US Market Close Summary: Tech rebounds into H2; JOLTS confirm labor market solidity
Summary US equity market looked to finish off quarter and month on an up note. Tech did a good portion of the heavy lifting, unwinding some the mega-cap weakness/rotations seen into quarter's end. May JOLTS jobs data jumped up towards 7.6M openings, pushing up Treasury yields marginally. EU CPI readings were broadly cooler than expected, but came alongside generally robust retails sales and consumer data. The USD/JPY Yen broke above 162 for the first time in 40-years. US - (US) Trump administration said to be drafting a ban on imports of foreign energy inverters, the equipment that connects solar projects and batteries to the grid - press - (CA) CANADA APR GDP M/M: 0.5% V 0.4%E; Y/Y: 1.1% V 0.9%E - (US) APR S&P COTALITY HOUSE PRICE INDEX (20-CITY) M/M: -0.04% V -0.10%E; Y/Y: 1.14% V 0.90%E - (US) APR FHFA HOUSE PRICE INDEX M/M: -0.1% V 0.2%E - (CL) Chile May Retail Sales Y/Y: 4.8% v 5.5%e - (CL) Chile May Unemployment Rate: 9.4% v 9.2%e - (US) JUN CHICAGO PURCHASE MANAGERS INDEX (PMI): 56.7 V 55.1E - (US) JUN CONSUMER CONFIDENCE: 91.2 V 94.4E - (US) MAY JOLTS JOB OPENINGS: 7.594M V 7.300ME - (US) US Supreme Court rules against Trump's order to limit birthright citizenship; Vote.
Summary US equity market looked to finish off quarter and month on an up note. Tech did a good portion of the heavy lifting, unwinding some the mega-cap weakness/rotations seen into quarter's end. 6M openings, pushing up Treasury yields marginally. EU CPI readings were broadly cooler than expected, but came alongside generally robust retails sales and consumer data.
The USD/JPY Yen broke above 162 for the first time in 40-years. 300ME - (US) US Supreme Court rules against Trump's order to limit birthright citizenship; Vote was 6-3 - (US) Fed's Hammack (voter): Inflation is still too high, Fed may need to consider rate hikes to bring inflation to target; Seeing no tension in the dual mandate right now - CNBC interview -(US) Pres.
9B -ALGN EU opens antitrust probe into Align Technology over suspected tying of its iTero intra-oral scanners to Invisalign clear aligners in the EEA - press -P rportedly Jana Partners builds stake, beginning in Q1; Size of investment unknown; Jana requested confidential treatment from the SEC - press After Hours Movers - BE +13%; expands power deal with Brookfield AI Infrastructure - STZ +3%; earnings beat and affirms - NKE -2%; earnings beat; China revenue down 13% - PRGS -3%; earnings beat and slight raise