Stocks rise due to chip stock strength and lower bond yields, market sentiment positive.

From Nasdaq: 2024-09-13 14:44:42

Stocks posted gains as the S&P 500 and Dow Jones hit 1-1/2 week highs. Chip stocks led the way, boosting the overall market, while a drop in bond yields on dovish comments further supported stocks. Uber and Oracle saw gains, but Adobe and Boeing declined. Expectations are high for a -25 bp rate cut at the next FOMC meeting, with a 33% chance of a -50 bp cut. Overseas markets settled mixed, with the Euro Stoxx 50 rising and China’s Shanghai Composite falling. Interest rates rose slightly, while European government bond yields fell. ECB officials are considering possible rate cuts in October or December. US stock movers included Micron Technology, Uber, and Oracle on the rise, while Adobe, Boeing, and Moderna saw declines. Earnings reports are expected from Dakota Gold Corp, Selectquote Inc, and Spire Global Inc.



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