Stocks are up on chip stock strength and a Fed-friendly payroll report

From NASDAQ MarketSite: 2025-03-07 13:44:01

Stock indexes are up today, with the S&P 500, Dow Jones, and Nasdaq all showing gains. Chip stocks, led by Broadcom, are up after strong earnings. Energy stocks are also climbing with WTI crude oil up more than 2%. Bond yields fell on a Fed-friendly payroll report, but fears of a global trade war persist.

President Trump’s tariffs on Canadian, Mexican, and Chinese goods raise concerns about a trade war. Chinese trade data disappoints, impacting global growth prospects. Fed Chair Powell’s speech today will be closely watched. Markets predict a 7% chance of a rate cut at the next FOMC meeting. Overseas stock markets are lower.

Interest rates are up, with T-notes moving higher on the Fed-friendly payroll report. European bond yields also fall. Eurozone GDP revised upward, but German factory orders decline. ECB may be cautious about further rate cuts. Swaps predict a 65% chance of an ECB rate cut in April.

US stock movers include chip stocks like Broadcom and Micron Technology rallying. Energy stocks like APA Corp and ConocoPhillips are up. The Gap reports strong sales, Walgreens Boots Alliance to be purchased for $10 billion. HP Enterprise and Cooper Cos report weaker results. Costco Wholesale and Samsara are down. Intuitive Machines faces issues with moon lander.

Earnings reports for 3/7 include Advantage Solutions, Aemetis Inc, Aldeyra Therapeutics, and more. Rich Asplund did not have positions in securities mentioned. Information is for informational purposes only.



Read more at NASDAQ MarketSite: Stocks Climb on Chip Stock Strength and a Fed-Friendly US Payroll Report