European stocks closed near the flatline on Wednesday (September 24), extending the relatively subdued movement in equity markets this week, as weakness among major luxury brands offset modest gains in other sectors. The Eurozone STOXX 50 and the pan-European STOXX 600 were both flat on the session. Luxury brands reversed their strong momentum from yesterday to close sharply lower, with LVMH, Hermes, Ferrari, L'Oreal, and EssilorLuxxotica all down between 3% and 1.5%. Meanwhile, companies in the crude oil exploration and extraction sector rose sharply amid a rebound in benchmark prices,...
US stocks weakened for a second straight day on Wednesday as investors weighed pressure on AI leaders, mixed signals from the Federal Reserve, and profit-taking near record highs. The S&P 500 fell 0.3%, the Nasdaq 100 and the Dow Jones Industrial Average each fell 0.4%, extending Tuesday's decline that ended a three-day winning streak. Nvidia fell nearly 1% after announcing a $100 billion partnership with OpenAI, while Oracle fell 1.7% and Micron Technology slumped 2.9% despite posting higher-than-expected earnings. Conversely, Alibaba's pledge to increase AI spending beyond its initial...
Asian stocks traded in a tight range at the open after losses on Wall Street as signs of fatigue crept into the AI-fueled equity rally. Shares in Japan and Australia edged up while those in South Korea retreated. The S&P 500, Nasdaq 100 and a gauge of global stocks each dropped 0.3% Wednesday, extending declines from the prior day. An index of US-listed Chinese companies rallied against the downcast mood on Wall Street to climb 2.8%. Equity-index futures for Hong Kong retreated as the city returns to normalcy after Super Typhoon Ragasa....