well. Treasury yields are slightly higher, and the USD index remains elevated. Focus is now on the retail sales data and comments from several Fed officials later today.
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