From Nasdaq: 2024-04-03 18:08:30

Stock indexes were mixed, with the Dow Jones falling to a 2-week low before recovering on dovish comments from Fed Chair Powell, hinting at rate cuts this year. Bond yields fell after lower than expected ISM services data. Market odds for a rate cut in April are at 7%. Overseas markets settled mixed.

The US Mar ISM services index fell below expectations while service prices hit a 4-year low. The Mar ADP employment change surpassed expectations, with a positive revision for Feb. Weekly MBA mortgage applications dipped, with average 30-year fixed rates slightly lower. ECB member rejects April rate cut, eyes June decision.

Paramount Global soared after Redstone agreement, NRG Energy rose on note buyback deal. Chip stocks led the tech sector higher, with Ford Motor reporting strong Q1 sales. Ulta Beauty slumped, Intel saw losses deepen, Five Below downgraded. Food product makers faced pressure. Earnings reports due from Conagra Brands, Lamb Weston, NET Lease Office Properties, RPM International.



Read more at Nasdaq: Stocks Settle Mostly Higher as Powell Affirms Rate Cuts This Year