Stocks rise as bond yields drop, supported by strong chip stocks and record inflow.

From Nasdaq: 2024-11-29 11:48:58

Stocks are up today, with the S&P 500, Dow Jones, and Nasdaq all posting gains. The rally is supported by a decline in bond yields, with the 10-year T-note yield hitting a 1-month low. Chip stocks are climbing on reports of US curbs on chip sales to China.

The S&P 500 reached a record high this month with $141 billion flowing into US equities. Markets are pricing in a 66% chance of a rate cut at the December FOMC meeting. Overseas, European and Asian markets are mixed. Interest rates are up, but t-notes are supported by lower inflation expectations.

Eurozone CPI is steady, while German retail sales fell unexpectedly. Unemployment in Germany is better than expected. ECB members discuss potential rate cuts. US stock movers include chip stocks like Lam Research, up over 3%, and Boeing, up over 1%. Voyager Therapeutics and Zscaler are up, while MercadoLibre and Corteva are down. Microsoft faces an antitrust investigation.

Earnings reports for 11/29/2024 include Cleanspark Inc, iLearningEngines Holdings Inc, Ingles Markets Inc, Nordic American Tankers Ltd, Patterson Cos Inc, Renovaro Inc, and Zuora Inc. Rich Asplund did not have any positions in the securities mentioned.



Read more at Nasdaq: Stocks Gain as Global Bond Yields Fall