From Nasdaq: 2024-11-07 11:38:47

The S&P 500, Dow Jones, and Nasdaq 100 hit all-time highs today, boosted by post-election gains and chip stock strength. Qualcomm’s +2% jump on strong Q1 revenue outlook led the charge. US jobless claims rose less than expected, but Q1 productivity and labor costs missed estimates.

Global markets rose on China’s strong data, with Shanghai Composite up +2% on export growth. The FOMC meeting and Q3 earnings reports are in focus. 78% of S&P 500 companies beat estimates, with Q3 earnings growth expected at +4.3% y/y, down from July’s +7.9%.

US weekly jobless claims rose slightly, while Q3 productivity and labor costs missed expectations. Overseas markets are mixed, with Euro Stoxx 50 up +0.83% and Shanghai Composite jumping +2.57%. 10-year T-notes are up on expected FOMC rate cut and bond dealers’ short covering.

Eurozone retail sales beat expectations, but German industrial production fell more than expected. BOE cut rates by -25 bp. ECB is expected to cut rates by -25 bp at its December meeting. US stock movers include Qualcomm, EPAM Systems, and Warner Bros Discovery posting strong results.

Notable gainers include Qualcomm, EPAM Systems, and Lyft, while Match Group and MercadoLibre faced losses. Corteva and Rockwell Automation cut forecasts. JPMorgan Chase downgraded. Earnings reports for various companies are due on 11/7/2024. Market news and updates provided by Barchart.



Read more at Nasdaq: Stocks Extend Post-Election Gains Ahead of the FOMC Meeting