From Nasdaq: 2024-11-21 13:43:34

Stocks were mixed today, with the S&P 500 down -0.27%, the Dow Jones up +0.19%, and the Nasdaq down -0.66%. Alphabet’s -4% slump weighed on the market, while Snowflake surged +30% on strong Q3 earnings. Bitcoin hit a new record high above $98,000, boosted by optimism around crypto-friendly regulations.

Comments from NY Fed President Williams supported stocks, saying US economic growth is strong. Bitcoin’s price surge was driven by optimism around President-elect Trump’s support for crypto. The S&P 500 saw 75% of companies beat Q3 earnings estimates, with an average +8.5% y/y increase.

Overseas markets were mixed, with the Euro Stoxx 50 up +0.11% and Japan’s Nikkei down -0.85%. T-notes were higher on safe-haven demand amid Ukraine-Russia tensions. European bond yields fell, and Eurozone car registrations rose. Swaps predict a -25 bp rate cut by the ECB.

Software stocks like Snowflake and MongoDB surged today, while MicroStrategy rose +10% on increased notes sale for Bitcoin purchases. Deere & Co reported strong Q4 income, while Alphabet and Warner Music Group saw losses. Earnings reports for BJ’s Wholesale, Copart, and others are due on 11/21/2024.



Read more at Nasdaq: Stocks Mostly Lower as Alphabet and Nvidia Fall