From Nasdaq: 2024-06-24 11:38:31

Stock indexes showed mixed performance, with the S&P 500 and Dow Jones up, but Nasdaq down. M&A activity supported stocks, with Sonoco Products and RXO Inc. making significant acquisitions. Technology stock weakness dampened sentiment as Truist downgraded the sector. Dovish comments by Chicago Fed President Goolsbee boosted stocks.

Markets are anxiously awaiting the release of the US May core PCE deflator, with consensus pointing to a y/y decline. Expectations for a rate cut in upcoming FOMC meetings are low. Positive Q1 earnings results continue to bolster stocks, with most S&P 500 companies exceeding estimates.

Interest rates are down, with T-notes facing pressure from supply concerns following weakness in European government bonds. European government bond yields are rising. The ECB remains data dependent, with swaps pricing in a low probability of a rate cut.

Stock movers include Meta Platforms, IBM, Target, RXO Inc, and Alnylam Pharmaceuticals posting gains. Trump Media & Technology Group expected to receive substantial proceeds. Carrier Global and Planet Fitness also saw positive movement. ResMed took a hit, with chip stocks and AI hardware companies under pressure.

Cryptocurrency-linked stocks are down as Bitcoin hits a 6-week low. Coinbase Global, Marathon Digital, Riot Platforms, and MicroStrategy all facing declines. Earnings reports from Beyond Air Inc, Eagle Pharmaceuticals, Enerpac Tool Group, and Luna Innovations are expected.



Read more at Nasdaq: Equity Market Indexes are Mixed Today Due to Tech Stock Weakness