Chip stocks boost US market, Intel and AMD rise, overall market is positive.

From Nasdaq: 2024-07-08 20:00:00

US stock indexes were mixed today, with the S&P 500 and Nasdaq hitting new highs and the Dow Jones at a 6-week high. Positive corporate news boosted stocks, with Corning up over 6% on Q2 core sales and Morphic Holding surging 74% after a $3.2 billion buyout by Eli Lilly. T-note yields are higher.

Reduced political tensions in France led to gains in Euro Stoxx 50, as far-left party wins divide parliament. President Macron expected to form a new coalition. Markets await Fed Chair Powell’s testimony and June US CPI report. Markets are pricing in a slight chance of a rate cut in July and September.

Overseas markets are lower, with Euro Stoxx 50, China’s Shanghai Composite, and Japan’s Nikkei down. Bond yields ease in Europe, with German May exports falling. Eurozone investor confidence declines. ECB member Muller emphasizes elevated wage gains and service-price growth as reasons not to rush with rate cuts.

Chip stocks drive US market gains, with Intel up over 4% and Advanced Micro Devices up over 2%. Corning leads S&P 500 gainers after strong Q2 core sales. R1 RCM jumps 15% on buyout proposal. Gilead Sciences, Morphic Holding, StoneCo, Domino’s Pizza see stock gains.

ServiceNow down over 4% after downgrade, software and cybersecurity stocks retreat. Devon Energy falls over 2% on $5 billion acquisition. Brinker International down over 1% after downgrade. Earnings reports due from 3D Systems Corp, Greenbrier Cos, KalVista Pharmaceuticals.



Read more at Nasdaq: Chip Stocks Support Overall Stock Market