From NASDAQ: 2024-05-22 12:46:19

US stock indexes showed mixed performance today, with the Nasdaq 100 hitting a new all-time high amid concerns over rising global bond yields. Earnings from Analog Devices pushed chip stocks higher, but the market is awaiting Nvidia’s results. Q1 earnings have been positive, beating estimates, with a +7.1% y/y increase.

US weekly mortgage applications rose +1.9%, with a +7.4% gain in refinancing applications. April existing home sales unexpectedly fell -1.9% m/m. The chances of a rate cut at the next FOMC meetings are at 5% and 23% respectively. Overseas markets are mixed, with European bond yields rising.

Bundesbank reported higher wage increases in Germany, leading to price pressures on services. ECB President Lagarde hints at a rate cut in June, but Bundesbank’s Nagel suggests this may not continue. European government bond yields have increased to 2-1/2 week highs. Eurozone car registrations and UK CPI data pointed to mixed economic conditions.



Read more at NASDAQ: Stocks Mixed Ahead of Nvidia’s Earnings and Outlook