From NASDAQ: 2024-04-03 11:57:43

Stock indexes are mixed this morning, with the S&P 500 down slightly while the Dow Jones and Nasdaq are up. Higher bond yields are affecting stocks after a strong Mar ADP employment report. The market awaits comments from Fed Chair Powell.

US weekly MBA mortgage applications fell, with purchase and refinance sub-indexes dropping. Average 30-year fixed rate mortgage also decreased.

The US Mar ADP employment change beat expectations, with an increase of +184,000 jobs. Atlanta Fed President Bostic suggests a rate cut could be appropriate at the end of the year.

Interest rates are up, with T-notes under pressure from the strong ADP report and increased inflation expectations. European bond yields are also higher.

Some US stock movers include Ulta Beauty leading losers, Intel facing losses, and Tesla’s market share in China declining. PepsiCo and Bio-Rad Laboratories are down, while Eli Lilly and Booking Holdings are up.

Dave & Buster’s Entertainment and Cal-Maine Foods are up after reporting positive results, while United Parcel Service and Carlisle receive upgrades. Earnings reports include Acuity Brands Inc and Novagold Resources Inc.

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