From Nasdaq: 2024-05-01 18:08:15

US stock indexes closed mixed on Wednesday, with the S&P 500 down -0.34%, Dow Jones up +0.23%, and Nasdaq down -0.70%. Market seesawed after Fed Chair Powell indicated no rate hike soon due to strong US job data. Corporate earnings were mixed, with CVS Health and Starbucks reporting declines, while Bio-Techne and Garmin rose.

FOMC kept rates unchanged at 5.25%-5.50%, aiming for inflation. Powell mentioned rate cut delay due to gradual inflation rise. US data showed Apr ADP employment up +192,000, surpassing Mar’s revised +208,000. However, Mar JOLTS job openings fell to 3-year low, while Apr ISM manufacturing dipped to 49.2. Bonds rallied on weaker news.

Mortgage apps fell -2.3%, with 10-year T-note yields dropping to 4.616%. Internationally, markets in Europe were on holiday, while Japan’s Nikkei closed -0.34%. Notable stock losers included CVS Health, Starbucks, Super Micro Computer, Skyworks Solutions, Estee Lauder, AMD, Kraft Heinz, and Clorox. Gaining stocks included Bio-Techne, Garmin, DuPont de Nemours, Verisk Analytics, Johnson & Johnson, Amazon.com, Pinterest, and Automatic Data Processing.

Earnings reports for 5/2 featured AES Corp, Alliant Energy Corp, Ameren Corp, AMETEK Inc, Amgen Inc, Apple Inc, Aptiv PLC, Baxter International Inc, Becton Dickinson & Co, and Booking Holdings Inc among others. Markets anticipate potential rate cuts amid mixed economic indicators and corporate performance in the US.



Read more at Nasdaq: Stocks Pressured on the Prospect of Higher for Longer Interest Rates