Day Traders Diary

6/9/23

The major averages modestly rose once again with the S&P 50 notching its fourth positive week, closing at levels not seen since last August ahead of the Federal Reserve's latest policy announcement next week. The Dow Jones Industrial Average rose 43 points. The S&P 500 index inches up 4 points while the Nasdaq rose 20 points.

For the week, the S&P 500 was up 0.39%, marking the index's fourth straight weekly gain and its longest weekly winning streak since August. The Nasdaq was up about 0.14%, posting its seventh straight advance one-week advance, its first streak of that length since November 2019. The Dow advanced 0.34% on the week. The rally this week was more broad than previous weekly gains with small-cap equities, banks and energy stocks lending support.

Ahead of the Fed meeting next week, the markets are anticipating more than 71% probability the central bank to pause its rate-hiking campaign, according to the CME FedWatch Tool.