Stocks rise with S&P 500 hitting all-time high, led by chip stocks

From Nasdaq: 2024-09-26 17:16:18

Stocks are climbing today, with the S&P 500 hitting a new all-time high and Micron Technology leading chip stocks up more than +13% after strong forecasts. US labor market shows signs of strength with weekly jobless claims falling to a 4-month low. Energy stocks are under pressure as WTI crude oil falls more than -2%. Overseas markets are sharply higher today.

US weekly initial unemployment claims unexpectedly fell to a 4-month low of 218,000, showing a strong labor market. US Q2 GDP remains at +3.0%, beating expectations. Aug capital goods new orders up +0.1%. Pending home sales rose +0.6%. Global markets surge after China vows fiscal support. China plans to issue $284 billion in bonds to boost consumption.
Interest Rates10-year T-notes yield rose to 3.808% after falling early. US jobless claims and S&P 500 record high led to T-note price drop. European bond yields mixed with German bund at 2.171%. Eurozone M3 money supply up +2.9% y/y, German GfK consumer confidence up +0.7. Swaps predict ECB rate cut at 60%.

Chip stocks rally, with Micron up +13% on strong forecasts. Southwest Airlines up over +10% on $2.5 billion buyback plan. Accenture Plc beats Q4 revenue and forecast. Alaska Air Group up more than +3% on buy recommendation. Aramark up +3% on acquisition talks. NRG Energy boosts Ebitda estimate, Starbucks up +1%. Energy stocks slide led by Diamondback down over -5%. Super Micro Computer drops over -13% on investigation news.

Sonos down over -4%, Northern Trust down over -2% after downgrade. CrowdStrike falls over -2% on insider selling news. GE Healthcare Technologies down over -1% after UBS downgrade. Earnings reports from Accenture PLC, CarMax Inc, Costco Wholesale Corp, Jabil Inc, TD SYNNEX Corp, Vail Resorts Inc.



Read more at Nasdaq: Stock Indexes are Moderately Higher as Chip Stocks Lead the Advance