From Nasdaq: 2024-05-20 15:14:47

The S&P 500 Index is up +0.11%, Dow Jones is down -0.46%, Nasdaq is up +0.64%. Stocks are mixed, with Dow and Nasdaq hitting record highs. M&A activity boosts stocks, SouthState acquires Independent Bank for $2 billion, CyberArk to buy Venafi for $1.54 billion.

Cruise line operators rise as Norwegian Cruise Line raises EPS forecast. Nvidia up over 2% after price target raise. T-note yields impact stocks negatively. Fed comments are mixed, with rate cut expectations for June and July meetings. Earnings from Nvidia, Analog Devices, and Target to be monitored.

Positive Q1 earnings results support stocks with estimates exceeding expectations. Markets predict a rate cut of -25 bp for June FOMC meeting. International markets are up, with Euro Stoxx 50 rising +0.18% and China’s Shanghai Composite reaching an 8.5-month high.

10-year T-note yield rises to 4.447%. European government bonds affect T-notes. ECB may lower borrowing costs in June. Cruise line operators and tech companies like Teradyne, Micron, and Nvidia see gains. Boeing and Johnson Controls also rise.

Hims & Hers Health up over 30% on weight loss product news. Wix.com raises revenue forecast, Ulta Beauty down after price target cut. Tesla lowers prices, Target plans price reductions on 5,000 items. Phillips 66 down after concerns on distribution pace.
Earnings reports on 5/20 include Keysight Technologies, Nordson Corp, Palo Alto Networks, and Zoom Video Communications.



Read more at Nasdaq: Stocks are Mixed in Afternoon Trade