From NASDAQ.: 2024-07-29 18:09:59

US stocks closed mostly higher on Monday, with the S&P 500 up +0.08%, Dow Jones down -0.12%, and Nasdaq up +0.19%. Expectations for a Fed rate cut in September boosted the market, with chip stocks leading gains after ON Semiconductor’s strong Q2 EPS. T-note yields fell to a 1-1/2 week low at 4.149%.Central banks are set to announce monetary policy decisions this week, with the BOJ expected to signal rate hikes in September and the Fed likely to cut rates. The Bank of England is anticipated to cut its bank rate on Thursday. Tech stocks like Microsoft, Apple, and Amazon will report earnings. Market consensus expects S&P 500 Q2 earnings to rise +9% y/y.European government bond yields fell on Monday, with the 10-year German bund yield at a 6-week low of 2.344% and UK gilt yield at a 5-week low of 4.017%. Swaps indicate a 91% chance of a -25 bp rate cut by the ECB at its September 12 meeting.US stock movers included ON Semiconductor, McDonald’s, and Charter Communications, which closed up more than +3%. Losers included ARM Holdings, Stellantis NV, and Constellation Brands. Earnings reports from Advanced Micro Devices, Microsoft, and Pfizer are expected on Tuesday.



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