Royal Assets - Markets rise around midday, helped by lower inflation

NORTH BRIDGE ROAD, Singapore - July 6, 2023 - PRLog -- The Nasdaq surged 1.5%, while the S&P 500 gained 1% and the Dow gained 0.6%.

The Nasdaq is on track to have its greatest first half since 1983, and the third-highest on record, with a gain of more than 30%. The S&P 500 has gained 16% so far this year, while the Dow has gained 4%.

Apple's (AAPL) market valuation has recovered to $3 trillion, a figure it briefly attained in January of last year. This year, the stock has surged 46%, outperforming the larger technology industry.

Carnival Corporation (CCL) was the highest performing stock in the S&P 500, soaring 8% after investment bank Jefferies Group upgraded the company to "buy" from "hold," saying it might rise another 45% after more than doubling this year. Following analyst upgrades, shares of solar panel makers Enphase Energy (ENPH) and Solaredge Technologies (SEDG) performed the best.

Bausch + Lomb (BLCO) said Friday that it will purchase several Novartis eye care items for $1.75 billion, sending shares up to 8% before paring some gains.

Newell Brands (NWL) was one of the S&P 500's worst performers, plunging 4% after the consumer products business was faced with a lawsuit over the marketing of its pacifiers. Nike (NKE) stock dropped 2% after the sports retailer reported earnings that fell short of analyst projections.

Crude oil prices were over 2% higher around $71 per barrel. The dollar dropped versus the euro, pound, and yen. Bond rates have fallen, with the 10-year Treasury note yielding 3.8%. The price of major cryptocurrencies fell, with Bitcoin down 1% at the $30,000 mark.

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