From Nasdaq: 2024-05-17 18:09:24

The S&P 500, Dow Jones, and Nasdaq 100 closed mixed on Friday, near all-time highs. Comments from Atlanta Fed President Bostic hinted at possible rate cuts by year-end, supporting stocks. Higher T-note yields pressured chip stocks, while mixed Chinese economic data limited gains. Q1 earnings results are expected to be positive.

European government bond yields rose on Friday, with German bunds and UK gilts seeing higher yields. Atlanta Fed President Bostic hinted at potential rate cuts later this year. ECB Executive Board member Schnabel cautioned against rate cuts in June and July, suggesting no need based on current data.

A mix of stock market movements on Friday with Euro Stoxx 50 declining, China’s Shanghai Composite rising, and Japan’s Nikkei closing down. T-notes saw losses after hawkish comments from Fed Governor Bowman but were supported by weak US leading indicators. Mining stocks rose due to the spike in silver prices.

Stocks like Freeport McMoRan, Chubb, and DuPont de Nemours saw gains on Friday. Doximity jumped after strong Q4 revenue report. Reddit surged following a partnership with OpenAI. Take-Two Interactive and AMD also closed higher. DXC Technology and Cracker Barrel reported disappointing forecasts.

Key earnings reports on 5/20 include Keysight Technologies, Nordson Corp, Palo Alto Networks, and Zoom Video Communications. Lam Research, Micron Technology, and other chip stocks declined due to higher T-note yields. DXC Technology and Cracker Barrel saw significant losses after weak forecasts and dividend cuts. Insider selling at Gen Digital led to its decline. EPAM Systems was downgraded by Wolfe Research.



Read more at Nasdaq: Stocks Settle Mixed as Indexes Consolidate Below Record Highs