Positive

From Barchart: 2024-08-15 12:59:57

US stocks are higher, with the S&P 500, Dow Jones, and Nasdaq hitting 2-week highs after strong economic reports. Walmart raised sales guidance, boosting consumer spending outlook. Dovish Fed comments hint at possible rate cut. T-note yields rise as speculation of a 50 bp cut wanes. Retail sales and jobless claims beat expectations.

Walmart surges more than +6% after strong earnings, lifting other retailers like Dollar Tree. Cisco Systems gains over +8% after beating revenue estimates. Chip stocks rally, pushing the market higher. Telecommunication stocks struggle. Ulta Beauty and Deere & Co see gains, while Spire Global and Dillard’s drop. Utility stocks decline on higher bond yields.

Overseas markets are up, Euro Stoxx 50 and China’s Shanghai Composite hit 2-week and 1-week highs. US T-note yields rise. European bond yields also climb. The market expects a -25 bp rate cut by the ECB.Earnings reports include Amcor PLC, Deere & Co, Tapestry Inc, and Walmart Inc. High anticipation for the September FOMC meeting with a 100% chance of a -25 bp cut, 28% chance of a -50 bp cut. Fed officials show openness to further monetary policy easing.



Read more at Barchart: US Economic Strength and Dovish Fed Comments Push Stocks Higher