- US stock indexes are up today, with the S&P 500 (+1.21%), Dow Jones (+0.58%), and Nasdaq 100 (+2.01%) all in the green. Tech stocks are driving the rally, supported by expectations of a December Fed rate cut. Semiconductor and AI-infrastructure stocks are rebounding from valuation concerns.
- T-note yields are lower, aiding stocks, after Fed Governor Waller hinted at a December rate cut. Economic data this week will guide markets, with retail sales, PPI, and consumer confidence figures due. The BLS delayed key reports to December. Markets see a 72% chance of a December rate cut.
- Q3 earnings season is strong, with 83% of S&P 500 companies beating forecasts. Overseas markets are up, with Euro Stoxx 50 (+0.65%) and China’s Shanghai Composite rebounding. T-notes are higher but face supply pressures. European bond yields are lower. German IFO business climate fell unexpectedly.
- Chip and AI-infrastructure stocks lead US market gains. Broadcom, Western Digital, and Micron are up over 6%. Magnificent Seven tech stocks, including Tesla and Alphabet, are climbing. Healthcare insurers like Oscar Health and Centene are up. Defensive food producers like Campbell’s and General Mills are down.
- Inspire Medical Systems is up over 28%, Lumentum up 11%, and Carvana up 7% on upgrades and target price hikes. Bristol-Myers Squibb and Merck & Co. rise on positive news. Biogen gains on rival’s failed study. Frontline Plc is down over 5% on a downgrade. PureCycle and Performance Food Group decline.
- Earnings reports today include Agilent Technologies, Amentum Holdings, Keysight Technologies, Woodward Inc, and Zoom Communications. The market outlook remains positive, driven by tech and healthcare sectors. Fed rate cut expectations and strong earnings are supporting the current market rally.
Read more at Nasdaq: Stocks Climb as Technology Shares Rebound