From Nasdaq: 2024-04-11 18:15:58

Stock indexes closed mostly higher on Thursday, with the Nasdaq 100 hitting a 1-week high led by strength in technology stocks like Apple, up over +4%. Chip stocks also rallied on speculation of strong Q1 earnings. US producer prices rose slower than expected in March, providing further support for stocks. ECB holds interest rates steady, but higher bond yields remain a concern.

US jobless claims fell more than expected to a 5-week low, a positive sign for the labor market. Fed officials including New York Fed President Williams, Richmond Fed President Barkin, and Boston Fed President Collins suggest patience on rate cuts. Q1 earnings season begins Friday, with S&P 500 companies expected to show +3.8% y/y profit growth. Market predicting low probability of rate cut in upcoming FOMC meetings.

Interest rates rose on Thursday, with the 10-year T-note yield hitting a 4-3/4 month high due to hawkish Fed comments. Weaker demand for 30-year T-bond auction and slightly lower than expected PPI report also contributed to lower T-note prices. European government bond yields also moved higher as ECB President Lagarde noted downside risks to growth outlook.

Stock movers on Thursday included Paramount Global, Apple, and Atlassian leading gains. Chip stocks like Nvidia, Broadcom, and Micron Technology also rose. Notable losers included Globe Life, CarMax, and Fastenal. Analyst actions impacted stocks like Nike, Alpine Immune Sciences, and Constellation Brands. Compliance scrutiny affected Morgan Stanley while Avita Medical cut Q1 revenue estimate.

Earnings reports from BlackRock Inc, Citigroup Inc, JPMorgan Chase & Co, Progressive Corp, State Street Corp, and Wells Fargo & Co were scheduled for Friday, with markets awaiting results. Overall, markets remained positive on Thursday amid ongoing economic trends and corporate developments.



Read more at Nasdaq: Technology Stocks Power the Broader Market Higher