Episode Details
Back to EpisodesPre-Market Report – Wednesday 26 August: US markets push higher - Yields fall - Oil down - Nvidia the focus - SPI up - Gold flat - Results continue
Description
The S&P 500 rose slightly Tuesday, as Treasury yields fell for a second day. A rally in semiconductor stocks lifted the Nasdaq Composite.
The broader index gained 0.32% to close at 7,677.28, while the Nasdaq Composite advanced 0.66% to 26,151.30. The Dow Jones Industrial Average was up 160.24 points, or 0.3%, to close at 53,577.40 and notch its third straight winning session.
Bond yields slid, with the benchmark 10-year Treasury note yield falling more than 7 basis points to 4.625%. Yields also retreated Monday after CNBC reported that the Treasury Department could use its $1 trillion General Account to fund bond repurchases. On Tuesday, West Texas Intermediate crude futures dropped more than 3%.
Chip stocks rallied ahead of Nvidia’s results due out after the close on Wednesday. Shares of the Jensen Huang-helmed company were up 2%, snapping a seven-day decline. Advanced Micro Devices and Micron Technology added 4.9% and 2.5%, respectively.
Consumer names were a notable laggard, with shares of Dick’s Sporting Goods plunging 30% following disappointing results.
SPI up 29 - WOW - FLT Results.
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