Mega-cap tech stocks rallied, boosting the market with Nasdaq leading gains

From Nasdaq: 2024-06-25 18:09:28

Stock indexes closed mixed on Tuesday with the S&P 500 up +0.39%, Dow Jones down -0.76%, and Nasdaq up +1.16%. Mega-cap tech stocks rallied, boosting the market, while Carnival rose more than +8%. Fed Governor Bowman’s hawkish comments were bearish for stocks, and the market awaits US May core PCE deflator data on Friday.

Interest rates on 10-year T-notes closed up +2 ticks on Tuesday, with the yield falling to 4.230%. European government bond yields also moved lower. Swaps indicate a 6% chance of a -25 bp rate cut by the ECB on July 18.

US stock movers included Nvidia (+6%) leading gains in Nasdaq 100, Carnival (+7%) after strong revenue report, and Apple (+1%) after a price target raise. Pool Corp (-8%) cut its full-year EPS forecast, impacting building-related stocks.

Various other stocks saw movements on Tuesday, with some bouncing back after Monday’s slumps. Most earnings reports for the day are scheduled for June 26, including companies like Micron Technology Inc and General Mills Inc.



Read more at Nasdaq: Mega-Cap Tech Stocks Climb and Boost the Broader Market