Stock indexes mixed, Nasdaq at record high, Dow low, positive for chip tech stocks

From Nasdaq: 2024-12-13 18:49:25

Stock indexes closed mixed on Friday, with the Nasdaq 100 hitting a new high while the Dow Jones fell to a 3-week low. Positive corporate news boosted stocks, with Broadcom surging 24% after strong AI sales forecast. However, S&P 500 turned lower on rising T-note yields and inflation concerns, with Nvidia dragging tech stocks down.

US import prices rose unexpectedly in November, with a 0.2% increase. The market predicts a 97% chance of a 25 bp rate cut at the upcoming FOMC meeting. Overseas markets were mixed, with Euro Stoxx 50 up 0.05% and China’s Shanghai Composite down 2.01%.

European government bond yields rose, with German bund yield hitting a 3-week high. Industrial production in the Eurozone remained flat, while German exports fell more than expected. ECB member Villeroy de Galhau hinted at more rate cuts next year.

Stock movers included Broadcom, up over 24%, and RH, up over 17% after raising revenue forecasts. Tesla rose over 4% on reports of scrapping self-driving crash reporting order. Nvidia fell over 2%, while RingCentral dropped over 5%.

Earnings reports on 12/16 include Compass Minerals International, Mitek Systems Inc, and Value Line Inc. The author did not hold positions in mentioned securities. Information is for informational purposes only.



Read more at Nasdaq: Stocks Close Mixed as Nasdaq Posts a Record High on Chip Tech Stock Strength