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Stocks Surge: Nasdaq Hits 1.5-Week High on Chip & AI Boost
4 Dec
Summary
- Stock indexes climbed, with the Nasdaq reaching a new high.
- Strong earnings from MongoDB and Credo Technology fueled tech gains.
- Higher bond yields are tempering some of the market's upward momentum.
US stock markets experienced a notable upswing today, with the S&P 500, Dow Jones Industrials, and Nasdaq 100 all posting gains. The Nasdaq 100 index achieved a 1.5-week high, bolstered by strong performance in chip stocks and encouraging corporate earnings. Technology stocks benefited significantly from these positive results, with companies like MongoDB and Credo Technology Group Holding seeing substantial share price increases after exceeding financial expectations.
Further supporting market sentiment, Boeing saw a considerable rise after its CFO projected positive free cash flow for the upcoming year. However, the rally was somewhat constrained by an increase in bond yields, pushing the 10-year Treasury note yield to a 1.5-week high. This rise in yields suggests a cautious undertone amidst the broader market optimism.
In economic news, the OECD maintained its global GDP forecast for 2025 but revised upwards its projections for the US and Eurozone, citing resilience in the global economy. Attention this week is now shifting to key US economic data releases, including employment figures, manufacturing production, and inflation indicators like the core PCE price index.
