Tech stocks boost market, chip stocks like ON Semiconductor perform well, overall market positive.

From Nasdaq Inc.: 2024-07-29 12:44:20

US stocks traded mixed today, with the S&P 500 and Nasdaq 100 up while the Dow Jones down. Tech stocks boosted the market on expectations of a Fed rate cut. Weaker-than-expected economic news had a negative impact. Major central banks are expected to decide on monetary policy this week.

Investors are focusing on tech stocks with key earnings reports this week from Microsoft, Meta, Apple, and Amazon. The market anticipates Q2 earnings for S&P 500 companies to rise by 9% year-over-year, with a majority beating consensus on earnings but falling short on revenue expectations.

Bitcoin surges 1% to a 6-week high after US presidential candidate Trump’s remarks on turning the US into a crypto capital if elected. Market expectations for a rate cut stand at 100% for September if not this week. Overseas markets are mixed, with notable movements in the Euro Stoxx 50, Shanghai Composite, and Japan’s Nikkei Stock 225 Index.

Interest rates on 10-year T-notes are up today as European government bond yields fall. Swaps indicate an expected rate cut by the ECB. Chip stocks like ON Semiconductor are seeing gains after beating Q2 earnings, boosting ON Semiconductor more than 13%. Other chip stocks like NXP Semiconductors and Microchip Technology are up as well.

Tesla rises more than 6% after being named a top pick in the US auto sector by Morgan Stanley. McDonald’s leads gains in the Dow Jones after reporting better-than-expected Q2 sales. Alphabet and Guardant Health also see positive moves after upgrades and FDA approvals. Abbott Laboratories and ARM Holdings Plc are among the losers in today’s trading.



Read more at Nasdaq Inc.: Overall Market Pushes Higher on Strength in Chip Stocks