Daily Updates

Wall Street started the week on the front foot, supported by a rebound in big tech stocks ahead of earnings reports. The tech-heavy Nasdaq rose by 1.0%, while the S&P 500 picked up by 0.9% and the Dow Jones added 0.7%.

US equity markets were mixed on Friday, with the ongoing sell-off in the stocks of tech giants dragging the S&P 500 and Nasdaq lower, while the Dow Jones, which is less driven by the tech sector, managed to close in black.

It was a calm night in the global financial markets, with global stock market gauge the MSCI World Index being virtually flat. In the US, the Dow Jones closed 0.1% higher, but the S&P 500 declined 0.2% and the Nasdaq fell 0.6%. Declines in the S&P 500 and Nasdaq were led by information technology and consumer discretionary.

Wall Street saw further declines last night, as concerns that sticky inflation will delay Fed rate cuts continued to weigh on sentiment. Declines were led by information technology, while some sectors, particularly utilities, saw solid gains. US Treasury yields declined, however, while the US dollar depreciated somewhat.

US equities were mixed overnight, while US Treasuries picked up in reaction to hawkish comments by Fed Chair Jerome Powell. The US dollar appreciated further and remains the strongest since early November.

US stocks saw further declines and Treasury yields rose as fed funds rate cut expectations eased following a solid upside surprise to the US retail sales figures. The US dollar index reached the highest level in over five months, while the Japanese yen continued to depreciate to be the weakest since the early 1990s.