Dovish comments from BOJ help push US stocks higher, positive for market.

From NASDAQ: 2024-08-07 13:00:44

US stocks are up today, with the S&P 500, Dow Jones, and Nasdaq all showing gains. The positive movement is linked to a rally in Japanese stocks following dovish comments from the BOJ Deputy Governor about not raising interest rates during market instability. Megacap tech stocks are supporting the market, with chip stocks also performing well.

Positive corporate news is boosting stocks, with Fortinet, Axon Enterprise, and Global Payments all seeing gains after reporting strong Q2 results. US MBA mortgage applications have also risen by +6.9%, with refinancing applications up by +15.9%. Chinese trade news is mixed, with weaker than expected exports but stronger than expected imports.

Market sentiment favors a -25 bp rate cut for the September FOMC meeting. Overseas markets are rising, and European bond yields are moving higher. In corporate news, Netflix, Apple, Amazon, and other tech giants are seeing gains. Losers include Super Micro Computer, Charles River Laboratories, and Airbnb. Earnings reports are due from companies like CVS Health, Disney, and Warner Bros Discovery.



Read more at NASDAQ: Dovish Bank of Japan Comments Push Stocks Higher