Stock Market Overview
Thu, May 2nd, 2024
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Strength in Chips Stocks Leads the Overall Market Higher
Barchart - Thu May 2, 3:33PM CDT
The S&P 500 Index ($SPX) (SPY) Thursday closed up +0.91%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.85%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +1.29%.Â
US stock indexes settled moderately higher on Thursday. A +9% surge in Qualcomm led chip stocks higher Thursday and boosted the overall market after it reported stronger-than-expected Q2 EPS and forecast Q3 EPS above consensus. The broader market also had carryover support from Wednesday when Fed Chair Powell said it’s unlikely the Fed’s next move would be to raise interest rates.  Stocks are awaiting earnings results from Apple after Thursday’s close and from Friday’s monthly US payroll report for further direction.
Stocks also garnered support Thursday after the Organization for Economic Cooperation and Development (OECD) raised its 2024 global growth forecast to +3.1% from a February estimate of +2.9% and said risks are becoming "better balanced."
Stock indexes maintained their gains... Read more
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