Global markets update: US stocks fall after slow growth in services sector
US stocks fell on Monday as investors weighed whether the US central bank might pause rate hikes after growth slowed in the services sector.
The S&P 500 fell 8.58 points, or 0.2%, at 4,273.79. The Dow Jones Industrial Average lost 199.90 points, or 0.6%, at 33,562.86. The Nasdaq composite declined 11.34 points, or 0.1% at 13,229.43.
A report said US services industries grew by less than economists expected in May as new orders slowed.
Investors’ focus is on monthly inflation data to be released next week.
The Federal Reserve will also release its monetary policy report next week.
In the bond market, the yield on the 10-year treasury fell to 3.68% from 3.70% late Friday. The 2-year treasury dropped to 4.45% from 4.51%.
Shares of Apple Inc fell 0.8% after the company unveiled an augmented-reality headset called the Vision Pro.
During the intraday trade, Apple rose as much as 2.2% to an all-time high.
Currencies
The US dollar fell to 139.63 Japanese yen from 139.94. The euro rose to $1.0715 from $1.0712.
Canada
Canada stocks fell on Monday as energy and financial shares lost ground. The Toronto Stock Exchange’s S&P/TSX composite index ended down 93.01 points, or 0.5%, at 19,931.62.
Europe
European stocks dipped on Monday with the pan-European STOXX 600 index falling 0.4%.
Britain’s FTSE 100 fell 0.1% at 7,599.99. Germany’s DAX down 0.5% at 15,963.89. France’s CAC 40 dropped 1% at 7,200.91.
Asia
Asian shares rose on Monday.
Hong Kong’s Hang Seng index rose 0.8% at 19,108.50. China’s Shanghai Composite added 0.1% at 3,232.44.
Japan’s Nikkei 225 up 2.2% at 32,217.43.
Australia’s S&P/ASX 200 index ended 1% higher at 7,216.30. New Zealand’s benchmark S&P/NZX 50 index fell 0.3% to end at 11,880.90.
Markets in Singapore, Seoul, Taipei, Manila and Jakarta gained.
Energy prices
Brent crude for August delivery rose 58 cents to $76.71 a barrel on Monday. US crude oil benchmark for July delivery rose 41 cents to $72.15 a barrel.
Saudi Arabia said it would cut back crude oil production in hopes of boosting its price.
Natural gas for July delivery rose 8 cents to $2.25 per 1,000 cubic feet.
Bullion
Gold for August delivery rose $4.70 to $1,974.30 an ounce. Silver for July delivery fell 11 cents to $23.64 an ounce.
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Updated: 06 Jun 2023, 02:41 AM IST
