Global markets update: US stocks dip despite GDP growth
US stocks dipped on Thursday, despite growth in economy and upbeat earnings from big companies.
The S&P 500 sank 29.34, or 0.6%, to 4,537.41. The Dow Jones Industrial Average dropped 237.40, or 0.7%, to 35,282.72. The Nasdaq composite lost 77.17, or 0.5%, at 14,050.11. A latest report showed on Thursday that gross domestic product (GDP) advanced in the second quarter by more than most economists’ estimates, buoyed by resilient consumer spending and robust business investment.
Shares of Honeywell International dropped 5.7% after its revenue fell short of analysts’ expectations.
Meta Platforms’ stock rose 4.4%.
McDonald’s rose 1.2% after it beat analysts’ forecasts for profits.
The yield on the 10-year treasury rose to 4.00% from 3.87% late Wednesday. The 2-year treasury yield rose to 4.92% from 4.85%.
Currencies
The US dollar fell to 139.35 Japanese yen from 139.99. The euro fell to $1.0975 from $1.1104.
Europe
European shares rose on Thursday, as Eurozone blue-chip stocks rallied to their highest in more than 15 years.
The EURO STOXX 50 index was up 2.3%, touching its highest level since December 2007.
The European Central Bank raised interest rates by 25 basis points to their highest in over two decades.
Britain’s FTSE 100 rose 0.2% at 7,692.76. Germany’s DAX surged 1.7% at 16,406.03. France’s CAC 40 rallied 2.1% at 7,465.24.
Asia
In Asia, Hong Kong’s Hang Seng index rose 1.4% at 19,639.11. China’s Shanghai Composite fell 0.2% at 3,216.67.
Nikkei 225 added 0.7% at 32,891.16.
Australia’s S&P/ASX 200 index closed 0.7% higher at 7,455.9. New Zealand’s benchmark S&P/NZX 50 index closed flat.
Energy prices
US crude oil benchmark for September delivery rose $1.31 to $80.09 a barrel on Thursday. Brent crude for September delivery rose $1.32 to $84.24 a barrel.
Natural gas for August delivery fell 18 cents to $2.49 per 1,000 cubic feet.
Bullion
Gold for August delivery fell $24.40 to $1,945.70 an ounce. Silver for September delivery fell 60 cents to $24.37 an ounce.
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Updated: 28 Jul 2023, 02:24 AM IST
