US stock indexes turn negative after giving back morning rally gains, mixed news overall.

From Nasdaq: 2024-08-07 14:21:46

US stock indexes are down after giving back gains from a morning rally. Fortinet and Axon show significant increases after strong Q2 reports. Global Payments also up after beating EPS expectations. US MBA mortgage applications rise +6.9% with refinancing up +15.9%. Chinese trade news mixed with exports lower and imports stronger.

Markets expect S&P 500 Q2 earnings to rise +9% y/y with most companies beating consensus. ECB may cut rates if inflation trend continues. Megacap tech stocks surge with Netflix, Apple, Amazon, and Microsoft up. Chip stocks like AMD, Qualcomm, and Nvidia also see gains. Interest rates up as stocks rally.

Fortinet leads S&P 500 gainers with strong Q2 report, raises revenue forecast. Shopify up after reporting revenue above consensus. MGM Resorts sees gains after insider buying. Super Micro Computer biggest loser after disappointing Q4 report. Charles River Labs cuts EPS forecast, Airbnb and TripAdvisor also down. Amgen and Trex see losses on weaker than expected reports. Bio-Techne and Emerson Electric down on Q4 results. Earnings reports include CVS, Hilton Worldwide, Walt Disney, and more.



Read more at Nasdaq: Market Rally Fizzles, Stock Indexes Turn Negative