From Nasdaq: 2024-04-01 18:25:30

Stock indexes closed mixed on Monday, with the Nasdaq 100 hitting a 1-week high. The strong US Mar ISM manufacturing index led to hawkish Fed policy expectations. Bond yields rose, impacting the broader market. Optimism in China’s economy supported stocks, with expectations of a -25 bp rate cut next FOMC meeting. Overseas markets were mixed. T-notes fell on Powell’s comments and data.

Last Friday’s US economic reports showed mixed results, with Feb personal spending exceeding expectations while personal income fell short. The US Feb PCE core deflator report reflected stable inflation. Fed Chair Powell’s comments revealed confidence in the economy but indicated no rush to cut rates. China’s Mar manufacturing PMI rose, boosting market sentiment. European markets were closed for the Easter Monday holiday. US stock movers included Walgreens, Universal Health Services, and Bill Holdings.

Energy stocks rose on WTI crude oil hitting a 5-month high, benefiting companies like APA Corp and Occidental Petroleum. Chip stocks rallied, boosting technology companies like Micron Technology and Marvell Technology. Semtech and Trip.com reported strong sales, while Alphabet agreed to settle a lawsuit regarding web browsing data collection. Baxter International received FDA clearance for its infusion pump. Earnings reports are expected from Cal-Maine Foods, Dave & Buster’s, DZS Inc, and Paychex Inc on 4/2/2024.



Read more at Nasdaq: Stocks Close Mixed as US Manufacturing Strength Dampens Rate Cut Optimism