From Nasdaq: 2024-07-29 11:31:49

US stocks saw mixed performance today, with the S&P 500 and Nasdaq 100 up while the Dow Jones fell. Positive economic data and expectations of a Fed rate cut in September contributed to the gains. Central banks in Japan, the US, and the UK are expected to make decisions on monetary policy this week. Tech stocks, including Microsoft and Apple, will report earnings.

The price of Bitcoin surged after US presidential candidate Trump expressed support for cryptocurrencies. Market expectations suggest a rate cut in September if not this week. Overseas stock markets showed mixed results, with gains in Japan and slight declines in Europe and China. Interest rates fell today, with T-notes climbing to a 4-1/2 month high.

European government bond yields decreased, while swaps predict a rate cut by the ECB next week. US stock movers included chip stocks like ON Semiconductor, driving gains in Nvidia and Advanced Micro Devices. Tesla rose after being named the top pick in the auto sector. Alphabet gained after a stock upgrade. Crypto-related stocks saw gains as Bitcoin prices surged.

Abbott Laboratories and Ford Motor were among the losers today, down after legal issues and stock downgrades. Inspire Medical Systems boosted its revenue forecast, leading to a rise in its stock. Molson Coors Beverage and Charles Schwab saw declines after price target cuts and stock downgrades. Earnings reports for Q2 are expected in the coming days for companies like McDonald’s and Hologic Inc.



Read more at Nasdaq: Broader Market Climbs on Strength in Chip Stocks and Lower Bond Yields