From Nasdaq: 2024-11-07 13:18:21

The S&P 500, Dow Jones, and Nasdaq 100 all hit new highs today, boosted by post-election gains and positive chip stock performance. US economic news was mixed, with jobless claims rising less than expected but productivity and labor costs showing mixed results. Global markets received a boost from China’s strong export data.

US initial unemployment claims rose slightly, indicating a stronger labor market. Q3 nonfarm productivity fell short of expectations, while unit labor costs exceeded forecasts. China’s exports surged, but imports disappointed, impacting global growth prospects. The focus remains on the FOMC meeting and Q3 earnings reports.

Expectations are high for a 25 bp rate cut at the FOMC meeting. Overseas markets are mixed, with Europe seeing gains and losses. T-notes are up in anticipation of the rate cut. European bond yields are mixed, with German bunds hitting a 3.5-month high.

Eurozone retail sales exceeded expectations, while German trade data showed mixed results. The Bank of England cut rates by 25 bp. Swaps predict a rate cut for the ECB. US stock movers include ARM Holdings, Intel, and EPAM Systems leading gains, while Match Group and MercadoLibre are down.

Various companies are reporting strong earnings, with EPAM Systems, Warner Bros Discovery, and Vistra Corp leading gains. Lyft and Ralph Lauren also saw positive growth. Conversely, Match Group and MercadoLibre reported weaker results. Corteva and Rockwell Automation are among the losers.

Upcoming earnings reports for November 7, 2024, include Air Products and Chemicals, Airbnb, Becton Dickinson, Expedia Group, Moderna, Ralph Lauren, and more. Check out Barchart for more stock market news. Remember, all information in this article is for informational purposes only.



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