Media stocks were up when the bell rang Monday, showing growth from where they closed the Memorial Day-shortened trading week last Friday. The movement is a bit of a rally in the market, which has been trending toward bear territory for two months, that comes days before the U.S. consumer-price index release.
The tech-sector heavy Nasdaq index closed at 12,012.73 on Friday, which was down 0.9% for the week and -9.5% year-to-date. On Monday at 9:30 a.m. ET, the Nasdaq opened up 1.71% from its closing point. The S&P 500 closed Friday at 4,108.54, opening Monday +1.09%. The Dow Jones ended last week at 32,899.70, and began this morning up 0.40%.
All three indexes saw moderate dips from their start points by noon ET, but were still up significantly from their Friday closes.
Similar to the indexes, shares of Amazon, Netflix, Comcast, Fox Corp., Lionsgate, Paramount Global, Warner Bros. Discovery, Walt Disney Company were all up slightly at the start of trading this week, though several fell by midday.
Wall Street’s movements will be closely watched leading up to Friday, when the U.S. consumer-price index data for May will be released. This will be the last gauge of inflation, which can lead to market concerns about slowdowns in spending, ahead of the Federal Reserve’s June 14-15 policy meeting. According to the Wall Street Journal, government officials have indicated plans to bump interest rates up by half a percentage point during the meeting, and raise them again in July by the same amount.
The government’s tightening could prevent the market from truly rallying, as interest rate increases will drive stock prices lower.
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