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Stock prices rise on lower bond yields and strength in tech stocks

S&P 500 Index ($SPX) (spy) The Dow Jones Industrial Average rose +0.43% this morning ($DOWI) (diamond) rose +0.15%, while the Nasdaq 100 Index ($IUXX) (QQQ) rose +0.72%.

Stock indexes rose slightly this morning, with the S&P 500 and Nasdaq 100 hitting new record highs. Today’s weaker-than-expected US economic news for February ISM Manufacturing and the University of Michigan led to February consumer sentiment lowering bond yields and driving tech stocks higher.

The US ISM Manufacturing Business Index unexpectedly fell -1.3 to 47.8 in February, lower than the expected rise of 49.5.

U.S. construction spending unexpectedly fell by -0.2% m/m in January, weaker than the expected +0.2% m/m and the largest decline in 15 months.

The University of Michigan’s February U.S. Consumer Confidence Index was revised down by -2.7 to 76.9, lower than the expectation of no change at 79.6.

Fed Director Waller said he would like to see the Fed’s holdings of short-term Treasuries increase and its holdings of mortgage-backed securities (MBS) go to zero.

Today’s corporate news is mixed. NetApp rose more than +24% after reporting better-than-expected third-quarter adjusted EPS and raising its full-year adjusted EPS forecast. Dell Technologies also reported fourth-quarter adjusted EPS that significantly beat consensus, rising more than +27%. On the downside, New York Community Bancorp fell more than -23% after the company identified “material weaknesses” in the way it tracks loan risk. Also, Zscaler fell more than -8% after reporting second-quarter calculated billings were below consensus.

US stocks were supported by strong performance in other global stock exchanges today as the Euro Stoxx 50 Index rose to a 23-year high and the Nikkei Stock Average hit a new record high. ing.

The market is discounting the possibility of a 25 basis point rate cut at the FOMC’s March 19-20 meeting and 25% at its next meeting on April 30-May 1.

Today’s overseas stock markets are rising. The Euro Stoxx50 is up +0.21%. China’s Shanghai Composite ended at +0.39%. Japan’s Nikkei stock index ended up +1.90%.

Interest level

June 10-year T-note (ZNM24) The stock price rose +12 ticks this morning, and the 10-year T-note yield fell -5.1 basis points to 4.199%. June T-notes recovered from early losses and rebounded to a two-week high today, and the 10-year T-note yield fell to a two-week low of 4.180%. Today’s weaker-than-expected U.S. economic report on February ISM manufacturing, January construction spending, and the University of Michigan’s February consumer sentiment triggered the T-Note’s rise.

On the downside for T-notes, the S&P 500 hit a new all-time high today, reducing safe-haven demand for T-notes. Rising inflation expectations also pushed T-notes lower after the 10-year break-even inflation rate rose today to a one-week high of 2.341%.

European government bond yields are falling today. The 10-year German federal bond yield was 2.405%, down 0.6 basis points. The yield on UK 10-year bonds was -1.9 basis points, at 4.104%.

ECB Governing Council member Holzmann warned against cutting interest rates too soon after news of the day showed that inflation in the euro zone was slower than expected in February.

Eurozone February CPI slowed to +2.6% y/y from +2.8% y/y in January, beating expectations of +2.5% y/y. Core CPI rose 3.1% year-on-year in February, slowing down from January’s 3.3% year-on-year increase and marking the slowest pace of increase in nearly two years.

The euro area unemployment rate fell by -0.1 in January, hitting a record low of 6.4%, as expected.

The February S&P manufacturing PMI for the euro area has been revised upward to 46.5, an increase of +0.4 from the previously announced 46.1.

US securities company

NetApp (NTAP) rose more than +24% to become a major gainer on the S&P 500 after reporting third-quarter adjusted EPS of $1.94, stronger than the consensus of $1.68. Additionally, the company’s full-year adjusted EPS forecast has been raised to between $6.40 and $6.50 from the previous estimate of $6.05. $6.25.

Dell Technologies (Dell) is up over +27% after reporting Q4 adjusted EPS of $2.20, well above the consensus of $1.72.

Cooper Kos (COO) is up more than +8% after reporting Q1 net sales of $931.6 million, beating the consensus of $915.9 million.

Semiconductor stocks are higher today as bond yields fall and continued excitement about AI demand. As a result, Micron Technology (Mu) is up more than +5% and leads the Nasdaq 100 in percentage gains. Additionally, Marvell Technology (MRVL) is up more than +5%, while Broadcom (AVGO) rose more than +4%. In addition. Nvidia (NVDA), Advanced Micro Devices (AMD), KLA Corp (KLAC), Lam Research (LRCX), Applied Materials (Amat) has increased by more than +2%.

Eli Lilly (Lily) rose more than 3% after Bank of America raised its price target on the stock from $800 to $1,000, citing upside in its diabetes and obesity program.

Everbridge (EVBG) rose more than +24% after Thoma Bravo raised its acquisition price to $35 per share.

Caret Holdings (root) rose more than +16% after Jefferies upgraded the stock to buy from hold with a price target of $40.

Autodesk (ADSK) rose more than +2% after reporting fourth-quarter net revenue of $1.47 billion, beating the consensus of $1.43 billion.

Xcel Energy (cell) fell more than -6% and was the top decliner on the S&P 500 as a law firm representing property owners affected by the Smokehouse Creek wildfire in Texas faces liability for damages. Concerns about the possibility of this happening spurred Thursday’s -8% drop. The company said the fire may have originated near the service area of ​​its subsidiary, Southwestern Public Service Company.

Zesscaler (ZSThe Nasdaq 100 is down more than -8% after reporting second-quarter calculated charges of +27% year-over-year, below the consensus of +30% year-over-year.

Casino operators with exposure to Macau are currently under pressure after Macau’s February casino revenue rose 79.1% year-on-year, below expectations of +92% year-on-year. As a result, the Las Vegas Sands (LVS) is down more than -4% and leads the S&P 500’s decliners. Also, Wynn Resorts (win) fell more than -3%, while Caesars Entertainment (CZR) fell by more than -1%.

Keurig Dr Pepper (KDPShares fell more than -2% after JAB Holdings announced it would offer 87 million shares of KDP stock at prices between $29.10 and $29.25 per share.

New York City Community Bancorp (new york cb) fell more than -23% after the company announced it had replaced its CEO and identified material weaknesses in its internal controls related to internal loan reviews.

Allstate (all) disclosed in an SEC filing that SVP Controller Pintozzi sold $637,880 worth of stock and Chief Human Resources Officer Toohey sold $274,647 worth of stock on Tuesday. After that, the stock fell more than -2% on signs of insider selling.

Earnings report (2024/3/1)

ACELYRIN Inc (SLRN), Allovir Inc (ALVR), Amneal Pharmaceuticals Inc (AMRX), AnaptysBio Inc (ANAB), Cartesian Therapeutics Inc (CDLX), Cartesian Therapeutics Inc (RNAC), ClearPoint Neuro Inc (CLPT), Desktop Metal Inc ( ), Disc Medicine Inc (IRON), Dyne Therapeutics Inc (DYN), Eagle Bulk Shipping Inc (EGLE), EchoStar Corp (SATS), Enviva Inc (EVA), EyePoint Pharmaceuticals Inc (EYPT), Forum Energy Technologies Inc ( FET), fuboTV Inc (FUBO), ImmunityBio Inc (IBRX), inTEST Corp (INTT), Lexicon Pharmaceuticals Inc (LXRX), Lightwave Logic Inc (LWLG), Longboard Pharmaceuticals Inc (LBPH), Mammoth Energy Services Inc (TUSK), Neumora Therapeutics Inc (NMRA), Omega Therapeutics Inc (OMGA), Plug Power Inc (PLUG),

PMV Pharmaceuticals Inc (PMVP), Preformed Line Products Co (PLPC), RadNet Inc (RDNT), Saul Centers Inc (BFS), SIGA Technologies Inc (SIGA), Silvercrest Asset Management G (SAMG), Velo3D Inc (VLD), Vuzix Corp (VUZI), Workhorse Group Inc (WKHS).

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On the date of publication, rich asplund I had no position (directly or indirectly) in any of the securities mentioned in this article. All information and data in this article is for informational purposes only. Please see the Barchart Disclosure Policy for more information. here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Summarize this content to 100 words
S&P 500 Index ($SPX) (spy) The Dow Jones Industrial Average rose +0.43% this morning ($DOWI) (diamond) rose +0.15%, while the Nasdaq 100 Index ($IUXX) (QQQ) rose +0.72%.Stock indexes rose slightly this morning, with the S&P 500 and Nasdaq 100 hitting new record highs. Today’s weaker-than-expected US economic news for February ISM Manufacturing and the University of Michigan led to February consumer sentiment lowering bond yields and driving tech stocks higher.

The US ISM Manufacturing Business Index unexpectedly fell -1.3 to 47.8 in February, lower than the expected rise of 49.5. U.S. construction spending unexpectedly fell by -0.2% m/m in January, weaker than the expected +0.2% m/m and the largest decline in 15 months.The University of Michigan’s February U.S. Consumer Confidence Index was revised down by -2.7 to 76.9, lower than the expectation of no change at 79.6.Fed Director Waller said he would like to see the Fed’s holdings of short-term Treasuries increase and its holdings of mortgage-backed securities (MBS) go to zero.Today’s corporate news is mixed. NetApp rose more than +24% after reporting better-than-expected third-quarter adjusted EPS and raising its full-year adjusted EPS forecast. Dell Technologies also reported fourth-quarter adjusted EPS that significantly beat consensus, rising more than +27%. On the downside, New York Community Bancorp fell more than -23% after the company identified “material weaknesses” in the way it tracks loan risk. Also, Zscaler fell more than -8% after reporting second-quarter calculated billings were below consensus.

US stocks were supported by strong performance in other global stock exchanges today as the Euro Stoxx 50 Index rose to a 23-year high and the Nikkei Stock Average hit a new record high. ing.The market is discounting the possibility of a 25 basis point rate cut at the FOMC’s March 19-20 meeting and 25% at its next meeting on April 30-May 1.Today’s overseas stock markets are rising. The Euro Stoxx50 is up +0.21%. China’s Shanghai Composite ended at +0.39%. Japan’s Nikkei stock index ended up +1.90%.Interest levelJune 10-year T-note (ZNM24) The stock price rose +12 ticks this morning, and the 10-year T-note yield fell -5.1 basis points to 4.199%. June T-notes recovered from early losses and rebounded to a two-week high today, and the 10-year T-note yield fell to a two-week low of 4.180%. Today’s weaker-than-expected U.S. economic report on February ISM manufacturing, January construction spending, and the University of Michigan’s February consumer sentiment triggered the T-Note’s rise. On the downside for T-notes, the S&P 500 hit a new all-time high today, reducing safe-haven demand for T-notes. Rising inflation expectations also pushed T-notes lower after the 10-year break-even inflation rate rose today to a one-week high of 2.341%.

European government bond yields are falling today. The 10-year German federal bond yield was 2.405%, down 0.6 basis points. The yield on UK 10-year bonds was -1.9 basis points, at 4.104%.ECB Governing Council member Holzmann warned against cutting interest rates too soon after news of the day showed that inflation in the euro zone was slower than expected in February.Eurozone February CPI slowed to +2.6% y/y from +2.8% y/y in January, beating expectations of +2.5% y/y. Core CPI rose 3.1% year-on-year in February, slowing down from January’s 3.3% year-on-year increase and marking the slowest pace of increase in nearly two years.The euro area unemployment rate fell by -0.1 in January, hitting a record low of 6.4%, as expected.The February S&P manufacturing PMI for the euro area has been revised upward to 46.5, an increase of +0.4 from the previously announced 46.1.

US securities companyNetApp (NTAP) rose more than +24% to become a major gainer on the S&P 500 after reporting third-quarter adjusted EPS of $1.94, stronger than the consensus of $1.68. Additionally, the company’s full-year adjusted EPS forecast has been raised to between $6.40 and $6.50 from the previous estimate of $6.05. $6.25.Dell Technologies (Dell) is up over +27% after reporting Q4 adjusted EPS of $2.20, well above the consensus of $1.72. Cooper Kos (COO) is up more than +8% after reporting Q1 net sales of $931.6 million, beating the consensus of $915.9 million. Semiconductor stocks are higher today as bond yields fall and continued excitement about AI demand. As a result, Micron Technology (Mu) is up more than +5% and leads the Nasdaq 100 in percentage gains. Additionally, Marvell Technology (MRVL) is up more than +5%, while Broadcom (AVGO) rose more than +4%. In addition. Nvidia (NVDA), Advanced Micro Devices (AMD), KLA Corp (KLAC), Lam Research (LRCX), Applied Materials (Amat) has increased by more than +2%. Eli Lilly (Lily) rose more than 3% after Bank of America raised its price target on the stock from $800 to $1,000, citing upside in its diabetes and obesity program.

Everbridge (EVBG) rose more than +24% after Thoma Bravo raised its acquisition price to $35 per share. Caret Holdings (root) rose more than +16% after Jefferies upgraded the stock to buy from hold with a price target of $40.Autodesk (ADSK) rose more than +2% after reporting fourth-quarter net revenue of $1.47 billion, beating the consensus of $1.43 billion. Xcel Energy (cell) fell more than -6% and was the top decliner on the S&P 500 as a law firm representing property owners affected by the Smokehouse Creek wildfire in Texas faces liability for damages. Concerns about the possibility of this happening spurred Thursday’s -8% drop. The company said the fire may have originated near the service area of ​​its subsidiary, Southwestern Public Service Company.Zesscaler (ZSThe Nasdaq 100 is down more than -8% after reporting second-quarter calculated charges of +27% year-over-year, below the consensus of +30% year-over-year.

Casino operators with exposure to Macau are currently under pressure after Macau’s February casino revenue rose 79.1% year-on-year, below expectations of +92% year-on-year. As a result, the Las Vegas Sands (LVS) is down more than -4% and leads the S&P 500’s decliners. Also, Wynn Resorts (win) fell more than -3%, while Caesars Entertainment (CZR) fell by more than -1%. Keurig Dr Pepper (KDPShares fell more than -2% after JAB Holdings announced it would offer 87 million shares of KDP stock at prices between $29.10 and $29.25 per share. New York City Community Bancorp (new york cb) fell more than -23% after the company announced it had replaced its CEO and identified material weaknesses in its internal controls related to internal loan reviews. Allstate (all) disclosed in an SEC filing that SVP Controller Pintozzi sold $637,880 worth of stock and Chief Human Resources Officer Toohey sold $274,647 worth of stock on Tuesday. After that, the stock fell more than -2% on signs of insider selling.Earnings report (2024/3/1)ACELYRIN Inc (SLRN), Allovir Inc (ALVR), Amneal Pharmaceuticals Inc (AMRX), AnaptysBio Inc (ANAB), Cartesian Therapeutics Inc (CDLX), Cartesian Therapeutics Inc (RNAC), ClearPoint Neuro Inc (CLPT), Desktop Metal Inc ( ), Disc Medicine Inc (IRON), Dyne Therapeutics Inc (DYN), Eagle Bulk Shipping Inc (EGLE), EchoStar Corp (SATS), Enviva Inc (EVA), EyePoint Pharmaceuticals Inc (EYPT), Forum Energy Technologies Inc ( FET), fuboTV Inc (FUBO), ImmunityBio Inc (IBRX), inTEST Corp (INTT), Lexicon Pharmaceuticals Inc (LXRX), Lightwave Logic Inc (LWLG), Longboard Pharmaceuticals Inc (LBPH), Mammoth Energy Services Inc (TUSK), Neumora Therapeutics Inc (NMRA), Omega Therapeutics Inc (OMGA), Plug Power Inc (PLUG),

PMV Pharmaceuticals Inc (PMVP), Preformed Line Products Co (PLPC), RadNet Inc (RDNT), Saul Centers Inc (BFS), SIGA Technologies Inc (SIGA), Silvercrest Asset Management G (SAMG), Velo3D Inc (VLD), Vuzix Corp (VUZI), Workhorse Group Inc (WKHS).
more stock market news from bar chart
On the date of publication, rich asplund I had no position (directly or indirectly) in any of the securities mentioned in this article. All information and data in this article is for informational purposes only. Please see the Barchart Disclosure Policy for more information. here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

https://www.nasdaq.com/articles/stocks-climb-on-lower-bond-yields-and-strength-in-tech-stocks Stock prices rise on lower bond yields and strength in tech stocks

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