From Nasdaq: 2024-06-13 11:35:29

Stock indexes were mixed today, with the Nasdaq 100 hitting a new all-time high. Bond yields fell after weaker-than-expected US May producer prices. Weekly jobless claims rose to a 10-month high, increasing chances of a Fed rate cut. Positive corporate news boosted stocks, with Broadcom up over 14% and Tesla up over 6%.

US weekly initial unemployment claims rose unexpectedly to a 10-month high of 242,000. May PPI final demand and PPI ex-food and energy eased, below expectations. Market pricing for a -25 bp rate cut in July is low. Generally positive Q1 earnings are supporting stocks, with a 7.1% y/y growth expected. Overseas markets closed lower.

Interest rates for 10-year T-notes rose with bond prices after dovish economic reports. European bond yields were mixed, and Eurozone industrial production fell unexpectedly. ECB member Muller hinted at higher interest rates to reach inflation targets. Broadcom and Tesla led gainers in US stocks, while Paramount Global and Airbnb saw losses. Several companies reported earnings on 6/13/2024.



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