U.S. Equity Markets Rally as EU Tariff Deadline Is Extended and Consumer Confidence Surges

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Samiat

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Nov 12, 2024
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U.S. Equity Markets Rally as EU Tariff Deadline Is Extended and Consumer Confidence Surges​

U.S. stocks closed higher on Tuesday, driven by improved consumer confidence and President Donald Trump’s decision to extend the European Union (EU) tariff deadline. All 11 sectors in the S&P 500 posted gains, with consumer discretionary and technology stocks leading the charge.

  • Nasdaq climbed 2.5% to 19,199.16
  • S&P 500 rose 2.1% to 5,921.54
  • Dow Jones Industrial Average gained 1.8% to 42,343.65

Bond Market and Commodities​

  • 10-year Treasury yield fell by 6.7 basis points to 4.45%
  • 2-year yield declined 1.5 basis points to 3.99%
  • WTI crude oil (July) slipped 0.9% to $61.03 per barrel
  • Gold dropped 1.8% to $3,304.40 per troy ounce
  • Silver fell 0.7% to $33.37 per troy ounce

Market Movers​

Top Gainer: Hologic (HOLX) +14.5%​

Shares of medical tech firm Hologic surged after reports from Financial Times revealed the company rejected a buyout offer from private equity firms Blackstone (BX) and TPG (TPG). Despite the rejection, talks are reportedly ongoing, boosting investor optimism.

Deckers Outdoor (DECK) +7.8%​

Footwear giant Deckers, owner of Hoka, Ugg, and Teva, rebounded after a previous drop triggered by tariff-related concerns. The strong gain followed encouraging consumer sentiment and hopes for a more favorable trade outlook.

Tesla (TSLA) +6.9%​

Tesla shares jumped after CEO Elon Musk pledged to refocus on the EV maker, promising to "spend 24/7 at work." The move comes amid declining EU sales and investor worries about Musk’s involvement in political affairs.

Biggest Decliner: Fair Isaac (FICO) -11.3%​

FICO shares plunged amid continued concerns over its pricing model. The drop followed recent comments by FHFA Director Bill Pulte, raising regulatory scrutiny and extending FICO’s recent losing streak.

AutoZone (AZO) -3.4%​

AutoZone fell despite beating same-store sales estimates for its fiscal Q3. The decline was driven by narrower margins compared to last year. CEO Phil Daniele remains optimistic, citing margin recovery plans as the company expands distribution centers. Analysts note the firm could benefit as consumers opt to repair vehicles due to tariff-driven price hikes.

Key Macro Highlight​

President Donald Trump announced over the weekend that the planned 50% tariffs on EU imports will be delayed from June 1 to July 9, following discussions with European Commission President Ursula von der Leyen.
 
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