This morning, the S&P 500 Index ($SPX) (SPY) is up +0.40%, the Dow Jones Industrial Index ($DOWI) (DIA) is up +0.25%, and the Nasdaq 100 Index ($IUXX) (QQQ) is +0.44%. rise.
Stock indexes extended Thursday's surge this morning, with the S&P 500, Dow Jones Industrial Average, and Nasdaq 100 hitting new all-time highs. Nvidia rose more than +3% to a new all-time high, joining Thursday's +16% surge to lead the tech stock rally.
Today's drop in global bond yields is supporting stock prices. Dovish comments from ECB President Lagarde, who said the eurozone's latest compensation figures were “reassuring”, pushed yields lower.
US stocks were supported by strong performance in European stock markets today, as the Euro Stoxx 50 index rose to a 23-year high.
Markets are discounting the possibility of a -25 basis point rate cut, which would be 2% at the FOMC's March 19-20 meeting and 23% at its next April 30-May 1 meeting.
Overseas stock markets vary. The Euro Stoxx50 is up +0.48%. China's Shanghai Composite ended up +0.55%. Japan's Nikkei stock index was closed due to a public holiday.
Interest level
This morning, the March 10-year T-note (ZNH24) rose +4 ticks, and the 10-year T-note yield fell -2.7bp to 4.293%. T-note prices rose in March, recovering from 2-3/4-month lows, and 10-year T-note yields retreated from 2-3/4-month highs of 4.349%.
T-note prices are slightly higher this morning, recovering from overnight declines. Short covering of T-notes occurred as European government bonds rose that day. While the S&P 500 index is hitting a record high, the rise in T-notes has been restrained, and demand for T-notes as a safe-haven asset has been suppressed.
European government bond yields are falling today. The yield on 10-year German federal bonds was -5.9 basis points, at 2.382%. The yield on UK 10-year bonds was -4.6 basis points, at 4.060%.
US securities company
Live Nation Entertainment (LYV) reports fourth-quarter revenue of $5.84 billion, well above consensus of $4.73 billion, rising more than +6% to top S&P 500 Index became the top rising stock.
Nvidia (NVDA) rose more than +3% to a new all-time high, on top of Thursday's +16% surge after reporting impressive fourth-quarter results and forecasting strong first-quarter earnings. , led the Nasdaq 100 in percentage gains.
Carvana (CVNA) rose more than +39% after reporting fourth-quarter gross profit of $402 million, beating consensus of $388.1 million.
Block Inc. (SQ) raised its 2024 adjusted EBITDA forecast to at least $2.63 billion from the prior estimate of $2.4 billion, beating the consensus of $2.41 billion and increasing more than +21%.
Fluence Energy (FLNC) rose more than 6% after JPMorgan Chase upgraded the stock from Neutral to Overweight and set a price target of $23.
Rocket Cos. (RKT) rose more than +11% after reporting fourth-quarter adjusted revenue of $885 million, beating consensus of $770.8 million.
VICI Properties (VICI) rose more than +2% with Q4 FFO/share of 72 cents, beating consensus of 63 cents.
Edison International (EIX) rose more than +1% after reporting fourth-quarter core EPS of $1.28, beating consensus of $1.16.
Insight (INCY) rose more than +1% after Jefferies reinstated coverage on the stock with a buy recommendation and price target of $81.
Warner Bros. Discovery (WBD) falls more than -11% and leads S&P 500 decliners after reporting fourth-quarter revenue of $10.28 billion, below consensus of $10.46 billion are doing.
Booking Holdings (BKNG) fell more than -7% despite expecting full-year total bookings to grow “slightly faster than 7%” and weaker than the consensus of 9.9%.
EOG Resources (EOG) fell more than -4% after reporting fourth-quarter adjusted EPS of $3.07, below the consensus of $3.11.
Insulet (PODD) fell more than -3% despite forecasting 2024 sales growth of 12% to 17%, with the median expected to be weaker than the consensus of 16.6%.
MercadoLibre (MELI) is leading the Nasdaq 100 decliners, falling more than -11% after reporting fourth-quarter EPS of $3.25, well below the consensus of $7.17.
Penumbra (PEN) fell more than -7% despite expecting full-year revenue to be between $1.23 billion and $1.27 billion, below the consensus of $1.267 billion. It fell.
Universal Display (OLED) fell more than -7% after reporting Q4 materials sales of $82.2 million, below consensus of $94.6 million.
Noble Corp (NE) fell more than -4% after expecting full-year adjusted EBITDA of between $925 million and $1.03 billion, the midpoint below consensus of $1.1 billion.
Boeing (BA) is down more than 1%, leading the Dow Jones Industrial Average in decline after North Coast Research downgraded the company's stock from buy to neutral.
Earnings report (2024/2/23)
Frontier Communications Parent (FYBR), Hyatt Hotels Corp (H), Lamar Advertising Co (LAMR), RB Global Inc (RBA), Warner Bros Discovery Inc (WBD).
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On the date of publication, Rich Asplund did not have (directly or indirectly) any positions in any securities mentioned in this article. All information and data in this article is for informational purposes only. For more information, please see the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
