Nasdaq hits record high, lifted by Tesla
Tesla led the Nasdaq composite to a record-high at 7,703.63 on Tuesday. Other indexes were little changed after a historic US-North Korea summit in Singapore. The 10-year Treasury yield and the dollar climbed as the Federal Reserve began its two-day policy meeting. Gold retreated below the key level of $1,300 an ounce.
Here’s the scoreboard:
Dow Jones industrial average: 25,320.49 −1.82 (unch)
S&P 500: 2,783.17 +1.17 (unch)
- President Donald Trump met with North Korea’s Kim Jong Un. A joint statement signed by the two leaders vows Pyongyang will “work toward complete denuclearization.” And in a concession that shocked the international community and seems to be at odds with US defense officials, Trump said the US will halt joint military drills with South Korea.
- Consumer prices in the US rose last month at the fastest pace in six years. The Labor Department reported consumer prices rose 2.8% year-over-year in May, a rate not seen since February 2012. The data comes ahead of the Fed’s rate announcement Wednesday.
- The US federal budget deficit was steeper-than-expected in May. The deficit grew to $147 billion last month, according to a Treasury Department report, amid recent tax and spending legislation that left government revenue down and expenditures up.
- Tesla is planning to lay off 3,000 salaried employees, or 9% of its total staff. Shares of the electric-car market slid off session highs after Elektrotek first reported the restructuring plan. They finished up 3.2%.
- A federal judge is set to rule on whether AT&T can buy Time Warner. The US Department of Justice filed a lawsuit against the telecom giant last year in efforts to block the merger, which critics say would harm competition.
And here is the upcoming economic calendar:
- The Federal Reserve announces US rate decisions.
- China reports industrial output.
- Australian employment data cross the wire.
- Inflation numbers are out in the UK and Switzerland.
Read the full article from it’s original source: http://uk.businessinsider.com/stocks-go-nowhere-after-us-north-korea-summit-2018-6