From Nasdaq: 2024-06-21 18:15:15

On Friday, major US stock indexes closed mixed, with the Dow reaching a 4-week high while the Nasdaq and S&P 500 dipped. Chip stock weakness, led by Broadcom and Nvidia, weighed on the market. Concerns about the Eurozone economy after a decline in manufacturing PMI added pressure.

US economic data shows expansion, supporting corporate profits but raising concerns about Fed policy. Despite May home sales and leading indicators falling slightly, Q1 earnings are expected to climb above estimates, with 81% of S&P 500 companies beating expectations.

Triple-witching event led to above-average volume and volatility Friday, with $5.5 trillion of positions expiring. Market sentiment reflects low chances of a July rate cut but higher odds for September. Global stock markets closed lower, including Euro Stoxx and Shanghai indexes.

Interest rates fell after US manufacturing data surpassed expectations, influencing Fed policy outlook. European bonds saw mixed results. Eurozone PMI data disappointed, signaling potential ECB rate cuts. US movers included chip stocks like Broadcom and Nvidia, with tech companies facing challenges. Gainers included FactSet Research Systems and Gilead Sciences on positive developments.

Gilead Sciences, McDonald’s, Sarepta Therapeutics, and Spirit AeroSystems were among the notable gainers, with positive news driving their performance. Meanwhile, Smith & Wesson Brands faced a significant drop after announcing lower Q1 sales expectations. Alcoa and Palo Alto Networks saw gains due to upgrades and positive coverage.

Earnings reports from Beyond Air Inc, Eagle Pharmaceuticals, Enerpac Tool Group, and Luna Innovations were released on June 24. The stock market remains dynamic with various factors influencing performance. The outlook reflects a balance between positive corporate results and global economic concerns.



Read more at Nasdaq: Stocks Settle Mostly Lower on Chip Stock Weakness