Stocks making the biggest moves midday: Tesla, Broadcom, Nike, ON Semiconductor & more
These are some of the stocks posting the largest moves midday.
The US stock market experienced a record-breaking surge on Friday, propelled by unexpectedly weaker-than-anticipated jobs data that diminished expectations of an imminent Federal Reserve rate hike. As yields on US Treasuries and oil prices fell, investor sentiment grew more bullish. The Dow Jones Industrial Average climbed 0.60%, the S&P 500 rose 1.02%, and the Nasdaq Composite soared 1.66%.
Nike shares, however, fell 5.6% after declaring a significant annual revenue decline, a move that also saw the company announce job cuts and restructure its global operations. Semiconductor and mega-cap technology firms were the chief drivers of the market's gains, with Nvidia hitting a record high and the Philadelphia Semiconductor Index climbing 3.1%.
Notably, semiconductor stocks and major technology companies led the market's upward trajectory. The weaker-than-expected jobs report, which was significantly lower than economists' forecasts, was unexpectedly favorable for stocks. This data helped the bond market fulfill its role, lowering headline metrics. Analyst Todd Schoenberger attributed the market's resilience to this development.
A series of economic indicators suggested robust activity alongside slower-than-anticipated inflation, along with statements from prominent policymakers expressing opposition to another rate increase. Consequently, market expectations shifted, with the probability of a 25-basis-point Federal Reserve rate hike in October falling to 20% from 26% previously.
The two-year US Treasury yield continued its downward trend, and Brent crude prices dropped below $100 a barrel following reports of the European Union's consideration of additional diesel and crude oil reserve releases. The Cboe Volatility Index (VIX) also hit a one-week low, indicating diminished market anxiety. Among the 11 major S&P 500 sectors, ten advanced, primarily led by consumer discretionary and technology sectors, while healthcare lagged.
Fair Isaac fell by 1.5% due to reports of potential relaxed mortgage credit-data requirements for Fannie Mae and Freddie Mac. Meanwhile, cryptocurrencies such as Bitcoin and leading trading platforms like Coinbase and Strategy experienced growth, reflecting a wider risk-on sentiment. Market breadth remained positive, with advancing stocks outnumbering decliners in both the NYSE (3.27-to-1) and Nasdaq (2.5-to-1).
The S&P 500 recorded nine fresh 52-week highs and 14 new lows, while the Nasdaq recorded 35 new highs and 100 new lows.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
