The View from 5th Avenue

The View from 5th Avenue – 12 June 2024

Stocks came out of the gates hot this morning after a cooler May CPI and another bullish tech data point--- this time from Oracle (ORCL +13.3%), who spoke to AI-fueled cloud growth in their earnings beat. But a slight tap on the brakes was later applied to major indices when Powell and The Fed sent mixed messages that were net/net a nothing done. Slightly more dovish language was balanced by hawkish forecast changes. They did not cut rates (as expected), but odds moved in favor of one 25bp cut…

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