Stocks finished lower due to negative corporate news and tech stock weakness

From Nasdaq: 2024-11-27 18:24:40

The S&P 500, Dow Jones, and Nasdaq closed lower on Wednesday due to negative corporate news. Dell and HP reported revenue misses, Symbotic delayed filing its Form 10-K, and chip stocks like Micron and Intel fell. Mixed US economic data impacted T-note yields, while pending home sales unexpectedly rose. Expectations for a rate cut at the December FOMC meeting stand at 67%.

Overseas markets were mixed, with the Euro Stoxx 50 down and China’s Shanghai Composite up. T-notes rallied to a 3-1/2 week high as the 10-year yield fell to 4.246%. European bond yields also declined, and the German GfK consumer confidence index dropped. Swaps predict a 100% chance of an ECB rate cut. Stock movers included Dell, HP, and Autodesk, all closing lower, while Ulta Beauty and VeriSign closed higher.

Earnings reports on 11/29 include companies like Cleanspark Inc and Zuora Inc. The author of the article did not have any positions in mentioned securities. Information provided is for informational purposes only.



Read more at Nasdaq: Stocks Finish Lower on Mixed Economic News and Tech Stock Weakness