From Nasdaq: 2024-07-10 18:08:04

Stock indexes rallied on Wednesday with the S&P 500, Nasdaq 100, and Dow Jones Industrials all posting gains. Chip stocks led technology stocks higher as Taiwan Semiconductor reported strong Q2 sales, boosting Nvidia and Apple. On the downside, software stocks fell after Intuit cut 10% of its workforce.

US mortgage applications fell -0.2%, with purchase mortgages up +1.0%, and refinancing mortgages down -2.2%. The 30-year fixed mortgage rate fell to 7.00%. Fed Chair Powell says inflation is receding but isn’t confident it’s slowing to the Fed’s 2% goal. Markets await the June US CPI report.

Interest rates: 10-year T-notes closed up, with the yield falling to 4.276%. Fed Chair Powell’s comments on balance sheet reduction and the S&P 500 hitting a record high reduced safe-haven demand for T-notes. European bond yields moved lower. ECB expected to cut rates in July and September.

Stock movers: Chip stocks like ON Semiconductor, AMD, and Micron rallied on strong sales from Taiwan Semiconductor. Illumina and Newmont led gains in the Nasdaq 100. Software stocks like Intuit and Atlassian fell. Deckers Outdoors and Mastercard were top losers.

Earnings reports for July 11th include Bank7 Corp, Conagra Brands, Delta Air Lines, Methode Electronics, Northern Technologies International, and PepsiCo. Schwab sees a 5% chance for a rate cut in July and 74% chance in September. European and Asian stock markets settled mixed on Wednesday.



Read more at Nasdaq: S&P 500 and Nasdaq 100 Post Record Highs as Tech Stocks Rally