Market Report Jun 07 2023
On Tuesday, the Russell 2000 took the lead in index-level appreciations, though the weight of some struggle of strength in mega-cap stocks imposed the latest round of resistance on the S&P 500, Dow Jones Industrial Average, and Nasdaq. All three benchmark indices were seen in the red around the midday point but managed a comeback, ending close to their intraday highs at the market's close.
Regional banking shares, in tandem with energy stocks, effectively drove the Russell 2000 to a substantial 2.7% gain. These movements were partially attributable to Goldman Sachs' revised recession forecast, which decreased the likelihood of a recession in the upcoming 12 months from 35% to 25%, pointing to diminishing banking risks.
This also pushed the VIX down below the 14 level once again.
In other news, COIN experienced a significant drop in shares following revelations that the SEC charges the company for operating as an unlicensed securities exchange, broker, and clearing agency.
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