Stocks were mixed due to rising bond yields and positive earnings season.

From Nasdaq: 2024-05-22 11:29:33

US stock indexes were mixed today with the S&P 500 and Dow Jones slightly down and the Nasdaq up. Rising global bond yields impacted the market, with the UK and German yields reaching 2-1/2 week highs due to lower-than-expected UK consumer prices and rising German wages. Earnings season has been positive, with companies beating Q1 estimates. The markets anticipate the FOMC meeting minutes and Nvidia earnings results for semiconductor demand. The chance of a rate cut is low for the upcoming meetings. Overseas markets were also mixed. Interest rates were down, impacting T-notes. European government bond yields rose, with Eurozone car registrations and UK consumer prices showing mixed results. The Bundesbank reported wage increases in Germany, and ECB President Lagarde hinted at a June interest rate cut. US stock movers included Target, Lululemon Athletica, Garmin Ltd, Tesla, Viasat, Modine Manufacturing, Analog Devices, Dycom Industries, TJX Cos, Prudential Financial, Stryker, and Edwards Lifesciences. Earnings reports for May 22 include Analog Devices Inc, NVIDIA Corp, Petco Health & Wellness Co Inc, Snowflake Inc, Synopsys Inc, Target Corp, TJX Cos Inc/The, VF Corp, Williams-Sonoma Inc.



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