Stocks rise on strength in metal producers, chip stocks, and positive earnings reports

From Nasdaq: 2025-02-10 13:56:57

Stock indexes are up today, with the S&P 500, Dow Jones, and Nasdaq all showing gains. Metals and mining stocks are on the rise after President Trump imposed tariffs on steel and aluminum imports. Chip stocks also benefit from lower T-note yields. Hyatt Hotels agrees to buy Playa Hotels for $2.6 billion.

Earnings results are mixed, with Rockwell Automation and McDonald’s reporting positive numbers, while Incyte Corp and ON Semiconductor disappoint. Market focus this week includes Powell’s testimony, CPI data, and retail sales figures. Analysts expect a 7.5% y/y growth in S&P 500 earnings for Q4.

Overseas markets are higher, with Euro Stoxx 50, Shanghai Composite, and Nikkei Stock 225 all seeing gains. T-note yields are down, impacted by President Trump’s tariff announcements. European government bond yields are lower, with the Eurozone Sentix investor confidence index rising to a 7-month high.

Aluminum and steel stocks surge after Trump’s tariff news, boosting Cleveland-Cliffs, Century Aluminum, Nucor Corp, and others. Chip stocks like Intel, Nvidia, and Micron Technology also rise. Axsome Therapeutics jumps after a settlement agreement with Teva Pharmaceuticals. Incyte Corp, Bio-Techne, ON Semiconductor, and others face losses after disappointing results.

Stocks like Rockwell Automation, Monday.com, McDonald’s, Shopify, and Robert Half see positive movements. On the downside, companies like Semtech, Illumina, Charles Schwab, and NetApp face declines. Earnings reports for the day include Arch Capital Group, Cincinnati Financial Corp, Loews Corp, and Vertex Pharmaceuticals Inc.



Read more at Nasdaq: Stocks Push Higher on Strength in Metal Producers and Chip Stocks