From Nasdaq: 2024-06-05 18:12:34

Stock indexes closed higher on Wednesday, with the S&P 500 and Nasdaq 100 hitting all-time highs. Chip stocks drove tech gains, while positive corporate news from Hewlett Packard Enterprise and CrowdStrike Holdings boosted sentiment despite mixed economic data.

US mortgage applications fell, with a 0.02 bp increase in the 30-year fixed rate. The May ADP employment change was weaker than expected, while the ISM services index exceeded expectations. Markets await the ECB meeting and Friday’s US payroll report for potential policy signals.

Q1 earnings reports have been positive, with a 7.1% y/y growth and 81% of S&P 500 companies beating estimates. Overseas markets moved mixed, impacting European government bond yields. T-note prices rose after the US ADP data but were dampened by a rally in the S&P 500.

Notable US stock movers included Broadcom, Nvidia, Micron Technology, and Hewlett Packard Enterprise, which saw significant gains. Onyx Semiconductor and Crowdstrike Holdings also performed well. Fertilizer stocks dropped on Egypt’s nitrogen output news, while American Express faced a decline after eBay’s decision.

Earnings reports scheduled for 6/6/2024 include Ciena Corp, DocuSign Inc, and J M Smucker Co. Stock sentiment remains positive overall, with a focus on upcoming economic and corporate announcements for market direction.



Read more at Nasdaq: S&P 500 and Nasdaq 100 Post Record Highs as Tech Stocks Soar