Stocks mixed with Dow Jones hitting record high, Nasdaq falling on chip stock weakness.

From Nasdaq: 2024-07-17 11:45:00

Stock indexes today are mixed, with the Dow Jones Industrials hitting a new record high while the Nasdaq 100 fell to a 2-week low. Concerns on Chinese trade restrictions led to a slide in chip stocks, with the Biden administration considering severe trade restrictions against chip makers. US bond yields rose after stronger-than-expected Jun housing starts and manufacturing production data, with the market pricing in rate cuts.

European government bond yields are moving higher, with the German bund yield recovering and the UK gilt yield up. Swaps are implying a rate cut by the ECB at the July 18 and September 12 meetings. Chip stocks are under pressure as the Biden administration considers severe trade restrictions on chip technology. Mega-cap tech stocks like Apple and Amazon are sliding, while Elevance Health, Five Below, and First Horizon downgraded forecasts.

In notable stock movements, GitLab surges after reports of potential interest, Prologis raises its EPS forecast, and Gates Industrial is added to the S&P Smallcap 600 Index. US Bancorp beats Q2 earnings estimates, while Valero Energy is upgraded. VF Corp sells its Supreme brand for $1.5 billion, and Aehr Test Systems beat revenue estimates. Earnings reports for July 17 include companies like Johnson & Johnson, Kinder Morgan, and United Airlines Holdings Inc.



Read more at Nasdaq: Stocks Mixed as Broader Market Falls on Chip Stock Weakness