From Nasdaq: 2024-06-24 12:58:30

Stock indexes had a mixed day, with the Dow Jones Industrials hitting a 1-month high and the Nasdaq 100 falling to a 1-week low. M&A activity boosted stocks, with Sonoco Products acquiring Eviosys for $3.9B and RXO Inc buying Coyote Logistics from UPS for over $1B. Tech sector weakness led to a downgrade from Truist Advisory Services, impacting the Nasdaq 100.

Chicago Fed President Goolsbee’s dovish comments hinted at easing pressure on the economy. The US Jun Dallas Fed manufacturing outlook saw a slight increase. Markets anticipate Friday’s US core PCE deflator release to gauge inflation, possibly leading to interest rate cuts. Expectations are high for positive Q1 earnings results, with a consensus estimate of a 7.1% y/y increase.

Overseas markets saw varied results today, with China’s Shanghai Composite falling to a 3-3/4 month low while Euro Stoxx 50 reached a 1-week high. Interest rates had some fluctuations, with T-notes initially pressured by supply concerns before recovering slightly. European government bond yields were also mixed, with the German bund yield increasing while the UK gilt yield saw a slight uptick.

Stock movers included Super Micro Computer, Nvidia, and Bitcoin-linked stocks facing declines, while Packaging Corp of America and fertilizer producers like Mosaic and CF Industries saw gains. IBM led Dow Jones Industrials gainers after a buy recommendation from Goldman Sachs. RXO Inc and Alnylam Pharmaceuticals soared after significant deals and positive trial results respectively. ResMed faced a downgrade and dropped -11%.

Earnings reports included releases from Beyond Air Inc, Eagle Pharmaceuticals Inc, Enerpac Tool Group Corp, and Luna Innovations Inc. Market remains dynamic with a mix of positive and negative movements across various sectors.



Read more at Nasdaq: Stocks Mixed as Chip Stock Weakness Weighs on the Nasdaq 100