Stock indexes lower, but positive Q1 earnings and economic data

From Nasdaq: 2024-06-28 15:17:48

Stock indexes are lower in afternoon trade with S&P 500 and Nasdaq 100 reaching new highs earlier today. US economic news showed May core PCE deflator easing to +2.6% y/y. T-note yields rose after stronger-than-expected economic reports. Fed may not be as restrictive as perceived. Overseas markets mixed. Interest rates up.

Positive Q1 earnings supporting stocks with companies beating estimates. US personal spending up +0.2% m/m in May, income up +0.5% m/m. MNI Chicago PMI rose to 47.4 and consumer sentiment revised higher. Fed expected to cut rates. European bond yields higher. German unemployment rose. ECB rate cut expectations.

Synchrony Financial leads S&P 500 gainers after Baird recommendation. Chip stocks climbing today. Healthcare stocks rise on debate news. Tesla up after global electric vehicles data. Infinera up on Nokia Oyj deal. Digital Realty Trust upgraded. Nike, Estee Lauder, and other companies down. Rocket Pharma down after FDA rejection. Earnings reports from DZSI, INBX, NLOP.



Read more at Nasdaq: Stocks Slide on the Last Trading Day of Q2