Government bonds rallied as yields on longer-dated Treasurys retreated, while stock indexes closed mixed for the week and Bitcoin declined, with oil prices pushing higher and overseas stocks declining.
Investors are hopeful that Nvidia's upcoming earnings report can reignite the U.S. stocks rally, following a 2023 increase in the company's shares and the broader equity rally.
Asian shares rallied as tech company Nvidia's strong results boosted Wall Street and a retreat in U.S. bond yields eased borrowing costs globally.
U.S. equity markets rallied as tech stocks gained and Netflix shares rose on strong subscriber growth, while Foot Locker and oil stocks struggled; U.S. Treasury yields and the dollar fell, while cryptocurrency prices rebounded.
Equity markets historically rally after the Jackson Hole symposium, with a success rate of over 80%, despite the recent concerns about rising yields and inflation, indicating that stocks may rise despite higher rates.
NVDA reported strong earnings, Powell's speech caused initial market decline but rallied on Friday, upcoming prominent earnings reports from CRM, DELL, and AVGO, upcoming ex-dividend dates for EA, HD, QCOM, GS, PEP, and others, and important economic reports on consumer confidence, GDP growth, inflation, and employment.
Tech stocks led a rally in the stock market, with the Nasdaq Composite gaining 1.6% and the S&P 500 ending a four-day losing streak, despite the rise in Treasury yields; investors will be looking for clues about the US consumer spending and the economy as retailers' earnings reports are expected, and Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole symposium is anticipated for indications on interest rates.
Chinese blue chips rally as Beijing implements measures to support the market, including reducing stamp duty on stock trading and approving the launch of retail funds, while US stock futures remain steady following Fed Chair Powell's acknowledgement of a stronger-than-expected economy.
Chinese stocks, including Alibaba and JD.com, experienced a rally after the government announced plans to reduce trading taxes and implement measures to boost capital markets.
Stocks gained momentum on Tuesday as new data pointed to a cooling labor market, with the S&P 500 and Dow Jones Industrial Average rising, bolstered by a decrease in job openings and a reversal in consumer confidence. The Nasdaq Composite led the gains, while the upcoming key reports on inflation and payrolls will likely shape investors' expectations for the Federal Reserve's interest rate decisions.
Wall Street rallied as Tesla, Nvidia, and other megacap growth stocks surged, supported by a drop in job openings and expectations of a pause in interest rate hikes by the U.S. Federal Reserve.
Stocks rally as job openings decline in July, bonds rally on softening job market and odds of interest rate pause, court rules SEC needs more reasoning to block Grayscale's Bitcoin ETF, and other market movements.
The stock market rallied on Tuesday as job openings fell more than expected, with major indexes surpassing their 50-day moving averages and growth stocks performing well.
Investors eagerly awaited Nvidia's earnings report, which beat expectations, but the market rally was short-lived due to Federal Chair Jerome Powell's speech at Jackson Hole, with the Nasdaq falling over 2% and bulls losing hope; however, there is optimism for a potential turnaround next week with upcoming economic data events.
Stocks are expected to rally next month, with the S&P 500 potentially reaching its previous highs, according to Fundstrat's Tom Lee, who cited reasons such as a cooling economy, no further interest rate hikes from the Fed, overly bearish sentiment in August, and historically strong performance in September.
Shares of Salesforce rallied nearly 6% in pre-market trading after the company reported better than expected second-quarter results, highlighting its focus on becoming the top AI CRM provider. The company's revenue beat estimates, and it raised its revenue outlook for 2024.
U.S. stock investors are closely watching next week's inflation data, which may determine the future of the equity rally, as signs of a soft landing for the U.S. economy have contributed to the S&P 500's gains, but too high inflation could lead to fears of higher interest rates and stock sell-offs.
India's stock market has seen a rally as strong macroeconomic fundamentals and China's economic slowdown keep foreign investors invested in Indian stocks, while a surge in retail investor interest continues to drive the market.
Amazon stock rallied 3.52% as the overall stock market had a great trading session, with the S&P 500 and the Dow Jones Industrial Average also rising.
Tech stocks rallied, with Tesla surging more than 10% after an upgrade by Morgan Stanley, and Qualcomm jumping almost 4% on news of a continued supply agreement with Apple, leading to a 1.14% increase in the Nasdaq Composite.
Wall Street rallied as reports suggested that the US economy is still strong, despite concerns about inflation, with the S&P 500 gaining 0.8% and the Dow Jones Industrial Average rising 1%.
Asia-Pacific markets rallied after China's August economic data exceeded expectations, with retail sales and industrial production showing stronger growth, although fixed asset investment fell slightly below forecast; meanwhile, the US stock market also ended higher as producer prices increased more than expected.
Western Digital's stock rallied due to positive Wall Street research notes and the possibility of a flash-memory-chip business merger.
