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S&P 500 and Nasdaq Composite on pace for four straight months of gains
The S&P 500 and the Nasdaq Composite are about to end June with flying colors.
The broad-market index is up 4.7% this month, while the tech-heavy benchmark has a gain of more than 5%. That marks the fourth consecutive winning month for both averages. It’s also the longest monthly streak of gains for both the S&P 500 and the Nasdaq Composite since 2021.
The tech sector boosted the S&P 500, rising 4.5% in June, but consumer discretionary also buoyed the index. That sector added 10.4%, courtesy of Carnival, Norwegian Cruise Line and Royal Caribbean. Each of the three travel stocks are on track for double-digit gains in June, according to FactSet.
The Nasdaq-100 is also on pace for a fourth straight winning month, up 4.9% in June. The index, a subset of the Nasdaq Composite, last accomplished this feat in 2020.
–Darla Mercado, Chris Hayes
23 biggest banks passed the Fed’s stress test
All 23 of the U.S. banks included in the Federal Reserve’s annual stress test weathered a severe recession scenario while continuing to lend to consumers and corporations, the regulator said Wednesday.
The banks were able to maintain minimum capital levels, despite $541 billion in projected losses for the group, the Fed said in a release. Banks including JPMorgan Chase and Wells Fargo are expected to disclose updated plans for buybacks and dividends Friday after the close of regular trading.
— Hugh Son
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