From Nasdaq: 2024-06-24 18:11:34

Stock indexes closed mixed on Monday, with the Dow up and Nasdaq down. Technology weakness weighed on the market. M&A activity boosted stocks, with Sonoco buying Eviosys and RXO Inc acquiring Coyote Logistics from UPS. Fed comments on interest rates also impacted trading.

Fed’s Goolsbee and Daly discussed potential policy moves based on inflation and labor market conditions. Markets are watching the May core PCE deflator release for signs of easing price pressures that could impact future rate cuts expectations. Q1 earnings have been positive, beating estimates, supporting stock prices.

European bond yields were mixed, with the German IFO business climate index falling. Swaps suggest a low possibility of an ECB rate cut. US stock movers include tech companies like Nvidia and AI players like Super Micro Computer. Cryptocurrency stocks fell as Bitcoin hit a 7-week low. Energy stocks rose on higher crude prices.

In other sectors, Packaging Corp of America saw gains on higher containerboard prices. Fertilizer producers surged after China restricted exports. Target rose on a partnership with Shopify. Alnylam Pharmaceuticals and RXO Inc posted gains on positive news. ResMed led losers after a downgrade. Carrier Global and IBM saw gains on analyst upgrades.

Notable earnings on 6/25 include Carnival Corp, FedEx, Ocean Biomedical Inc, Progress Software Corp, TD SYNNEX Corp, and Worthington Enterprises Inc. Stock market news and analysis from Barchart provides insights on market trends and individual stock movements for investors to consider.

Read more at Nasdaq Corporate Solutions: Stocks Settle Mixed on Weakness in Tech Stocks