Stocks rally on positive economic news and chip stocks climbing

From Nasdaq: 2024-08-08 12:59:12

US stocks are up today with the S&P 500, Dow Jones, and Nasdaq all seeing gains. Positive corporate news from Parker-Hannifin, Eli Lilly, and Datadog are contributing to the market’s strength. The BOJ’s summary of policy meeting shows they expect accommodative policy despite raising interest rates, causing strength in the yen.　

Financial markets are recovering after last week’s turmoil following the BOJ’s rate hike. Most S&P 500 companies are beating earnings consensus, but only 43% are beating revenue expectations. Expectations are high for a -25 bp rate cut at the September FOMC meeting. Overseas markets are mixed, influencing US trading. Bond yields in Europe are rising, with swaps indicating a rate cut by the ECB.

Chip stocks are leading US stock movers, with ON Semiconductor, Applied Materials, and others seeing gains. Viatris, Eli Lilly, Datadog, Zillow, and CRH Plc are also up. Warner Bros Discovery, McKesson, Monster Beverage, Dutch Bros, and Sarepta Therapeutics are experiencing losses. Zebra Technologies and Walt Disney are also down. Many companies are reporting earnings today, influencing stock movements.



Read more at Nasdaq: Stocks Rally as Economic Concerns Ease and Chip Stocks Climb