Daily Wrap
Published after every US market close · Markets, news, rates and FX on one pageTech Leads Broad Rebound as Yields Fall and Chip Stocks Surge
Market & SentimentStocks staged a broad comeback, with the Nasdaq 100 up 1.73% and the S&P 500 gaining 1.13%. The advance was led by technology, while the Dow and Russell 2000 lagged. Market breadth was mixed: 278 advancers against 202 decliners, but only 31.4% of stocks are above their 50-day average, suggesting the rally is narrow. New lows (21) still outnumbered new highs (14).
Sectors & StocksInformation technology surged 2.24%, followed by consumer discretionary (+1.47%). Financials and consumer staples slipped. Chip stocks were standout gainers: HPE +7.69%, Intel +7.67%, AMD +6.36%, Sandisk +6.21%, and Micron +5.5%. Intel's CEO warned about soaring memory prices, which lifted Micron. On the downside, T-Mobile fell 5.57%, Comcast 3.46%, and Salesforce 3.07%.
Rates, FX & CryptoTreasury yields fell across the curve, with the 2-year down 7bp to 4.67% and the 10-year down 7bp to 4.94%. The 2s10s spread stands at 27bp. The dollar was mixed: EUR/USD fell 0.48%, while USD/CNY was flat. Bitcoin rose 0.98% to $76,356, and Ethereum gained 2.28% to $2,445.
Earnings & AnnouncementsNo major earnings today. FinDog moved 3M, AbbVie, Airbnb, Albemarle, Allegion, Alliant Energy, Allstate, Ameren, American Electric Power, American Express, American Water Works, and Ameriprise Financial from Neutral to Bullish. News Corp disclosed progress on its $1 billion buyback. Boeing's CEO warned that 737 Max production ramp is delayed due to wing bottlenecks, putting free cash flow guidance at risk.
- Bank of England rate decision and US jobless claims
- Fed speakers and any Iran war developments
- Micron earnings and chip sector momentum
- President Trump's comment suggests a potential de-escalation in the Middle East, which could reduce geopolitical risk and support market sentiment.Reuters09-16 23:54 UTC
- Oil prices declined 1% amid ongoing Middle East tensions, as investors assess potential supply disruptions. Lower oil can ease inflation pressures but may hurt energy stocks.Reuters09-17 01:00 UTC
- The Bank of England is expected to keep rates steady even as UK inflation rose to 3.1%, diverging from the Fed's recent rate hike. This could influence global monetary policy expectations.CNBC09-17 05:20 UTC
- Boeing CEO Kelly Ortberg said wing production constraints are slowing the path to 47 jets per month, putting free cash flow guidance at risk. Boeing shares may face pressure.
- Intel's CEO warned about soaring memory prices, highlighting profit potential for Micron. Micron shares rose 2% early Thursday, reflecting positive sentiment for memory chip makers.
- Amazon raised its minimum hourly wage to $20 for US operations staff, with average total compensation exceeding $32 an hour. The move may pressure other retailers to follow.
- DoorDash and Costco expanded their partnership to offer same-day delivery from all US Costco warehouses, enhancing convenience for members and potentially boosting both companies' sales.
- Applied Materials will invest $5 billion in India over 10 years to expand semiconductor research and equipment development, supporting India's chip industry growth.
- Marvell and GlobalFoundries expanded their partnership to increase production of high-speed optical networking chips for AI data centers in Vermont, boosting US semiconductor manufacturing.
- Bank of America CEO Brian Moynihan said revenue in a key area is slowing, sending shares lower. The comment raised concerns about the bank's growth outlook.
Stories are selected and summarized by AI from the day's news coverage. Click a headline to read the original. Not investment advice.