US stocks were little changed on Tuesday, with the three major indexes hovering around the flatline as investors adopted a cautious stance ahead of a potential government shutdown that could disrupt the release of key labor data later this week. The government faces the risk of shutting down tomorrow if Democrats and Republicans fail to reach a deal today, putting Friday's payrolls report at risk. Traders also awaited the JOLTS job openings data due later in the day. Energy and communication services were the worst performing sectors while utilities outperformed. Microsoft (-0.6%), Amazon...
US equities fell on Wednesday as skepticism on grounds for future AI returns pressured tech companies, while markets assessed earnings from retailers and FOMC minutes. The S&P 500 and the Nasdaq 100 lost 0.5% and 1%, respectively, while the Dow was slightly lower. Magnificent 7 companies fell further for a second session, coinciding with research noting that most AI firms will not be profitable. Nvidia, Meta, and Alphabet were over 1% down. In turn, retail earnings were mixed. Target slumped 10% as it revealed a new CEO, despite beating earnings, while Estee Lauder lost 4% on a...
European indices were mixed on Wednesday following a tech-led selloff on Wall Street, while U.K. inflation came in hotter than expected, raising doubts over future monetary easing by the Bank of England. The DAX index in Germany dropped 0.7%, while the CAC 40 in France slipped 0.1% and the FTSE 100 in the U.K. rallied 1.1%. Tech-led weakness European markets have followed their Asian counterparts lower on Wednesday, following the overnight weakness on Wall Street after tech stocks fretted about President Donald Trump's growing influence over the sector. U.S. Commerce Secretary Howard...
US stocks were mixed for a second session on Wednesday as the market assessed the sustainability of the AI-driven rally, retail earnings results, and the outlook for US interest rates. The Dow Jones Industrial Average edged higher while the S&P 500 held near the flatline, although the Nasdaq 100 weakened as the tech giant continued its aggressive decline from the previous session. Tech giants' stocks weakened further amid concerns that valuations may have become overstretched, in line with research indicating that most AI companies will be unprofitable, while MetaTrader has overhauled...
The Hang Seng Index rose 43 points, or 0.2%, to close at 25,166 on Wednesday, reversing early losses and ending a four-day losing streak. Market sentiment improved as Chinese equities rallied, boosted by the People's Bank of China's decision to maintain its benchmark interest rate-a move expected to inject liquidity and counter deflationary pressures. Meanwhile, trading and listing activity in Hong Kong continued to increase, supported by policy measures to stimulate the capital market and simplify IPO procedures. Investors tried to brush aside reports that the US was intensifying scrutiny...
European stocks fell on Wednesday (August 20), with the Stoxx 50 down 0.4% and the Stoxx 600 down 0.3%, led by defense stocks. The Stoxx Europe Aerospace & Defense Index fell 0.9% after a 2.6% drop on Tuesday, as optimism over a Ukraine ceasefire weighed on the sector. Germany's Rheinmetall and Hensoldt each fell nearly 2%, while Britain's Rolls-Royce and Qinetiq also fell around 2%. The declines followed US President Trump's call for Putin and Zelenskiy to show "flexibility" and hold a bilateral summit, raising speculation of a breakthrough in peace talks. Elsewhere, UK inflation...