Stock Market Today: Global Shares Mostly Decline After Nasdaq Ticks to a Record High
Global shares mostly decline today after the Nasdaq hits a record high, reflecting mixed investor sentiment in the markets.
On Tuesday, global shares experienced a retreat despite the majority of U.S. stock indexes closing higher, particularly technology stocks like Nvidia. In early trading, France's CAC 40 declined by 0.7% to 8,137.16, while Germany's DAX fell by 0.3% to 18,704.35. Similarly, Britain's FTSE 100 dropped nearly 0.4% to 8,393.84. The Dow Jones Industrial Average's future edged down slightly, less than 0.1%, and the S&P 500 future remained virtually unchanged.
In Asian markets, Japan's Nikkei 225 fell by 0.3% to 38,946.93, while Australia's S&P/ASX 200 lost 0.2% to 7,851.70. South Korea's Kospi experienced a 0.7% decline to 2,724.18. Hong Kong's Hang Seng took a significant dive of 2.1% to 19,220.62, and the Shanghai Composite shed 0.4% to 3,157.97.
Investors in Asia are closely monitoring indicators of the Chinese economy's health. S&P Global Market Intelligence revised this year's growth forecast upward to 4.8% from April's 4.7%, albeit cautiously. The report highlighted a modest economic recovery supported by increased policy stimulus, robust external demand, and gradually improving private-sector confidence.
Expectations are rising regarding the possibility of the Federal Reserve cutting interest rates this year amidst cooling inflation. Moreover, positive reports indicating larger-than-anticipated profits for major U.S. companies contributed to bolstering stock prices.
This week's economic calendar lacks high-impact reports similar to last week's revelation that inflation might be on a favorable trajectory after a lackluster start to the year. However, several potentially market-moving corporate profit reports are scheduled.
Foremost among these is Nvidia, which has seen a meteoric rise amid heightened interest in artificial intelligence technology. As investors navigate these fluctuations and digest the latest economic indicators, the broader sentiment remains cautiously optimistic amid hopes of sustained economic recovery and favorable corporate performance.
We hate spam as much as you do
© Hindeez 2024, All Rights Reserved
