Arm Disappoints With Weak Outlook Following Earnings BeatNovember 9, 2023
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At lunchtime, US markets soared after consumer inflation came in lower than predicted, increasing hopes that the Fed will not raise interest rates further to drive down prices. Bond yields fell as a result of the news. The S&P 500 and Nasdaq rose roughly 2%, while the Dow rose 1.5%.
When borrowing costs fall, tech equities become more appealing. The SPDR Select Sector Technology Fund (XLK) reached a new high.
The shares of Enphase Energy (ENPH) and other solar power companies increased. Home Depot (HD) was the Dow's best-performing stock, as the world's largest home improvement store surpassed profit and sales forecasts while also stating that consumer demand for smaller projects remained strong.
Amazon (AMZN) shares rose on news that the online retailer has reached an agreement with Snap (SNAP) to allow Snapchat users to purchase things from Amazon without leaving the app. Snap's stock has also risen.
Insurance stocks led the list of the S&P 500's worst performers, with Chubb (CB) and Cardinal Health (CAH) both losing 2%. Arthur J. Gallagher (AJG) shares plummeted after the insurance broker announced the acquisition of Australia's Edgar Insurance Brokers. The terms of the agreement were not disclosed.
Oil and gold futures were also up. The US dollar fell against the euro, pound, and yen. The majority of the big cryptocurrencies were trading downward.
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