Indexes experienced wide swings exceeding their ADR before erasing most of its losses

Jeff_Sun
2023-06-15

15/6/2023 Market Diary

1) MGK $Vanguard Mega Cap Growth Index Fund ETF Shares(MGK)$ +0.61%, led SPY $SPDR S&P 500 ETF Trust(SPY)$ +0.12% and QQQ $Invesco QQQ Trust(QQQ)$ +0.73% to close with gains, but intraday action of the market painted a vastly different story as indexes experienced wide swings exceeding their ADR% (eg. $QQQ 1.4%), before erasing most of its losses.

2) FOMC voted to hold the target range for the fed funds rate at 5.00-5.25%, but the release of the Summary of Economic Projections showed an upward adjustment of the rate to 5.60%.

3) XLE $Energy Select Sector SPDR Fund(XLE)$ -1.1% and XLV $Health Care Select Sector SPDR Fund(XLV)$ -1.1% were only laggards to decline exceeding -1%

4) ARGT $Global X MSCI Argentina ETF(ARGT)$ building bull flag towards a new ATH, while HERO $Global X Video Games & Esports ETF(HERO)$ broke out, inching towards YTD high.

5) Focus: $CrowdStrike Holdings, Inc.(CRWD)$ $Banco Santander (Brasil) SA(BSBR)$ $New York Community(NYCB)$ $Microvast Holdings, Inc.(MVST)$

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