Stocks rise, led by chip and AI stocks, boosted by positive corporate news

From NASDAQ: 2024-09-25 14:21:35

Stocks are mostly higher, with the S&P 500 and Nasdaq 100 hitting new highs, boosted by chip stocks and AI infrastructure companies. Positive corporate news from Progressive Software and Flutter Entertainment Plc fuel gains, despite long liquidation pressures. However, GM and KB Home falter on negative updates, impacting equities. US MBA mortgage applications rise 11%, while August new home sales drop 4.7%.

Interest rates tick up with 10-year T-notes yield at 3.774%. European government bond yields also rise. The ECB is expected to cut rates gradually, with swaps pricing in a rate cut at 61% for the October meeting. US stock movers include gains in tech stocks like Intel and Nvidia, with HP Enterprise and Progressive Software leading. Losers include Global Payments and Amgen after downgrades. Earnings reports feature Cintas, Concentrix, and Micron Technology.



Read more at NASDAQ: Stocks See Mild Support from Chip and AI Stocks