Global markets update: Tech stocks lead Nasdaq, S&P 500 higher
On Wall Street, technology stocks led the Nasdaq and the S&P 500 higher on Monday, despite rise in treasury yields.
The S&P 500 added 30.42 points, or 0.70%, at 4,400.13 points. The Nasdaq Composite climbed 206.65 points, or 1.55%, at 13,497.42. The Dow Jones Industrial Average fell 37.40 points, or 0.11%, at 34,463.26.
The yield on the 10-year treasury surged to a 15-year high on hopes that interest rate would remain higher for a longer period. The yield hit 4.354%, the highest since November 2007.
Shares of Nvidia rose as HSBC raised its price target on the stock to $780. Nvidia jumped 8.5%.
Microsoft stock rose 1.7%. Tesla rallied 7.3%.
Software maker Palo Alto Networks climbed 14.8% after reporting stronger profit.
Europe
European shares rose on Monday, led by energy and miners.
The pan-European STOXX 600 edged 0.1% higher.
Britain’s FTSE 100 lost less than 0.1% at 7,257.82. Germany’s DAX rose 0.2% at 15,603.28. France’s CAC 40 added 0.5% at 7,198.06.
Among the sectoral gains, energy and miners rose 0.6% and 0.4%, respectively, on higher crude oil and metals prices.
Healthcare index added 0.3% as Novo Nordisk rose 0.8% after Morgan Stanley raised its price target.
German automotive supplier Continental soared 5.9% after a report on possible corporate restructuring that would involve sale of assets.
Currencies
The US dollar rose at 146.11 Japanese yen from 145.32. It rose at $1.0899 from $1.0878 against the euro.
Asia
Asian stock markets ended mixed on Monday after a rate cut by the People’s Bank of China.
Hong Kong’s Hang Seng index fell 1.8% at 17,623.29. In China, Composite index edged down 1.2% at 3,092.98.
Japan’s Nikkei 225 added 0.4% at 31,565.64.
Australia’s S&P/ASX 200 index closed 0.5% lower at 7,115.5 points. New Zealand’s benchmark S&P/NZX 50 index retreated 1.3% to 11,458.69 points.
Energy prices
Brent crude for October delivery lost 34 cents at $84.46 a barrel on Monday. The US crude oil benchmark for September delivery fell 53 cents at $80.72 a barrel.
Natural gas for September delivery added 8 cents at $2.63 per 1,000 cubic feet.
Bullion
Gold for December delivery gained $6.50 at $1,923 an ounce. Silver for September delivery rose 61 cents at $23.34 an ounce.
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Updated: 22 Aug 2023, 02:21 AM IST
