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Dow +80.82 at 34726.81, Nasdaq +71.73 at 13845.35, S&P +15.54 at 4477.44
S&P 500 is approaching its 50-day moving average.
The Nasdaq Composite remains roughly 30 points below its 50-day moving average.
The Russell 2000, meanwhile, is still pinned in negative territory.Growth stocks are leading the market higher. The Russell 3000 Growth Index is up 0.4% and the Russell 3000 Value Index is up 0.1%.
Semiconductors and mega caps continue to build up strength. The Vanguard Mega Cap Growth ETF (MGK) is up 0.6%, near its high of the day.
NVDA leads semiconductor gains The PHLX Semiconductor Index is up 0.7% with nearly every component sporting a gain. NVIDIA (NVDA 451.78, +3.07, +0.7%) is a winning standout from the space.
Dow 34,575.53 -70.46 -0.20%
S&P 500 4,467.44 5.54 0.12%
Nasdaq 13,813.59 39.97 0.29%
VIX 13.48 -0.75 -5.27%
Gold 1,930.60 -4.50 -0.23%
Oil 88.85 0.01 0.01and tribute to passing of another 80 year old legend this past weekend
Arm Holdings plc (ARM): prices its IPO at $51, at the top end of the $47-$51 expected price range, according to CNBC
Equity indices in the Asia-Pacific region ended Thursday on a higher note.
Japan’s Nikkei: +1.4%,
Hong Kong’s Hang Seng: +0.2%,
China’s Shanghai Composite: +0.1%,
India’s Sensex: +0.1%,
South Korea’s Kospi: +1.5%,
Australia’s ASX All Ordinaries: +0.5%.
IJapan’s July Core Machinery Orders -1.1% m/m (expected -0.9%; last 2.7%); -13.0% yr/yr (expected -10.7%; last -5.8%).
July Industrial Production -1.8% m/m (expected -2.0%; last -2.4%)
Capacity Utilization -2.2% m/m (last 3.8%)
Singapore’s Q2 Unemployment Rate 1.9%, as expected (last 1.9%)
India’s August WPI Inflation -0.5% yr/yr (expected -0.6%; last -1.4%)Japan’s Prime Minister Kishida said that more policies to support higher pay will be introduced in October.
Japan sold 20-yr debt to strong demand.Australia’s August Employment Change 64,900 (expected 23,000; last -1,400) and full employment change 2,800 (last -18,700).
August Unemployment Rate 3.7%, as expected (last 3.7%)
Participation Rate 67.0% (expected 66.7%; last 66.9%).
August MI Inflation Expectations 4.6% (last 4.9%)Chevron’s LNG workers in Australia remain on strike.
Singapore’s Q2 Unemployment Rate 1.9%, as expected (last 1.9%)
India’s August WPI Inflation -0.5% yr/yr (expected -0.6%; last -1.4%)
The People’s Bank of China will lower the reserve requirement ratio for all banks by 25 bps tomorrow.
Komatsu noted that excavator demand in China was down 5.3% yr/yr in August, representing the fifth consecutive decrease.Major European indices trade mostly higher ahead of the release of the latest policy statement from the European Central Bank at 8:15 ET, though the market remains uncertain if the central bank will call for the tenth consecutive rate hike or pause.
STOXX Europe 600: +0.6%,
Germany’s DAX: UNCH,
U.K.’s FTSE 100: +1.0%,
France’s CAC 40: +0.1%,
Italy’s FTSE MIB: +0.1%,
Spain’s IBEX 35: +0.2%
tion.Swiss August PPI -0.2% m/m (expected 0.1%; last -0.1%); -0.8% yr/yr (last -0.6%)
Italy’s Prime Minister Meloni said that there is no plan to scrap the windfall tax, but it could be amended.
Spain’s Economy Minister Calvino said that there is no current need for more measures to combat inflation.
Starbucks (SBUX 96.63, -0.30, -0.3%): announces that Howard Schultz will step down from the Board of Directors effective today; also announces election of Wei Zhang to its Board of Directors
Amazon (AMZN 145.60, +0.75, +0.5%): announces on its website that it’s launching new generative AI tools to help sellers with product listings and descriptions
General Motors (GM 33.80, +0.14, +0.4%), Ford (F 12.67, +0.03, +0.2%), Stellantis (STLA 18.88, -0.07, -0.4%):
Automakers and workers union remain apart in negotiations, according to WSJYum China (YUMC 55.25, +2.07, +3.9%): unveils “RGM 2.0” strategy and introduces 3-year financial targets at 2023 Investor Day
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