Global markets update: US stocks up on hopes of no hike in Fed rates
US stocks rose on Thursday on hopes that the Federal Reserve will not hike interest rates next week.
The S&P 500 gained 26.41 points, or 0.62%, at 4,293.93. The Dow Jones Industrial Average rose 168.59 points, or 0.5%, at 33,833.61. The Nasdaq Composite added 133.63 points, or 1.02%, at 13,238.52.
Investors are awaiting inflation data on June 13 and a Federal Reserve policy meeting on June 13-14.
GameStop shares slumped almost 18% after it reported a quarterly loss of $50.5 million and announced it terminated Matthew Furlong as chief executive.
Fears that the US Federal Reserve could opt for a hawkish stance in its meeting next week and expectations that the European Central Bank will continue to tighten its monetary policy weighed on global stock markets.
The yield on the 10-year treasury fell to 3.71% from 3.78% late Wednesday. The 2-year yield fell to 4.51% from 4.55%.
Currencies
The US dollar fell to 138.95 Japanese yen from 140.13. The euro rose to $1.0779 from $1.0703.
Canada
The Toronto Stock Exchange’s S&P/TSX composite index ended down 40.99 points, or 0.2%, at 19,942.70.
Europe
European stocks were subdued on Thursday as technology shares and consumer staples slipped.
The pan-European STOXX 600 index closed flat.
Britain’s FTSE 100 fell 0.3% at 7,599.74. Germany’s DAX rose 0.2% at 15,989.96. France’s CAC 40 up 0.3% at 7,222.15.
Telecom shares index shed 1.1%, led by Vodafone’s 5.5% drop.
Data showed the euro zone economy fell into a technical recession in the first quarter.
Asia
Asian equities closed mixed on Thursday.
Hong Kong’s Hang Seng index rose 0.3% at 19,299.18. China’s Shanghai Composite added 0.5% at 3,213.59.
Japan’s Nikkei 225 fell 0.9% at 31,641.27.
Australia’s S&P/ASX 200 index fell 0.3% to close at 7,099.70. New Zealand’s benchmark S&P/NZX 50 index fell 0.4% at 11,715.74.
Energy prices
Brent crude for August delivery fell 99 cents to $75.96 a barrel on Thursday. US crude oil benchmark for July delivery fell $1.24 to $71.29 a barrel.
Natural gas for July delivery rose 2 cents to $2.35 per 1,000 cubic feet.
Bullion
Gold for August delivery rose $20.20 to $1,978.60 an ounce. Silver for July delivery rose 82 cents to $24.35 an ounce.
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Updated: 09 Jun 2023, 02:39 AM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.