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Business Standard
4 days ago
- Business
- Business Standard
Dow Leads U.S. Market Gains Amid Rate Cut Optimism; Housing and Biotech Stocks Shine
Wall Street closed higher with the Dow jumping 1% as investors bet on Fed rate cuts. Housing and biotech stocks surged while Asia and Europe also advanced. The Nasdaq inched up 31.24 points (0.1%) to 21,713.14 and the S&P 500 rose 20.82 points (0.3%) to 6,466.58, while the narrower Dow posted a more significant gain, jumping 463.66 points (1%) to 44,922.27. The blue-chip index saw strong gains, supported by notable advances in UnitedHealth, Nike, Sherwin-Williams, and Merck. Optimism over a potential Federal Reserve interest rate cut, following consumer price inflation data that matched estimates, boosted early market sentiment. The Fed is widely expected to lower rates by at least 25 basis points next month, with some calls for a larger 50-point cut due to weak jobs data. Despite the early rally, buying momentum eased later in the session amid a lack of fresh U.S. economic data. Traders are now turning their attention to upcoming reports on producer prices, retail sales, industrial production, and consumer sentiment. These releases are expected to provide further clues on the Feds next policy move. Housing stocks turned in some of the market's best performances, with the Philadelphia Housing Sector Index surging by 3.7% to its best closing level in eight months. Biotechnology stocks are substantially strong , as reflected by the 3.0% jump by the NYSE Arca Biotechnology Index. The gain lifted the index to a five-month closing high. Airline, pharmaceutical and computer hardware stocks too turned out to be considerably strong while brokerage and software stocks showed notable moves to the downside. Asia-Pacific stocks moved mostly higher. Japan's Nikkei 225 Index jumped by 1.3%, while Hong Kong's Hang Seng Index surged by 2.6%. The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index edged up by 0.2%, the German DAX Index and the French CAC 40 Index both advanced by 0.7%. In the bond market, treasuries saw notable strength following the modest pullback seen in the previous session. Subsequently, the yield on the benchmark ten-year note which moves opposite of its price, slid 5.5 bps to 4.23%.
Business Standard
23-07-2025
- Business
- Business Standard
Nasdaq Dips as GM and Lockheed Slide; Housing and Gold Stocks Rally Strongly
Despite subdued overall trading, housing and gold sectors surged, offsetting tech losses. GM and Lockheed declines weighed on broader sentiment. The tech-heavy Nasdaq fell 81.49 points (0.4%) to 20,892.69, the S&P 500 inched up 4.02 points (0.1%) to 6,309.62 and the Dow climbed 179.37 points (0.4%) to 44,502.44. General Motors (GM) plunged by 8.1% after the automaker reported second quarter earnings that exceeded analyst estimates but were down sharply year-over-year. Lockheed Martin (LMT) also tumbled by 10.8% after reporting weaker than expected second quarter revenues. Overall trading activity was somewhat subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines. Housing stocks substantially moved upside, driving the Philadelphia Housing Sector Index up by 6.7% to its best closing level in over five months. D.R. Horton (DHI) helped lead the sector higher, soaring by 17% after reporting better than expected fiscal third quarter results. Gold stocks were significantly strong , as reflected by the 3.1% jump by the NYSE Arca Gold Bugs Index. With the gain, the index reached its best closing level in over twelve years. Oil service, biotechnology and steel stocks also saw considerable strength while semiconductor, networking and computer hardware stocks moved downwards. Asia-Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index slipped by 0.1%, while China's Shanghai Composite Index climbed by 0.6%. Meanwhile, European stocks moved mostly lower on the day. The German DAX Index slumped by 1.1% and the French CAC 40 Index slid by 0.7%, although the U.K.'s FTSE 100 Index bucked the downtrend and inched up by 0.1%. In the bond market, treasuries saw further upside following the notable advance seen in the previous session. Subsequently, the yield on the benchmark ten-year note which moves opposite of its price, fell 3.6 bps to 4.33%.
Business Standard
10-07-2025
- Business
- Business Standard
Nasdaq Hits Record High as Nvidia Surges, Wall Street Rallies on Trade Hopes and Fed Optimism
Markets rise with Nasdaq topping 20,600, fueled by Nvidia's $4T milestone, U.S.-EU trade optimism and Fed's patient stance on rate changes. Treasuries rebound. The tech-heavy Nasdaq jumped 192.87 points or 0.9% to a new record closing high of 20,611.34, the S&P 500 climbed 37.74 points or 0.6% to 6,263.26 and the Dow rose 217.54 points or 0.5% to 44,458.30. Wall Street gained on hopes of a US - EU trade deal with higher tariffs than the UK's. Trump posted letters to world leaders on new tariff plans. Fed minutes showed most officials favor waiting for more inflation clarity. Growth and jobs remain strong. Nvidia (NVDA) helped lead the markets higher, with the AI darling jumping by 1.8% and briefly becoming the first company to reach a market capitalization of $4 trillion. Housing stocks turned in some of the market's best performances, with the Philadelphia Housing Sector Index surging by 2.9% to its best closing level in over four months. Gold stocks were significantly strong, as reflected by the 1.9% gain posted by the NYSE Arca Gold Bugs Index. Biotechnology and utilities stocks also saw notable strength while oil service stocks gave back ground after Tuesday's surge, dragging the Philadelphia Oil Service Index down by 1.1%. Asia-Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index rose by 0.3%, while China's Shanghai Composite Index edged down by 0.1% and Hong Kong's Hang Seng Index slumped by 1.1%. The major European markets all moved upwards while the U.K.'s FTSE 100 Index crept up by 0.2%, the German DAX Index and the French CAC 40 Index both jumped by 1.4%. In the bond market, treasuries saw a notable rebound after trending lower over the past several sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, slumped 7.3 bps to 4.34%.
Business Standard
26-06-2025
- Business
- Business Standard
Wall Street Mixed as Nasdaq Hits 4-Month High, Dow Falls Amid Weak Home Sales Data
U.S. stocks showed mixed performance with the Nasdaq rising, while housing and real estate stocks dragged the Dow lower; ceasefire news and Asia gains balanced market sentiment. Nasdaq rose 61.02 points (0.3%) to a new four-month closing high of 19,973.55, the S&P 500 edge down 0.02 points or less than a tenth of a percent to 6,092.16 and the Dow slipped 106.59 points (0.3%) to 42,982.43. Wall Street opened higher on recent momentum but lost steam as traders eyed Middle East tensions. A ceasefire between Israel and Iran eased some concerns. Profit-taking followed after markets hit four-month highs. Commerce Department showed a substantial pullback by new home sales in the U.S. in the month of May. It said new home sales plunged by 13.7% to an annual rate of 623,000 in Mayafter spiking by 9.6% to a revised rate of 722,000 in April. Commercial real estate stocks significantly moved downwards, dragging the Dow Jones U.S. Real Estate Index down by 2.4%. Housing stocks are considerably weak following the new home sales data, with the Philadelphia Housing Sector Index slumping by 1.9%. Oil service, airline and natural gas stocks were notably weak while strength among networking stocks contributed to the uptick by the Nasdaq. Asia-Pacific stocks moved mostly higher. Japan's Nikkei 225 Index climbed by 0.4%, while Hong Kong's Hang Seng Index jumped by 1.2%. The major European markets moved to the downside on the day. While the U.K.'s FTSE 100 Index fell by 0.5%, the German DAX Index declined by 0.6% and the French CAC 40 Index slid by 0.8%. In the bond market, treasuries recovered from early weakness to end the session roughly flat. The yield on the benchmark ten-year note which moves opposite of its price, ended the day unchanged at 4.29%.
Business Standard
05-06-2025
- Business
- Business Standard
U.S. Stocks Mixed as ADP Jobs Data Misses; Trump Pressures Fed, Bond Yields Slide
Weaker-than-expected job growth and a surprise services sector contraction weighed on markets; Trump calls for rate cuts, while housing and chip stocks rally. The Dow dipped 91.90 points or 0.2 percent to 42,427.74, the S&P 500 inched up 0.44 points or less than a tenth of a percent to 5,970.81 and the Nasdaq rose 61.53 points or 0.3 percent to 19,460.49. payroll processor ADP released a report showing much weaker than expected private sector job growth in the month of May. It also said private sector employment rose by 37,000 jobs in May after climbing by a downwardly revised 60,000 jobs in April. Following the release of the ADP report, President Donald Trump took to Truth Social urging Fed Chair Jerome Powell to lower interest rates. Institute for Supply Management released a report showing service sector activity in the U.S. unexpectedly saw a slight contraction in the month of May. It also said its services PMI fell to 49.9 in May from 51.6 in April, with a reading below 50 indicating contraction. The Fed is still widely expected to leave interest rates unchanged at its next meeting later this month, with CME Group's FedWatch Tool currently indicating a 95.6 percent chance the central bank will leave rates unchanged. Broader markets showed a lacklustre performance, housing stocks moved significantly higher on the day, driving the Philadelphia Housing Sector Index up by 1.7 percent. Semiconductor stocks were considerably strong, as reflected by the 1.4 percent gain posted by the Philadelphia Semiconductor Index. Gold and pharmaceutical stocks also saw some strength on the day, while energy stocks came under pressure as the price of crude oil gave back ground following a two-day surge. Asia-Pacific stocks moved mostly higher. Japan's Nikkei 225 Index climbed by 0.8 percent while China's Shanghai Composite Index rose by 0.4 percent. The major European markets also moved upside. The German DAX Index advanced by 0.8 percent, the French CAC 40 Index increased by 0.5 percent and the U.K.'s FTSE 100 Index edged up by 0.2 percent. In the bond market, treasuries moved sharply higher in reaction to the latest U.S. economic data. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, plunged 9.5 bps to 4.36 percent.
