Stock market rebounded after sell-off, with some companies beating expectations

From Nasdaq: 2024-07-22 18:05:00

The stock market rebounded after last week’s sell-off, with the Dow up +0.32%, S&P 500 up +1.08%, Nasdaq up +1.58%, and Russell 2000 up +1.72%. Major economic data will be released tomorrow, along with Q2 earnings from companies like Coca-Cola, General Motors, UPS, and Spotify.

Semiconductor firm NXP reported earnings in line with expectations, but revenues were slightly lower than anticipated. Guidance was lowered due to a soft automotive production outlook. Cadence Design Systems beat expectations on both earnings and revenues, with strong demand in AI, hyperscale, and automotive businesses driving performance.

Steel company Nucor exceeded expectations on both earnings and revenues, with sales ahead of forecasts. Despite the positive results, shares only rose +1% as steel mill earnings are expected to decline next quarter. Demand for clean hydrogen energy is growing, with projected growth to $500 billion by 2030 and 5-fold by 2050. Zacks Investment Research is offering a special report on 3 industrial giants poised for success in this sector.



Read more at Nasdaq: Markets Bounce Back; Cadence, Nucor Beat, NXP In-Line