Stock indexes post modest gains thanks to strong performance from FedEx and Amazon

From Nasdaq: 2024-06-26 18:19:23

Stock indexes posted modest gains Wednesday, with S&P 500 closing up +0.16%, Dow Jones up +0.04%, and Nasdaq 100 up +0.25%. FedEx rose +15% after strong Q4 results. Amazon closed up +3% on plans for low-priced online store. Bond yields ticked up on hawkish Fed comments. US May new home sales fell -11.3%.US mortgage applications rose +0.8%. Average 30-year fixed rate mortgage fell -1 bp to 6.93%. Markets await Friday’s US core PCE deflator data. Q1 earnings expected to climb +7.1% y/y. Overseas markets settled mixed. Euro Stoxx down -0.41%, Shanghai Composite up +0.76%, Nikkei up +1.26%.Interest rates edged higher on hawkish Fed comments. European government bond yields rose. German consumer confidence fell unexpectedly. ECB member Rehn hints at possible rate cuts. Market pricing in minimal rate cut chances by ECB.US stock movers include FedEx (+15%), Amazon (+3%), Campbell Soup (+3%), Whirlpool (+16%), Apple (+1%), Vista Outdoor (+9%), and Rivian Automotive (+23%). Moderna down more than -10% on vaccine data. Aptiv Plc and Paychex down more than -6%. General Mills and Worthington Enterprises down more than -3%. Earnings report due on 6/27 for Accolade, Acuity Brands, Apogee Enterprises, Lindsay Corp, McCormick & Co, NIKE, Simply Good Foods, SunPower, Walgreens Boots Alliance.



Read more at Nasdaq: Stocks Post Modest Gains on Strength in FedEx and Amazon