Can the Stock Market Do a Repeat of Tuesday’s Highs?

US stocks are somewhat elevated today but could run into some trouble as new economic data is released today by the FOMC and other sources.

Written by: Timothy St. John • Wednesday, June 12, 2024 • 2 min read

• Last updated: Wednesday, June 12, 2024

On Tuesday, the stock market indices closed high, with the Nasdaq Composite closing with a gain of 0.88% and the S&P 500 closing with an increase of 0.27%.

Several stocks are moving quickly right now.

Overall, the US stock markets closed with record gains, although the Dow Jones Industrial Average dropped by 0.31% before closing for the day.

We may see the markets do a repeat of this today, although yesterday’s gains were led by a robust performance from Apple (AAPL), which gained 7.26% after showcasing brand new AI features as it held its Worldwide Developers Conference.

Apple may stay high today but probably will not repeat the incredible gains it made on Tuesday. We will see quarterly earnings reports from a lot of major companies this week, though, including Dave and Busters, Daktronics, Elite Pharma Inc., Oxford Industries, and Broadcom.

Incoming Economic Reports

There are very important economic releases scheduled to come out today, and most significant of all is the FOMC press meeting. We may get information there about when interest rate cuts could be coming. We will definitely hear more information on the state of US inflation and the wider economy.

Several key Consumer Price Index reports are scheduled for today as well, which include the m/m, y/y, and Core CPI releases. Core CPI and CPI y/y are expected to remain the same, but the CPI m/m report is anticipated to show a drop from 0.3% to 0.1%.

What we could see today across the stock market is muted trading in anticipation of these economic reports, and then a sudden shift in response as the reports come out and the data is processed.

If the inflation data shows that the rate is barely changing, then investors will continue to be very careful with their assets and will be more likely to only move on stocks that are showing growth and promising outlooks for the next quarter.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.