Global markets update: US stocks slip on worries over interest rate hike
US stocks slipped on Tuesday on worries over interest rate hike by the Federal Reserve.
The S&P 500 lost 11.06 points, or 0.25%, at 4,388.71. The Dow Jones Industrial Average fell 170.34 points, or 0.49%, at 34,293.35. The Nasdaq Composite added 13.79 points, or 0.1%, at 13,511.38.
Banking index edged down 0.8%.
Fed chair Jerome Powell will speak at a meeting in Jackson Hole on Friday. His speech will give investors some clarity on the monetary policy outlook.
The benchmark 10-year treasury yield hit almost 16-year high on hopes that the Fed could keep interest rates higher for longer period. The yield fell at 4.32% from 4.34% late Monday.
The 2-year treasury yield rose at 5.04% from 5.00%.
Microsoft added 0.2% as UK regulators mull a revamped bid by the company to buy video game maker Activision Blizzard.
Shares of Lowe’s rose 3.7% after reporting stronger profit.
Shares of Dick’s Sporting Goods plunged 24.1% after its profit dropped for the latest quarter.
Macy’s fell 14.1% despite reporting stronger results for the latest quarter.
Currencies
The US dollar fell at 145.87 Japanese yen from 146.11. It fell at $1.0852 from $1.0899 against the euro.
Europe
European shares advanced on Tuesday on a rally in technology stocks.
The pan-European STOXX 600 closed up 0.7%.
Britain’s FTSE 100 rose 0.2% at 7,270.76. Germany’s DAX edged up 0.7% at 15,705.62. France’s CAC 40 added 0.6% at 7,240.88.
Technology index jumped 2%.
Shares of Amsterdam-listed chipmakers ASML Holding N.V., ASM International N.V and BE Semiconductor Industries N.V. rose between 0.7% to 3.3%.
In Paris, shares of chipmaker STMicroelectronics added 2.5%.
Asia
In Asian markets, Hong Kong’s Hang Seng index rose 1% at 17,791.01. In China, Shanghai Composite added 0.9% at 3,120.33.
Japan’s Nikkei 225 edged up 0.9% at 31,856.71.
Australia’sS&P/ASX 200 index closed 0.1% higher at 7,121.60 points. New Zealand’s benchmark S&P/NZX 50 index advanced 0.2% at 11,485.26 points.
Energy prices
The US crude oil benchmark for September delivery fell 37 cents at $80.35 a barrel on Tuesday. Brent crude for October delivery lost 43 cents at $84.03 a barrel.
Natural gas for September delivery slipped 7 cents at $2.56 per 1,000 cubic feet.
Bullion
Gold for December delivery gained $3 at $1,926 an ounce. Silver for September delivery rose 11 cents at $23.45 an ounce.
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Updated: 23 Aug 2023, 02:02 AM IST
