Wall Street resumed its rally in trading (22/06); marked by a new record high for Nasdaq. Technology stocks are again benefiting from the 10-year US Treasury yield which fell below 1.5%. Addressing congress, Fed Chair Jerome Powell reiterated his view that inflationary pressures will ease.
In line with the majority of global exchanges, JCI managed to rebound significantly after being depressed for the past week. Gains were led by the financial, basic materials and property sectors, which rose more than 2% each. Although there is still a chance to continue strengthening, JCI today is expected to be more limited in the range of 6,050 – 6,134.
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