Stocks in the US closed near the flatline on Friday as investors weighed President Trump's push for higher tariffs on the European Union against strong economic data and corporate earnings. The S&P 500 and Nasdaq 100 finished mostly muted near their records, while the Dow Jones dropped 142 points, pressured by a 2.2% decline in American Express shares. Trump reportedly demands a minimum 15-20% tariff in any deal with the EU, which is working to finalize an agreement before his August 1 deadline. On the corporate front, Netflix shares fell 5.1% despite beating revenue and earnings...
Japanese stocks fell, dragged down by a decline in electronics shares, as concerns about U.S. trade policy persisted. Lasertec dropped 3.4% and Terumo dropped 1.7%. USD/JPY was at 151.46, down from 152.15 at the close of the Tokyo Stock Exchange on Wednesday. Investors were watching the yen and any developments related to the Russia-Ukraine war. The Nikkei Stock Average was down 0.4% at 37,994.69. Source: Bloomberg
Stocks fell in light trading on Wednesday as investors took some risk off the table following big November gains. The S&P 500 shed 0.4%, while the Nasdaq Composite lost 0.8%. The Dow Jones Industrial Average fell 115 points, or 0.3%, despite trading more than 140 points up at session highs. Traders appeared to take profits on big technology names that have largely performed well this year, which can explain the Nasdaq's underperformance. Nvidia which has surged more than 168% in 2024, lost more than 3% in the session. Meta Platformsslid about 1% after rallying around 60% this...
European stocks closed firmly lower on Wednesday, extending the drop from the prior session as markets continued to assess the outlook for ECB policy and the impact of tariff threats from the upcoming US presidential administration. The Eurozone's Stoxx 50 dropped 0.6% to close at 4,734 and the pan-European Stoxx 600 eased 0.2% to close at 505. ECB Governing Council member Schnabel noted that the Eurozone's economy is not headed into a recession, warranting caution in its upcoming policy decisions to not overly expedite rate cuts. French financial services providers were among the worst...
Stocks edged lower as traders waded through mixed data on the world's largest economy ahead of a key inflation reading. Equities halted a seven-day rally that drove the S&P 500 to all-time highs. Treasuries advanced across the curve, while the dollar fell. The US economy expanded at a solid pace in the third quarter, largely powered by a broad-based advance in consumer spending and steady business investment. Gross domestic product increased at a 2.8% annualized pace. Separate figures showed initial jobless claims were...
The Hang Seng soared 444 points or 2.3% to close at 19,603 on Wednesday, gaining for the second day amid mounting optimism about potential supportive policies from China to counter tariff risks. Traders showed increased confidence that the PBoC may further cut RRR in December to spur economic recovery in China, after two reductions totaling 100bps in September and February. A positive lead from Wall Street Tuesday also enhanced risk appetite, ahead of the US PCE index and indications of further interest rate cuts as Fed officials seemed comfortable with the pace of inflation. Meanwhile,...