Are we in a bull market yet?

The S&P 500 and Nasdaq notch their highest close since 2022

By Nadia Elbilassy | @Nadia Elbilassy | 13 June 2023

midday
  • Advanced Micro Devices (AMD) surges 8% ahead of investor day, showcasing chip stock growth

  • Goldman Sachs has raised year end price for the S&P 500 to 4,500 up by 500 points

  • Asian and European stocks were driven higher by positive sentiment following China's rate cut

US Stocks on track for weekly gains

It is anticipated that the consumer price index reading from the U.S. Labor Department today will indicate a modest decrease in inflation during May, while core prices are expected to remain relatively stable. Additionally, Tuesday marks the beginning of the Federal Reserve's two-day meeting.

On a different note, US stocks continue to do well as the S&P 500 and the Nasdaq notch their highest close since April 2022. As we move closer to earnings season with above average expectations broadening market gains. In addition to bull market prospects, Goldman Sachs has raised year end price for the S&P 500 to 4,500 up by 500 points.

On the telescope was Oracle climbing an all-time high of 7% on JP’s price target increase. And Tesla after rising 2.2% upbeat for the 12th straight trading session.

Amidst the prevailing optimism surrounding artificial intelligence (AI), chip stocks demonstrated ongoing growth, exemplified by Advanced Micro Devices Inc surging 8% in anticipation of its investor day scheduled for Tuesday. During this event, the chipmaker is expected to provide updates on its data center and AI technology.

Following Wall Street optimism, Asian and European stocks saw their own gains, driven by positive sentiment following China's rate cut. This development coincided with the release of crucial U.S. inflation data and the commencement of the Federal Reserve's latest policy-setting meeting, further enhancing market optimism.