Stocks close mixed with S&P 500 and Nasdaq 100 hitting new all-time highs

From Barchart: 2024-07-09 18:19:10

Stock indexes closed mixed on Tuesday, with the S&P 500 and Nasdaq 100 hitting new all-time highs. Bank and chip stocks led gains, while weakness in restaurant shares and higher T-note yields weighed on equities. Fed Chair Powell said good data could ease inflation worries. Markets eye upcoming CPI report and Q2 earnings season.

Interest rates rose as T-notes fell on Fed Chair Powell’s comments on inflation and solid demand at Treasury auction. European bond yields also moved higher. ECB Governing Council member Panetta emphasized gradual rate cuts. Swaps indicate expectations for ECB rate cut in July.

Bank stocks rallied after reports of possible reduction in capital requirements for large US banks. Chip stocks rose on raised price target for Nvidia. Stock movers included Citigroup, Nvidia, and Principal Financial Group. Losers included Albemarle, restaurant stocks, and companies like Helen of Troy and Helios Technologies.

Upcoming earnings reports on 7/10/2024 from AZZ Inc, E2open Parent Holdings Inc, PriceSmart Inc, Pure Cycle Corp, and WD-40 Co. Market news from Barchart. Rich Asplund has no positions in mentioned securities. Information for informational purposes only. Opinions are author’s own and do not reflect Nasdaq, Inc.



Read more at Barchart: Stocks Finish Higher on Balanced Comments from Fed Chair Powell