US Stocks Close Higher After Treasury Sale; Inflation Data and Oracle Boost Market

Market Performance and Treasury Sale

• 📈 The US market closed higher, with the S&P 500 nearing its all-time high, following a solid sale of long-term Treasuries.
• 💡 A strong Treasury auction eased fears of investors shunning bonds due to spiraling deficits.
• 📉 The Bloomberg Dollar Index hit a three-year low, which is expected to be a tailwind for S&P 500 companies with overseas sales.

Inflation and Economic Indicators

• 📊 US inflation remained muted in May, with the producer price index rising only 0.1%, suggesting tariffs haven't yet increased prices for consumers and businesses.
• ⚠️ Geopolitical worries, particularly concerning potential Israeli military action against Iran, briefly weighed on equities.
• 🛢️ Oil pared most of its earlier losses.

Key Company Performances

• 🚀 Oracle Corp. was the top gainer, climbing over 13% to a record high after reporting strong fourth-quarter results and projecting a 70% gain in cloud infrastructure sales.
• ☁️ Datadog saw an upgrade to 'outperform' from Wolfe Research, which cited its strong positioning to benefit from AI adoption.
• 🏥 Cardinal Health shares hit a record after the healthcare distributor boosted its full-year earnings guidance and provided long-term growth targets.
• 📈 Chime Financial surged 37% on its IPO debut, pricing above its marketed range.
• ⛏️ MP Materials gained 14% on news of potential loosening of rare earths rules in the US.

Market Declines and Other News

• ✈️ Shares of Boeing fell 4.8% following a tragic crash of a 787 Dreamliner traveling from India to London.
• ✈️ GE Aerospace, the engine manufacturer for the crashed 787, also saw its shares decline by 2.3%.
• 🃏 GameStop shares dropped 22.5% after the CEO announced a focus on growing its trading card business, including Pokemon and sports cards.
• 💻 Adobe reported a beat-and-raise quarter, with revenue up 11%, leading to a 6% rise in its shares, though questions remain about the impact of its recent price increases.
• 🏠 RH reported its earnings, with the company still seeing fiscal year revenue growth of 10% to 13%, despite being down significantly year-to-date.