From Nasdaq: 2024-11-14 13:09:53

Stocks were mostly lower today on long liquidation and profit-taking ahead of Fed Chair Powell’s speech. Positive corporate news boosted Walt Disney by over 7%. US economic data showed a strong labor market and higher producer prices, impacting Fed policy. Markets await Powell’s speech and Friday’s retail sales report.

Companies in the S&P 500 reported stronger-than-expected Q3 earnings, with an average y/y increase of 8.4%. The chance of a -25 bp rate cut at the December FOMC meeting is at 76%. Overseas markets were mixed, with Euro Stoxx up, Shanghai down, and Nikkei at a 1-week low. Interest rates fluctuated today.

European government bond yields were mixed, with Germany and the UK seeing declines. Eurozone industrial production fell more than expected in September. The ECB is concerned about inflation and is expected to cut rates in December. Swaps indicate a high chance of a rate cut. US stock movers included Super Micro Computer, affected by a delayed filing, and government contract companies under pressure.

Chip stocks rose after positive news from ASML Holding NV. Airline stocks climbed on positive sentiment from Barclays. Wynn Resorts Ltd saw gains after a stake report. Charles Schwab reported strong new net assets. CNH Industrial NV rose after a new investment. Beazer Homes USA reported strong Q4 revenue. Earnings reports for 11/14 include Advance Auto Parts, Applied Materials, Globant SA, Post Holdings, and Walt Disney.



Read more at Nasdaq: Stocks Slightly Lower Ahead of Fed Chair Powell