From Nasdaq: 2024-05-17 14:50:37

Stock indexes in the US are mixed, with the S&P 500 down -0.12% and the Dow up +0.08%, as they consolidate below all-time highs. Dovish comments from Atlanta Fed President Bostic hint at possible rate cuts later this year, supporting stocks. Meanwhile, mixed economic news from China and higher T-note yields dampen gains.

Positive Q1 earnings results are supportive of stocks, with earnings expected to climb +7.1% y/y. The markets are discounting the chances for a rate cut at the upcoming FOMC meetings in June and July. Overseas markets are mixed, with Euro Stoxx 50 falling, China’s Shanghai Composite rising, and Japan’s Nikkei closing down.

Interest rates show 10-year T-note yields up and under pressure from European bonds. ECB Executive Board member Schnabel warns against consecutive rate cuts. In terms of stock movers, companies like Take-Two Interactive Software, Advanced Micro Devices, DuPont, Freeport McMoRan, Doximity, Reddit, and United Airlines Holdings are experiencing gains. Conversely, DXC Technology, Cracker Barrel, Flowers Foods, Gen Digital, and EPAM Systems are down.

Coming up on 5/17/2024, earnings reports from Cato Corp/The, DZS Inc, and RBC Bearings Inc are expected. Stay tuned for more stock market news and updates from Barchart.



Read more at Nasdaq: Stock Indexes Mixed as They Consolidate Below Record Highs