Microsoft, Amazon, Nvidia Lift S&P 500, Nasdaq Higher | Wall Street Today
U.S. stocks advanced as $NVIDIA (NVDA.US)$, $Microsoft (MSFT.US)$, $Amazon (AMZN.US)$ and $Meta Platforms (META.US)$ rebounded after the latest U.S. economic data bolstered the case for the Federal Reserve to start cutting interest rates in the next few months.
The $S&P 500 Index (.SPX.US)$ rose 1.1% to close at 5459.10, while the tech-heavy $Nasdaq Composite Index (.IXIC.US)$ gained 1.03% to 17,357.88. The $Dow Jones Industrial Average (.DJI.US)$ advanced 1.6% to 40,589.34.
Policymakers are monitoring the progress in their fight to cool inflation back to their 2% target as they prepare for next week's meeting. The Fed's preferred gauge met Wall Street's expectations, while consumer sentiment continued to weaken, giving policymakers more reason to step in to prevent a slowdown in the economy.
MACRO
Consumer sentiment in July were slightly weaker than economists estimated, while the Fed's preferred inflation gauge rose in line with Wall Street estimates in June, adding to a pile of economic data that may sway policymakers to start cutting interest rates in September.
The University of Michigan's consumer sentiment index fell to 66.4 this month, from 68.2 in June. That's slightly lower than the 66.5 expected in a Bloomberg survey and the weakest reading since November 2023.
Meanwhile, the core personal consumption expenditures (PCE) price index, which excludes food and energy, rose 0.2% from a month earlier, according to the Bureau of Economic Analysis. While that's modestly higher than the 0.1% gain seen in May, it's just what the market was expecting for June, according to estimates compiled by Bloomberg. The overall PCE index was up 0.1%, in line with expectations.
SECTORS
The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ slipped to 4.387% from 4.441% in the previous session. The $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ declined to 4.192%, from 4.227%.
$Gold Futures(DEC4) (GCmain.US)$ rose as declining yields boosted the investment appeal of the precious metal that doesn't offer holders any income.
$Gold Futures(DEC4) (GCmain.US)$ rose as declining yields boosted the investment appeal of the precious metal that doesn't offer holders any income.
MOVERS
Microsoft led gains among the Magnificent Seven stocks. On average, analysts expect the tech giant to report quarterly adjusted earnings of $2.94 a share on revenue that's predicted to rise 14.7% to $64.5 billion, according to the average of analyst estimates compiled by Bloomberg.
$3M (MMM.US)$ was the biggest gainer on the S&P 500, rising to the highest since early 2022, after the maker of Post-it Notes, Scotch tape and Command strips reported second-quarter earnings that surpassed analysts' estimates and raised its full-year outlook.
$Charter Communications (CHTR.US)$ shares rallied to become the day's best performer on the Nasdaq after the telecom giant said it lost fewer internet subscribers than expected in the second quarter, muting the impact of its video business' subscriber losses that were steeper than what analysts had modeled.
$Amazon (AMZN.US)$ was the Dow's biggest gainer Friday as investors await the tech giant's earnings results next week. Wedbush expects Amazon Web Services to post growth of over 18% in the second quarter, from a year ago, optimistic on AI's contribution to the business, and the rest of Amazon, Benzinga reported.
$DexCom (DXCM.US)$ shares tumbled 41% to become the worst performer on the S&P 500, after the medical device company expectedly cut its fiscal 2024 revenue outlook to a range of $4 billion to $4.05 billion, from $4.2 billion to $4.35 billion earlier.
$Biogen (BIIB.US)$ shares slumped after European drug regulators rejected the company and Eisai's request for approval of their Alzheimer's medicine Leqembi, citing safety and efficacy issues.
Word from the herd: Mooers, what are you watching?
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See this link for more information.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo News Official Account
In 10 minutes it’s history. At four I’m a dinosaur!
39KFollowers
26Following
46KVisitors
Follow
104247826 :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Laine Ford : no more comments about wall street stock. no
Supermengg :
Zamm : Are the Nasdaq, Dow Jone & SP500 really locomotive to the most of the counters under them?
affable Blobfish_403 : GDP doubled, the number of people receiving unemployment benefits fell, and PCE was higher than expected. If interest rates were cut in September, it would be a real political interest rate cut. The consequences will surely be endless, and we should continue to watch.
章允量 : a![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
ExclusiveTrader : It's definitely good to stay informed. There's so much info on this app!
104476495 : hi
103916021 :
Laine Ford : I buy what wall street does want
View more comments...