Broadcom Earnings Propel Nasdaq Amid Rising Treasury Yields and Mixed Market Performance

U.S. stock markets opened positively due to encouraging earnings reports, but the enthusiasm faded as Treasury yields rose, resulting in mixed performance across major indices.

Market Performance

The Dow Jones Industrial Average recorded its seventh consecutive loss, the longest losing streak since 2020. The S&P 500 ended slightly lower, while the Nasdaq Composite gained modestly. Rising Treasury yields, ahead of the Federal Reserve meeting, caused a mid-morning reversal in market sentiment.

Futures Trading

Futures traders are pricing in a 93% likelihood of a quarter-percentage point reduction in the federal funds rate.

Company Highlights

Broadcom's stock surged by 24.4% after reporting better-than-expected earnings, pushing its market capitalization above $1 trillion. The company highlighted strong demand for its AI products and potential for significant growth in custom ASIC programs and networking content.

RH, the home furnishings retailer, experienced a significant stock surge of 17.0% after revising its revenue outlooks.

Costco Wholesale exceeded expectations on both the top and bottom lines for its fiscal 2025 first quarter, with increased store traffic and substantial growth in e-commerce sales.

Investor Focus

The interplay between corporate performance and rising Treasury yields will continue to be a focus for investors as the market reacts to macroeconomic indicators and the upcoming Federal Reserve meeting.

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