Nasdaq rises 0.8% after CPI data came in lower than expected

U.S. stocks were mixed on the eve of the FOMC and US CPI release, with the Nasdaq outperforming as Apple (AAPL) (+7%) rallied sharply following an upgrade by DA Davidson in the wake of Monday's WWDC event. Prepared for the incoming FOMC announcement.

However now that the CPI numbers are in, we now have some data that we can work with. With the CPI numbers rising less than expected, possibly indicating a slowdown in inflation and thus a more likely rate cut in the following sessions. As a result, the NASDAQ recorded a gain of 0.74% and also pulled European stocks higher. EU Indices and Bitcoin gain from cooling off US-CPI data.

The Fed is not expected to announce interest rate changes yet, but everyone will be deciphering JPow's words for clues about the future in today's meeting.

NASDAQ Technical Analysis

Source: FOREX.com: US Tech (NASDAQ) : hour (1 hour)

The chart looks bullish given the recent 0.76% increase as the CPI numbers are lower than expected.

The current price (19409.6) is thus well above the 50 moving average, indicating an uptrend. The last few candlesticks show a considerable upward movement.

The stochastic oscillator (14 periods) is above the 80 level, indicating overbought conditions but still positive.

The MACD signal line (red) and the MACD line (blue) converge with a histogram above 0, typically a bullish signal, and show a momentum increase.

The 19220.0 level is a strong support to the downside after there has been a consolidation around this level recently. If the bullish momentum continues, the 19500.0 level is a strong psychological resistance level to watch out for.

Hunter Biden convicted

Hunter Biden convicted of possession of weapons. A jury in Delaware found the president's son guilty on all three counts for stating on a form that he did not use illegal drugs when he bought a gun in 2018. Hunter Biden faces a maximum of 25 years in prison, but as a first-time offender, he is unlikely to receive a harsh sentence.

Company News

GME – GME has issued a share sale of 2 billion and now has 4 billion on its balance sheet. The CEO mentioned that the funds will be used for acquisitions. Roarring Kitty still did not appear to have sold its options contracts at a strike price of $20 and expired on June 21, 2024.

Electric cars

The EU and the US are trying to make it more expensive to import Chinese electric vehicles by introducing tariffs for vehicles.

The EU is pushing ahead with Chinese tariffs on electric vehicles, which are expected to bring in more than €2 billion a year despite Germany's opposition, according to the FT.
The European Commission will tell automakers that it will provisionally impose additional tariffs of up to 25% on imported Chinese electric vehicles starting next month.

Apple

Apple shares hit a record high after announcing Apple Intelligence and more integrations of its AI into Apple's operating system.

Elon Musk has withdrawn his lawsuit against OpenAI and its co-founders, CEO Sam Altman and President Greg Brockman. This lawsuit, originally filed in February, accused OpenAI of putting profits above its original mission for the benefit of humanity.

Crypto

Trump says he wants all remaining Bitcoin to be made in the U.S.

Bitcoin and Ether are currently trading around $69,200 for Bitcoin and $3,630 for Ether, as Crypto also benefit from the cooling CPI-Data.