On Monday, the S&P 500 Index ($SPX) (SPY) ended +0.63%, the Dow Jones Industrial Average ($DOWI) (DIA) ended +0.20%, and the Nasdaq 100 Index ($IUXX) (QQQ). ended with a rise. +0.99%.
Stocks rose modestly on Monday, led by solid performance in large-cap tech stocks. Tesla closed more than +6% on news that the company will increase the price of its Model Y in his April. Alphabet also closed more than +4% after Bloomberg reported that Apple is in talks to incorporate Google's Gemini AI engine into the iPhone.
The 10-year T-note yield rose +2.6 basis points to its highest level in three weeks after Monday's better-than-expected NAHB Housing Market Index and 10-year breakeven inflation expectations. The rise was a bearish factor for stock prices. Highest level in a week and a half.
Market attention this week will be focused on the FOMC meeting on Tuesday and Wednesday. The market expects the Fed to maintain its federal funds target range of 5.25% to 5.50%, and the market will focus on the Fed's newly updated forecast (dot plot) on its outlook for rate cuts. Markets will also be watching Fed Chairman Jerome Powell's comments on the future direction of Fed policy after Wednesday's FOMC meeting.
The US March NAHB Housing Market Index unexpectedly rose +3 points to an eight-month high of 51, beating expectations of no change of 48.
The market expects a possible -25bp rate cut of 1% at the Tuesday/Wednesday FOMC meeting, 9% at the next April 30th-May 1st meeting, and 60% at the subsequent June 11th-12th meeting. Discounting sex. .
China's industrial production increased by +7.0% year-to-date in February, beating expectations of +5.2% year-to-date.
Overseas stock markets were mixed and calm on Monday. The Euro Stoxx50 index closed -0.07% lower. China's Shanghai Composite ended at +0.99%. Japan's Nikkei stock index ended up +2.67%.
level of interest
June 10-year T-note (ZNM24) Monday closing price was -8.5 ticks. The yield on the 10-year T-note rose by +2.6 basis points to 4.332%. On Monday, the June T-note fell to a three-week low, while the 10-year T-note yield rose to a three-week high of 4.346%. Monday's stock rally weighed on T-note prices. Rising inflation expectations were also bearish for T-notes, as the 10-year breakeven inflation rate rose to 2.330% today, its highest level in a week and a half. T-Notes fell to an all-time low following Monday's stronger-than-expected March NAHB Housing Market Index report.
European government bond yields were mixed on Monday. The 10-year German Bunds yield rose to 2.468%, its highest level in two weeks, and ended at 2.459%, up 1.8 basis points. The UK 10-year bond yield was -1.2 basis points at 4.089%.
“Last week's announcement that we have achieved our goal of achieving 2% inflation is compatible with a near-term rate cut, possibly in June,” ECB Governing Council member Dekos said. .
US securities company
Tesla (TSLA) rose more than +6% to lead gains in the S&P 500 and Nasdaq 100 after X posted a $1,000 price increase on all U.S. Model Y vehicles on April 1st.
Alphabet (GOOGL) closed more than +4% after Bloomberg News reported that Apple is in talks to incorporate Google's Gemini artificial intelligence search engine into iPhones.
Nuvei Corp (NVEI) closed more than +30% after the Wall Street Journal reported that Advent International is in talks to acquire the company.
HashiCorp (HCP) closed over +8% following reports that the company is considering strategic options, including a sale.
PepsiCo (PEP) closed more than 3% higher after Morgan Stanley upgraded the stock from equal weight to overweight.
Coster Group (CSGP) closed up more than 1% after JMP Securities raised its price target from $85 to $110.
Carlyle Group (CG) is trading nearly +1% after Bloomberg reported that the company is preparing to enter advanced negotiations to acquire a majority stake in ThyssenKrupp AG's shipbuilding division. finished.
Fastenal (FAST) closed nearly +1% after Stifel raised his price target to $85 from $75.
Science Applications International (SAIC) reported fourth-quarter adjusted EPS of $1.43, below consensus of $1.46, and 2025 adjusted EPS of $8.00 to $8.20, below consensus of $8.16. The stock closed more than -10% lower than expected.
Shift4 Payments (FOUR) closes down more than -6% after CEO Isaacman said bids from potential suitors failed to properly value the company Ta.
B. Riley Financial (RILY) closed down more than 2% after failing to submit audit results after the extension period expired.
Viatris (VTRS) closed over -1% on signs of insider selling after an SEC filing revealed that Mauro executives sold $3.02 million in stock last Wednesday.
Late last Friday, Boeing Co. (BA) closed more than 1% on the Dow Jones Industrial Average after the U.S. Attorney for the Western District of Washington announced that it had convened a “grand jury investigation into alleged violations of federal criminal law.” It led the declining stocks. Boeing.
Earnings report (2024/3/19)
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On the date of publication, Rich Asplund did not have (directly or indirectly) any positions in the 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.
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