By IFCMarkets
US stock market closed mixed on Monday as technology stocks tumbled on news US has started scrutiny of technology leaders for possible violations of antitrust law. The S&P 500 lost 0.3% to 2744.45. Dow Jones industrial however managed to close 0.02% higher at 24819.78. The Nasdaq composite tumbled 1.6% to 7333.02. Technology stocks have been under pressure on US-China trade war concerns and dropped after news Justice Department is preparing to investigate Google parent Alphabet, Apple and large tech companies. Treasury yields declined after the Institute for Supply Management’s manufacturing PMI came in lower than expected for May. The dollar continued weakening yesterday: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, fell 0.5% to 97.22 and is lower currently. Futures on US stock indices point to higher openings today.
European stocks rebounded on Monday. Both EUR/USD and GBP/USD continued rising and are higher currently. The Stoxx Europe 600 index added 0.3% led by chemicals and basic resources shares. The DAX 30 gained 0.6% to 11792.81. France’s CAC 40 rose 0.7%. UK’s FTSE 100 advanced 0.3% to 7184.80 despite Markit report UK manufacturing activity entered into contraction territory in May.
Asian stock indices are mostly falling today. Nikkei closed marginally lower down 0.01% to 20408.54 with yen climb against the dollar intact. Markets in China are retreating as White House blamed China for backtracking on promises that had been made: the Shanghai Composite Index is down 1.1% and Hong Kong’s Hang Seng Index is 0.8% lower. Australia’s All Ordinaries Index rebounded 0.2% despite Australian dollar’s continued climbing against the greenback as the Reserve Bank of Australia cut its benchmark rate 0.25 percentage point to 1.25%.
Brent futures prices are edging higher today. Prices fell yesterday: August Brent crude lost 1.2% to $61.28 a barrel on Monday.
Market Analysis provided by IFCMarkets
Free Reports:
Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.