The Dow Jones is on track to end its twelfth consecutive days of advances, a stretch not seen since 1987.

Chinese authorities held the Politburo meeting yesterday, promising to support and promote the country’s economic recovery but providing no further details. Hong Kong shares closed 4% higher and emerging-market stocks rallied. Metals also surged.

Investors now also eagerly await the crucial Federal Open Market Committee (FOMC) meeting on Wednesday, with the Federal Reserve likely expected to hike by 0.25% to 5.25%-5.5%, pushing borrowing rates to the highest in over two decades.

Cues From Tuesday's Trading:

The S&P 500 Index rose 0.4%, on track to retest its 2023’s highs at 4,579 levels.

The Dow Jones Industrial Average surged 0.3%, extending the winning streak to the twelfth consecutive day.

The Nasdaq 100 gained 0.9%, while small caps in the Russell 2000 index rose 0.3%.

US Index Performance On Tuesday

The best-performing sector for the day was the the Materials Select Sector SPDR Fund (NYSE:XLB), up by 1.9%, followed by the the Technology Select Sector SPDR Fund (NYSE:XLK), up 1.2%.

The Real Estate Select Sector SPDR Fund (NYSE:XLRE) was the laggard, down 0.6%, followed by the Industrials Select Sector SPDR Fund (NYSE:XLI), down 0.4%.

Latest Economic Data:

In May 2023, the S&P CoreLogic Case-Shiller 20-city home price index in the United States fell 1.7% year on year, the same as in April and the largest drop since April 2012. Nonetheless, the figure was less than the expected 2.3% drop.

In monthly terms, the home price index rose 1.5% in May 2023, marking a fourth straight month of increases.

The Federal House Finance Agency reported the average prices of single-family houses rose by 2.8% year-on-year in May 2023, the lowest since April 2012, and compared with market expectations of a 2.6% rise.

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Stocks In Focus:

Commodities, Bonds, Other Global Equity Markets:

Crude oil rose 1%, with a barrel of WTI-grade crude trading at $79.59. The United States Oil Fund ETF (NYSE:USO) was 0.8% higher to $71.30.  

Treasury yields moved slightly, with the 10-year yield up by 3 basis points to 3.9% and the two-year yield down by 2 basis points to 4.9%. The iShares 20+ Year Treasury Bond ETF (NYSE:TLT) was 0.2% lower for the day. 

The dollar was flat, with the U.S. dollar index, which is tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), at 101.4 levels. The EUR/USD pair, which is tracked by the Invesco CurrecyShares Euro Currency Trust (NYSE:FXE), was 0.2% lower to 1.1036.

European equity indexes had a mixed session. The SPDR DJ Euro STOXX 50 Etf  (NYSE:FEZ) fell 0.3%. 

Staff writer Piero Cingari updated this report midday Friday. 

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