Tech stocks boosted overall market with positive corporate news, while Cisco's drop weighed on Dow.

From Nasdaq.: 2024-06-05 12:55:29

Stock indexes saw mostly gains today, with the S&P 500 and Nasdaq hitting 1-1/2 week highs. Positive corporate news boosted tech stocks, while a -3% drop in Cisco weighed on the Dow. US economic data was mixed, with the May ADP employment report signaling a labor market slowdown.

Mortgage applications fell -5.2% last week, with average 30-year fixed rates rising to 7.07%. In May, ADP employment rose +152,000, while the ISM services index hit a 9-month high of 53.8. Market focus shifts to the ECB and US payroll report for potential rate cut clues.

Positive Q1 earnings are supporting stocks, with a +7.1% y/y growth. Overseas markets are mixed, with the Euro Stoxx 50 up +1.53%, China’s Shanghai Composite down -0.83%, and Japan’s Nikkei down -0.89%. T-notes saw gains after weaker US job data, while European bond yields are mixed.

Stock movers include Lam Research, Hewlett Packard Enterprise, ASML Holding NV, CrowdStrike Holdings, and Applied Materials, all seeing gains. Intel leads Dow gainers after a joint venture agreement, while Dollar Tree and Brown-Forman see losses. Earnings reports today include Brown-Forman Corp, Campbell Soup Co, and Lululemon Athletica Inc.



Read more at Nasdaq.: Stocks See Support from Tech Stocks