Pre-Market Report – Tuesday 18 June: ASX to rise. SPI Futures up 29 points (+0.38%).

Market Updates

US equities kicked off the week on a positive note. The S&P 500 rose 0.77%, hitting its 30th record high this year. The NASDAQ advanced 0.95%, marking its sixth consecutive record high, buoyed by gains in large tech stocks. The Dow Jones gained 189 points (+0.49%), ending just off best levels. Up 251 points at best. Down 157 points at worst. Philadelphia SE Semiconductor index touched an all-time high before finishing up 1.60%, as funds found their way into chip stocks. Broadcom +5.4%, Taiwan SC Manufacturing +2.7%, and Micron Technology gaining 4.5% after increases in price targets by brokers. Goldman Sachs lifted its 2024 S&P 500 year-end target from 5,200 to 5,600, while Evercore ISI raised its forecast from 4,750 to 6,000. Both brokerages cited tech strength and AI optimism as reasons for their upgrades. Treasury yields climbed following several high-grade corporate bond sales exceeding $21bn, led by Home Depot. 10Y and 2Y yields up 6bps. In Fed speak, Harker stressed the Fed’s data dependence, with one cut possibly by year-end.
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