Global markets update: US stocks gain on strong bank earnings
US stocks gained on Tuesday, boosted by strong bank earnings.
The S&P 500 gained 32.37 points, or 0.72%, at 4,555.16 points. The Nasdaq Composite added 108.69 points, or 0.76%, at 14,353.64. The Dow Jones Industrial Average rose 366.38 points, or 1.06%, at 34,951.30.
Shares of Morgan Stanley rose 6.45%, Bank of America 4.42%, Bank of New York Mellon 4.11% and PNC Financial added 2.51% on Tuesday after they reported quarterly results.
Among the sectoral gainers, technology was the best performer, as Microsoft shares hit a record high after announcing it would charge more to access new artificial intelligence features in its Office software.
Microsoft stock closed at $359.49, up 3.98%.
On the economic front, data released on Tuesday showed retail sales rose less than expected in June on a fall in building materials and service station receipts.
A separate report showed production at domestic factories unexpectedly fell in June, but rebounded in the second quarter as motor vehicle output increased.
The yield on 10-year treasuries declined three basis points to 3.77%.
Currencies
The US dollar rose to 138.85 Japanese yen from 138.67. The euro fell to $1.1228 from $1.1244.
Europe
European shares rose on Tuesday as Swiss stocks firmed on a forecast upgrade by Novartis.
The pan-European STOXX 600 ended 0.6% higher.
Britain’s FTSE 100 gained 0.6% at 7,453.69. France’s CAC 40 rose 0.4% at 7,319.18. Germany’s DAX added 0.4% at 16,125.49.
Shares of Novartis climbed 4.6% after it raised its full-year earnings guidance.
The Swiss Market index gained 1.2%.
Europe’s healthcare sector rose 1.2%.
Ocado shares jumped 19.0% to top the STOXX 600 after the British supermarket chain returned to underlying profit in its first half.
Asia
In Asia, most stock markets sank on Tuesday.
Hong Kong’s Hang Seng index fell 2.1% at 19,015.72. China’s Shanghai Composite lost 0.4% at 3,197.82.
Japan’s Nikkei 225 rose 0.3% at 32,493.89.
Australia’s S&P/ASX 200 index closed 0.2% lower at 7,283.8. New Zealand’s benchmark S&P/NZX 50 index fell 0.1% to finish at 11,932.81.
Energy prices
Brent crude for September delivery rose $1.13 to $79.63 a barrel on Tuesday. US crude oil benchmark for August delivery rose $1.60 to $75.75 a barrel.
Natural gas for August delivery rose 12 cents to $2.63 per 1,000 cubic feet.
Bullion
Gold for August delivery rose $24.40 to $1,980.80 an ounce. Silver for September delivery rose 24 cents to $25.26 an ounce.
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Updated: 19 Jul 2023, 02:21 AM IST
