Stocks rally with S&P 500 hitting new high, tech sector boosted by AI infrastructure

From NASDAQ MarketSite: 2024-09-25 14:21:37

The S&P 500 hits a new record high, with the Dow down but the Nasdaq up. AI infrastructure stocks drive tech sector gains. Progressive Software surges over 11% on strong earnings, while Flutter Entertainment projects a $21 billion revenue by 2027. KB Home and General Motors slump on weaker-than-expected results.

Mortgage applications surge 11% last week, with the 30-year fixed rate hitting a 2-year low of 6.13%. The markets await Friday’s US core PCE price index report. Expectations are for a +2.7% y/y increase, prompting a 100% chance of a -25 bp rate cut in November and a 59% chance for a -50 bp cut then.

Overseas markets are mixed, with the Euro Stoxx 50 down and China’s Shanghai Composite up. In the US, ARM Holdings and Nvidia lead technology stock gains, while HP Enterprise climbs after an upgrade. On the flip side, Global Payments, Ford Motor, and Tyson Foods fall after downgrades.

Earnings reports today include Cintas Corp, Concentrix Corp, Jefferies Financial Group, and Micron Technology. Expedia Group drops after a downgrade, while DoorDash rises on an upgrade. The ECB signals gradual rate cuts “in the near future,” raising expectations for a -25 bp cut in October.



Read more at NASDAQ MarketSite: Stocks See Mild Support from AI Stocks