From Nasdaq

January 17, 2025 1:28:53 pm:

The S&P 500, Dow Jones, and Nasdaq are all up today, with futures also showing gains. Chip stocks are boosting the market, and lower T-note yields are supporting stocks. European stocks rallied to a 24-year high, and China’s strong economic data is lifting global markets.

US economic data for December exceeded expectations, with housing starts, building permits, and manufacturing production all showing strength. The IMF raised its 2025 global GDP forecast to 3.3%, citing stronger US demand. However, hawkish comments from a Cleveland Fed President are concerning for stocks.

Bitcoin prices are up over 3% on news of a potential executive order from President-elect Trump. Earnings season kicks off with analysts forecasting 7.5% growth in S&P 500 earnings for Q4. The chance of a rate cut at the January FOMC meeting is low, and global markets are mixed.

Chip stocks like GlobalFoundries and Advanced Micro Devices are leading gains, along with cryptocurrency-related stocks following the Bitcoin price increase. Intel is up over 7% amid acquisition rumors. Lumentum Holdings, Truist Financial Corp, and other stocks are also seeing positive movement.

On the flip side, JB Hunt Transport Services, State Street, Fastenal, and other companies are experiencing declines. Vistra Corp is down after a fire at one of its power plants. Analyst downgrades are impacting stocks like HubSpot and Spotify Technology. Earnings reports for January 17 include companies like Citizens Financial Group and Schlumberger NV.

Read more at Nasdaq: Stocks Climb on Lower Bond Yields and Chip Stock Strength