Global stocks rally on dovish Bank of Japan comments, US markets up, positive earnings news.

From Nasdaq: 2024-08-07 11:35:47

US stocks rallied today, with the S&P 500 up 1.42%, Dow Jones up 0.77%, and Nasdaq up 1.78%. Japanese stocks climbed on dovish BOJ comments, Nikkei up 1%. Financial markets in turmoil as BOJ unexpectedly raised rates. Positive corporate news from Fortinet, Axon Enterprise, and Global Payments boosts stocks. MBA mortgage applications rose 6.9%.

Chinese trade news mixed with exports weaker and imports stronger than expected. S&P 500 Q2 earnings expected to rise 9% y/y, but only 43% of companies beat revenue expectations. Markets predict 100% chance of -25 bp rate cut at FOMC meeting. European government bond yields increase. German industrial production up, exports down -3.4%.

US stock movers include chip stocks like Marvell, ARM Holdings up more than 4%. Fortinet leads gainers in S&P 500 and Nasdaq after strong Q2 billings. Shopify up 22% after revenue beat. Global Payments, Builders FirstSource, VF Corp also up. Airbnb forecast lower revenue, Super Micro Computer reports weak Q4, Trip Advisor below consensus on revenue. Amgen down over 5% after missing EPS consensus.

Emerson Electric down over 3% after reporting lower net sales. Earnings reports today include Atmos Energy, Bio-Techne, CF Industries, Wal Disney, Warner Bros Discovery, and more. Market data from Barchart. Rich Asplund does not hold positions in securities mentioned. All information for informational purposes only.



Read more at Nasdaq: Global Stocks Rally on Dovish Bank of Japan Comments