Stocks slightly higher on Thursday, positive comments from Atlanta Fed President

From Nasdaq: 2024-06-27 18:26:00

Stock indexes closed slightly higher on Thursday, with the S&P 500 up +0.09%, Dow Jones up +0.09%, and Nasdaq up +0.19%. Early losses were recovered due to weaker US economic reports, speculation on interest rate cuts, and positive comments from the Atlanta Fed President.
Micron Technology and Walgreens Boots Alliance led declines with -7% and -22%, respectively, due to corporate news. International Paper also fell over -7% after Suzano terminated acquisition plans.
Market awaits US May core PCE deflator release and signals possible interest rate cut by the Fed. Weekly jobless claims fell but continuing claims rose, while May capital goods new orders fell unexpectedly.
European bond yields fell, ECB member anticipates limited rate cuts this year. Stocks like Zscaler and Palo Alto Networks rose on demand for cloud security, while Walgreens and Micron Technology declined due to poor earnings.
Boeing rose after China regulator’s approval, while Visa fell after court ruling. Viking Therapeutics and Cargo Therapeutics rose after coverage initiations, while Cencora fell due to news of store closures by Walgreens.
Earnings reports from DZS Inc, Inhibrx Biosciences Inc, NET Lease Office Properties are expected on 6/28/2024. Market sentiment is positive as Q1 earnings growth exceeds estimates, with most S&P 500 companies beating expectations.
Levi Strauss and Stellantis NV declined after reports, while other stocks like McCormick and Arista Networks rose. Global markets closed lower, with Eurozone economic confidence slipping and some key stock indexes falling.



Read more at Nasdaq: Stocks Finish Slightly Higher on Fed Optimism