Global markets update: Tesla, Netflix drag down S&P 500 and Nasdaq
On the Wall Street, S&P 500 and Nasdaq were dragged down by Tesla, Netflix and other big tech-oriented stocks on Thursday.
The S&P 500 fell 30.85, or 0.7%, at 4,534.87. The Dow Jones Industrial Average rose 163.97 points, or 0.5%, at 35,225.18. The Nasdaq composite dropped 294.71, or 2.1%, at 14,063.31.
Tesla tumbled 9.7% despite reporting stronger profit and revenue than expected.
Netflix sank 8.4% despite also reporting stronger profit than expected.
Zions Bancorp. rose 10% after reporting stronger profit and revenue for the latest quarter than expected. It also said customers added $2 billion in deposits, or 3.2%, over the last three months, which it called a “solid” number.
Truist Financial sank 7.1% after reporting weaker revenue than expected.
Bond market
The yield on the 10-year treasury rose to 3.85% from 3.75% late Wednesday. The 2-year treasury yield climbed to 4.85% from 4.77%.
Currencies
The US dollar rose to 139.63 Japanese yen from 138.85. The euro fell to $1.1202 from $1.1228.
Europe
European stocks closed higher on Thursday, lifted by miners, banks and healthcare sectors.
The pan-European STOXX 600 index rose 0.4%.
Britain’s FTSE 100 rose 0.8% at 7,646.05. Germany’s DAX up 0.6% at 16,204.22. France’s CAC 40 added 0.8% at 7,384.91.
European miners and healthcare sectors rose about 1.6% each, while banks added 0.6%.
Technology sector in Europe dropped 2.5% after TSMC forecast a drop in 2023 sales with global economic woes denting demand for chips.
Shares of Volvo Cars dropped 4.2% after the carmaker posted a 54% fall in its second-quarter earnings.
Electrolux slumped 20.3% after Europe’s biggest home appliances maker swung to a quarterly loss.
Asia
Asian stock markets mostly fell on Thursday.
Hong Kong’s Hang Seng index dropped 0.1% at 18,928.02. China’s Shanghai Composite: lost 0.9% at 3,169.52.
Japan’s Nikkei 225 fell 1.2% at 32,490.52.
Australia’s S&P/ASX 200 index ended flat at 7,325. New Zealand’s benchmark S&P/NZX 50 index fell 0.1% at 11,932.1.
Energy prices
US crude oil benchmark for August delivery fell 40 cents to $75.35 a barrel on Wednesday. Brent crude for September delivery fell 17 cents to $79.46 a barrel.
Natural gas for August delivery fell 3 cents to $2.60 per 1,000 cubic feet.
Bullion
Gold for August delivery was unchanged at $1,980.80 an ounce. Silver for September delivery rose 13 cents to $25.39 an ounce.
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Updated: 21 Jul 2023, 02:29 AM IST
