FAANG Stock's Rally Is Red Hot Right Now

All three major benchmarks are eyeing weekly gains

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Schaeffer's Midday Market Check
6/25/2021
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S&P 500 Notches Intraday High on Infrastructure Deal Optimism


By: Fernanda Horner

The major indexes are looking to wrap up a strong week with a bang, thanks to optimism surrounding the White House's infrastructure deal, and assuaging fears over long-lasting inflation. The Dow Jones Industrial Average (DJI) is up 222 points at midday, while the S&P 500 Index (SPX) is firmly higher, after earlier notching another intraday record. Meanwhile, the Nasdaq Composite (IXIC) is struggling at the breakeven, as the 10-year Treasury yield rises. For the week, all three benchmarks are eyeing substantial gains.

This mostly positive price action comes on the heels of the fastest core personal consumption expenditures (PCE) price index rise in nearly 30 years. This reading fell in line with estimates, boosting confidence over the rapid pace of economic expansion, and supporting the Federal Reserve's recent assertions that inflation will be transitory. 

Continue reading for more on today's market, including: 

  • Netflix stock is eyeing 4 straight wins thanks to analyst praise.
  • A dismal 2022 earnings forecast is sinking FedEx stock.
  • Plus, NKE earnings draw in options bulls; merger buzz boosts IKONICS stock; and GLBS plummets on stock offering price.
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