From Nasdaq: 2024-11-07 18:34:56

Stocks surged on Thursday, with the S&P 500, Dow Jones, and Nasdaq 100 hitting new highs. Chip stocks boosted the market, led by ARM Holdings up 4% after strong earnings. JPMorgan Chase dropped over 4% post-downgrade. FOMC cut rates by 25 bp, citing balanced risks.

US economic news mixed: Weekly jobless claims and Sep consumer credit underperformed. Q1 productivity weaker than expected, unit labor costs higher. Initial claims rose to 221,000, productivity up 2.2%, unit labor costs up 1.9%. Sep consumer credit rose $6.002 billion.

Fed Chair Powell noted core inflation still elevated. Global markets supported by China’s strong exports. S&P 500 sees 78% of companies beat Q3 earnings estimates. Market anticipates 71% chance of a rate cut in December. Overseas markets mixed, Euro Stoxx up 1.07%, Shanghai up 2.57%.

Interest rates: 10-year T-notes up on FOMC rate cut. US jobless claims and productivity data impact T-notes. European bond yields mixed. Eurozone retail sales rise, German trade data better than expected. BOE cuts rates, ECB expected to cut rates in December.

Stock movers: ARM Holdings, Intel, and chip stocks rise. EPAM Systems reports strong earnings, Warner Bros Discovery beats subscriber expectations. McKesson raises forecast, Vistra Corp boosts Ebitda outlook. Lyft, Ralph Lauren, and Take-Two Interactive report positive results. Match Group, MercadoLibre, Corteva, and Rockwell Automation face losses. JPMorgan Chase, Steris Plc, and KeyCorp also see declines. Earnings reports for various companies released on 11/8/2024.



Read more at Nasdaq: Stocks Finish Higher as Fed Cuts Interest Rates