"Yield Plunge Fuels Market Rally: Weekly Recap"
The stock market rally gained momentum as Treasury yields plunged on weak economic data and comments from Fed Chief Jerome Powell. The Nasdaq, S&P 500, and Dow Jones all confirmed the rally. Earnings season saw notable winners like Arista Networks, Roku, Shopify, Palantir Technologies, and Advanced Micro Devices, while Remitly and Paycom were among the losers. The jobs report and economic data showed a slowdown in jobs growth, rising jobless rates, and weaker growth in various sectors. Companies like Apple, Novo Nordisk, Eli Lilly, Cardinal, and Cencora reported strong earnings, while industrial chip stocks faced a slowdown. Biotechs like Amgen, Argenx, and Regeneron Pharmaceuticals beat earnings expectations. Fortinet reported mixed results, while Shopify and MercadoLibre saw strong earnings. BYD's earnings surged, while U.S. automakers reported sluggish sales. Other news included updates on gene therapy companies, Pfizer's sales decline, and the conviction of FTX founder Sam Bankman-Fried.
