Global markets update: US stocks gain ahead of big companies’ earnings
US stocks gained on Monday ahead of earnings from big companies.
The S&P 500 rose 17.37, or 0.4%, at 4,522.79. The Dow Jones Industrial Average gained 76.32, or 0.2%, at 34,585.35. The Nasdaq composite climbed 131.25, or 0.9%, at 14,244.95.
Activision Blizzard rose 3.5% after a US appeals court on Friday rejected a bid by regulators to block the video game maker’s $68.7 billion purchase by Microsoft.
Microsoft’s stock added 0.1%.
Ford fell 5.9%. It cut the sticker price on its F-150 Lightning electric pickup by thousands of dollars.
A survey showed that manufacturing in New York state unexpectedly grew, beating economists’ expectations for a contraction.
Bond market
The yield on the 10-year treasury slipped to 3.80% from 3.84% late Friday.
Currencies
The US dollar fell to 138.67 Japanese yen from 138.83. The euro rose to $1.1244 from $1.1233.
Europe
European shares declined on Monday as Richemont led a fall among luxury firms on weaker organic sales growth.
The pan-European STOXX 600 index closed 0.6% lower.
Britain’s FTSE 100 fell 0.4% at 7,406.42. Germany’s DAX lost 0.2% at 16,068.65. France’s CAC 40 fell 1.1% at 7,291.66.
Richemont , the world’s second-biggest luxury firm, dropped 10.4%. Other luxury giants, including LVMH, Europe’s most valuable company, Hermes, Salvatore Ferragamo and Kering shed between 1% and 4.2%.
Belgium’s Argenx SE jumped 31% to the top of the STOXX 600 as its muscle-weakening disease drug met its main goal.
Brussels stocks jumped 3.4%, outperforming the rest of Europe.
Asia
Asian stocks ended mostly lower on Monday.
Data showed China’s economy grew by 6.3% in the second quarter, much lower than analysts’ forecasts.
China’s Shanghai Composite fell 0.9% at 3,209.63. Hong Kong’s Hang Seng index was shut because of a storm.
Japan’s Nikkei 225 was closed for a holiday.
Australia’s S&P/ASX 200 index edged lower 0.1% at 7,296.2 points. New Zealand’s benchmark S&P/NZX 50 index retreated 0.2% at 11,988.47 points.
Energy prices
US crude oil benchmark for August delivery fell $1.27 to $74.15 a barrel on Monday. Brent crude for September delivery fell $1.37 to $78.50 a barrel.
Natural gas for August delivery fell 3 cents to $2.51 per 1,000 cubic feet.
Bullion
Gold for August delivery fell $8 to $1,956.40 an ounce. Silver for September delivery fell 17 cents to $25.02 an ounce.
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Updated: 18 Jul 2023, 02:09 AM IST
