Mixed stock performance due to rising bond yields, positive news boosting market.

From Nasdaq: 2024-04-08 11:52:22

Stock indexes are mixed with the S&P 500 up 0.04%, the Dow Jones up 0.21%, and the Nasdaq down 0.05%. Positive corporate news is boosting the market, with Tesla up 4% after announcing robotaxis. Ducommun is up 17% following a buyout offer, while property stocks are climbing after Blackstone’s acquisition. Rising bond yields are weighing on chip stocks.

The Euro Stoxx 50 is up 0.69%, while China’s Shanghai Composite fell 0.72% and Japan’s Nikkei rose 0.91%. Interest rates on 10-year T-notes are up 1.6 bp at 4.418%, with prices at a 4-1/2 month low. European bond yields are also on the rise. Economic data from Germany shows mixed results, with industrial production up 2.1% m/m.

Stock movers include Tesla, up over 4%, property stocks climbing, and Ducommun up 17% following a buyout offer. Take-Two Interactive Software is up over 1% while Paramount Global is down 4%. Higher T-note yields are weighing on chip stocks, with Nvidia, Marvell Technology, Broadcom, and AMD down over 1%. Skyworks Solutions is also down over 1%.

Today, earnings reports are expected from Eagle Pharmaceuticals Inc/DE and Waldencast plc. The markets are anticipating the US consumer price report and Q1 earnings season starting this Friday with big banks like JPMorgan Chase, Citigroup, and Wells Fargo. Fed rate cut expectations are being scaled back, with a 6% chance of a -25 bp rate cut at the next FOMC meeting.



Read more at Nasdaq: Stocks Mixed on Rising Bond Yields