Equities staged a late dash from the lows of the day as the race to record highs resumed following a recent stumble as broadening out of the rally on stronger corporate earnings helped soften the blow from chip-led weakness in tech stocks.
An pressured by a McDonald’s-driven wobble in consumer stocks and jump in Treasury yields after Chairman Jerome Powell shackled hopes of a sooner interest rate cut.
An extreme rally in Meta platform (Facebook) stoked bullish bets on big tech even as a blowout jobs report muddied the Federal Reserve rate-cut outlook.
Tech investors ignored the Fed’s warnings of “higher rates for longer” and bought the dip overnight leading into 16% of the S&P500 delivering earnings after the bell. Meanwhile uranium investors rejoiced at 17-year highs as the worlds biggest producer, Kazatomprom, flagged a 20% reduction in forecasted production leaving a 5% supply gap.
Tech stocks led the market lower as the Federal Reserve’s chairman Jerome Powell said it was unlikely that the Fed would cut rates in March, dealing a blow to hopes for sooner rate cut that added fuel to the tech-led selloff.
Stocks were mixed leading into Mega Cap earnings from Microsoft and Google which were released after the bell as continued strength in the labour market relieved pressure on the Fed to bring forward rate cuts
Stocks climbed overnight as investors added to bullish bets on tech ahead of earnings from several mega-cap tech companies, with key macro-economic events including Federal Reserve policy-setting meeting and monthly jobs report due later this week
Stocks fell away from record highs Friday, ending their five-day record run, though still ended the week in positive even as Intel’s slump left a dent in big tech.
Stocks closed at record levels for the fifth-straight session Thursday as investors mulled mostly upbeat corporate earnings
Stocks continued their record run Wednesday, as a surge Netflix underpinned an ongoing melt up in tech
The S&P 500 closed at a new all-time high for the third-straight session Tuesday as bullish bets on tech continued to power stocks.
Equities settled at new record highs overnight, as bullish bets on tech continued ahead of busy week of corporate earnings and key economic data.
