Stock indexes are up today, with the Nasdaq 100 reaching a 1.5-week high. Chip stocks are driving gains, with MongoDB up over +24% and Credo Technology Group Holding up over +15% on strong earnings. Boeing is up over +8% after positive cash flow projections. Bond yields are higher, affecting stock gains.

The OECD maintained global GDP forecasts but raised US and Eurozone GDP estimates due to AI investment and supportive policies. Market focus this week is on US economic data, with expectations for a -25 bp rate cut at the next FOMC meeting being 92%.

Q3 earnings season is ending strong, with 83% of S&P 500 companies beating forecasts. Overseas markets are mixed, with the Euro Stoxx 50 up and China’s Shanghai Composite down. T-notes are down due to rising inflation expectations. Swaps indicate a 3% chance of an ECB rate cut in December.

Semiconductor stocks are boosting the market, with Intel and NXP Semiconductors leading gains. Energy companies like Baker Hughes and Marathon Petroleum are dragging down the market. MongoDB’s strong Q3 results have propelled its stock up over +24%.

Credo Technology Group Holding is up over +15% on better-than-expected Q2 results. Boeing’s positive cash flow outlook has lifted its stock over +8%. Teradyne, Cloudflare, and OneStream are also showing positive gains. Six Flags Entertainment and Dexcom are up, while Symbotic and Packaging Corp of America are down.

Procter & Gamble is down over -2% due to expected US consumer weakness. Earnings reports for 12/2 include Crowdstrike Holdings, Gitlab Inc, Marvell Technology, Okta Inc, and Pure Storage Inc.

Read more at Nasdaq: Stock Indexes Push Higher on Strength in Chip Makers