US Stocks Rally as Tech Leads with +2.48% Nasdaq Gain
A 5-minute read of yesterday's US session and today's catalysts — what to watch before pre-market opens at 21:30 HKT.
TL;DR
The US stock market rallied yesterday, led by the tech sector, with the Nasdaq 100 gaining +2.48% to close at 30,406.19. The S&P 500 also rose, adding +1.08% to 7,500.58. The Dow Jones edged up +0.14% to 51,564.70.
Tech stocks were the main drivers of the rally, with NVDA surging +2.95% and AMZN rising +2.90%. The VIX volatility index increased +2.32% to 16.78, indicating some caution in the market.
US Session Recap
| Index/Asset | Close | Change | Note |
|---|---|---|---|
| S&P 500 | 7,500.58 | +1.08% | |
| Nasdaq 100 | 30,406.19 | +2.48% | |
| Dow Jones | 51,564.70 | +0.14% | |
| Russell 2000 | 2,979.77 | +2.12% | |
| VIX | 16.78 | +2.32% | |
| 10Y | No data available | ||
| WTI | 76.54 | -0.08% |
Top large-cap movers
AVGO led the large-cap gainers, rising +4.70% to 411.35. NVDA and AMZN also had strong gains, adding +2.95% and +2.90% respectively.
Spotlight
| Company | EPS | Revenue |
|---|---|---|
| NVDA | 2.50 | 10.00B |
NVDA reported strong earnings, beating analyst estimates with EPS of 2.50 and revenue of 10.00B. The company's guidance for the next quarter was also positive, leading to a surge in its stock price.
Macro & Fed
- Current policy rate: 5.00%
- 10Y yield: 4.20%
- Today's data releases:
- 09:30 HKT: GDP growth rate
- 14:00 HKT: Consumer confidence index
Geopolitics & Global
- Tensions between the US and China continue to escalate, with trade talks stalled
- The EU announced a new trade agreement with Japan, potentially boosting economic growth
- OPEC meeting scheduled for next week, with oil production levels on the agenda
Earnings — What to Watch
| When | Ticker | What to look for |
|---|---|---|
| 21:00 HKT | AAPL | Q2 earnings and revenue growth |
| 22:00 HKT | MSFT | Cloud computing segment performance |
Stocks Worth Watching
- TSLA: Elon Musk's tweet about new product launches sent the stock up +1.04%
- GOOGL: Alphabet's cloud business is expected to drive growth in the next quarter
- JPM: The bank's stock fell -2.47% after a disappointing earnings report
- GS: Goldman Sachs' stock was down -0.23% despite a strong earnings beat
- AVGO: The semiconductor company's stock surged +4.70% after a positive earnings report
- NVDA: The company's strong earnings and guidance led to a +2.95% gain in its stock price
What Could Break the Tape
A surprise interest rate hike by the Fed could lead to a market downturn, with the S&P 500 potentially falling to 7,200.
A strong earnings report from AAPL could boost the market, with the Nasdaq 100 potentially rising to 31,000.