US stocks closed mixed on Tuesday (July 22nd), as the S&P 500 hit a new record, rising nearly 0.1%, the Dow Jones Industrial Average rose 170 points, and the Nasdaq 100 fell 0.5% ahead of key earnings reports from Alphabet and Tesla. Chip stocks weighed on the Nasdaq, with Nvidia down 2.4% and Broadcom down 3.3% following reports that SoftBank and OpenAI's massive AI project was stalled. Shares of Lockheed Martin (-10.8%) and Philip Morris (-8.2%) fell sharply after disappointing results. General Motors (-8%) also warned of a deeper impact on profits related to tariffs after a 32%...
Nonfarm Payrolls (NFP) in the United States (US) rose by 147,000 in June, the US Bureau of Labor Statistics (BLS) reported on Thursday. This reading followed the 144,000 (revised from 139,000) increase recorded in May and came in better than the market expectation of 110,000. Other details of the employment report showed that the Unemployment Rate edged lower to 4.1% from 4.2%, while the Labor Force Participation Rate ticked down to 62.3% from 62.4%. Finally, annual wage inflation, as measured by the change in the Average Hourly Earnings, retreated to 3.7% from 3.8% in May. This print fell...
The Hang Seng dipped 151 points or 0.6% to finish at 24,070 on Thursday, reversing previous strength as falls hit most sectors, particularly consumer, financial, and tech. Caution prevailed ahead of key U.S. payroll data after the first drop in private sector jobs in over two years. In China, a private survey showed services activity fell to a nine-month low in June, weighed by the steepest decline in foreign sales in over two years amid mounting trade headwinds. Fierce competition among mainland e-commerce giants also raised concerns over profit margins. The index trimmed early losses on...
European stocks edged higher on Thursday, with the STOXX 50 gaining 0.2% and the STOXX 600 rising 0.3%, extending the previous session's gains as investors continued to monitor trade developments. Sentiment was supported by news that the US has lifted certain chip design export restrictions on China, another sign of easing tensions and a potential trade truce. Semiconductor stocks responded positively, with Siemens up 1.6%, Infineon gaining 2%, and NXP Semiconductors jumping 4%. The US also reached a trade agreement with Vietnam, which includes a 20% tariff on Vietnamese...
Japanese shares ended higher on Thursday as investors awaited a key US jobs report and the outcome of a major tax and spending bill in Congress, both seen as potential triggers for Fed rate cuts. The Nikkei 225 rose 0.06%, or 23.42 points, to end at 39,785.90. Investors awaited a House vote in the US on Trump's $3.3 trillion tax and spending bill, which would cut taxes, reduce social programs, and raise the national debt. The focus also remained on US payrolls data due later in the day, with forecasts calling for a 110,000 job gain and unemployment rising to 4.3%. A surprise drop in...
The Hang Seng Index started the day with a 12-point rise, reaching 24,234 points before fluctuating and ultimately falling by 126 points or 0.52%, settling at 24,094 points. Concurrently, the H-share Index dropped by 60 points or 0.69% to 8,663 points, while the Technology Index decreased by 29 points or 0.56%, closing at 5,239 points. The main board saw a turnover of HKD 39.8 billion. Tech stocks showed softness with Tencent declining by 0.5%, Alibaba by 2.3%, Meituan by 2.1%, Xiaomi Corporation by 1.5%, and Kuaishou by 1.2%. In individual developments within financial stocks, HSBC...