Stock indexes fell as chip stocks retreated, influenced by Qualcomm plunge, weaker US economic reports

From Nasdaq: 2024-06-20 18:31:02

Stock indexes closed mixed on Thursday, with the Dow hitting a 4-week high. Chip stocks drove initial gains, but a Qualcomm plunge led to broader market pressure. Fed expected to cut rates. US economic reports weaker than expected. Initial unemployment claims down but still weak. Housing starts and permits unexpectedly down. Philly Fed fell, chances for rate cut low.

T-note yields rose on hawkish comments, but prices recovered on dovish economic news. European bond yields mixed. Eurozone car registrations fell. German PPI weaker than expected. Swaps discount rate cut chances by ECB. BOE kept rates unchanged, open to cuts. US stock movers include Jabil, Micron, and Trump Media & Technology Group.

Gilead Sciences up after a successful HIV prevention trial. Accenture reports strong bookings. Energy stocks rise on WTI crude rally. Darden Restaurants sales beat consensus. Earnings reports include 3D Systems Corp and CarMax Inc. Market support from Q1 earnings performance. Overseas markets mixed. Shanghai Composite at 2-month low. Nikkei up.



Read more at Nasdaq: S&P 500 and Nasdaq 100 Fall from Record Highs as Chip Stocks Retreat