Investment Review №348. Seasonal Rotation
S&P 500 From June 17 to June 25, 2026
Key Events on the US Stock Market
17.06.2026 — 7 420
- The Fed left the federal funds rate unchanged, as expected, in a 3.50–3.75% target range, but revised its rate forecast higher.
- May retail sales rose 0.9% MoM, above consensus of 0.6% MoM, delivering a clear positive surprise against a backdrop of modest core-goods CPI growth.
23.06.2026 — 7 365
- Carnival beat earnings expectations, with record EBITDA and an all-time high in customer deposits. The stock decline was driven by a cut to net-yield guidance rather than the quarterly results themselves.
24.06.2026 — 7 358
- FedEx reported strong fiscal 4Q26 results, beating earnings expectations. Growth in the Express segment, improved network efficiency, and record free cash flow were the key drivers.
- Micron reported record quarterly results, supported by strong memory pricing. The company also expanded the use of long-term contracts, improving business visibility and margin resilience.
25.06.2026 — 7 357
- May PCE deflator data came in broadly in line with expectations. The headline index rose 0.449% MoM, versus the median analyst forecast of 0.5% MoM.