From Nasdaq: 2024-05-13 11:33:46

US stocks opened higher today, with the S&P 500, Dow Jones, and Nasdaq up slightly. Positive corporate news, including Incyte Corp’s share repurchase authorization and Intel’s potential deal with Apollo Global, drove the market. Apple is also gaining after news of using OpenAI’s technology in iOS 18.

This week, markets await US inflation reports. Analysts expect a slight easing in core PPI and CPI numbers for April. Positive Q1 earnings results, with a 6.5% y/y increase, are supporting stocks, with 81% of S&P 500 companies beating estimates. The chance of a -25 bp rate cut at the next two FOMC meetings is low.

Overseas markets are down, with European and Asian stocks lower. Interest rates are stable, with T-notes up this morning. European government bond yields are lower, reflecting global market movements.

In individual stock movements, gaming stocks like Wynn Resorts, Las Vegas Sands, and MGM Resorts surged as China added more cities for travel. Squarespace is soaring after going private, while BioLife Solutions and Corbus Pharmaceutical also gained. Alphabet is down after Apple’s OpenAI deal news, and MKS Instruments fell after a convertible note announcement. Earnings reports for various companies are due today.

Please note that the author of this article did not have any positions in the mentioned securities. The information provided is for informational purposes only.



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