Global markets: US stocks up ahead of major earnings
US stocks rose marginally on Monday ahead of major corporate earnings.
The S&P 500 gained 0.33% at 4,151.40 points. The Dow Jones Industrial Average added 0.30% at 33,987.36. The Nasdaq Composite rose 0.27% at 12,156.45.
US treasury yields rose on Monday. The 10-year treasury yield surged to 3.59% from 3.52% Friday. The 2-year yield climbed to 4.19% from 4.10%.
The US dollar firmed on prospects of more US rate-tightening. The dollar rose to 134.41 Japanese yen from 133.80 yen.
Google’s parent firm Alphabet Inc shares plunged as much as 4% following a report by the New York Times that South Korea’s Samsung Electronics was considering replacing Google with Microsoft’s Bing as the default search engine on its devices. The Alphabet stock fell to $104.90 on Monday.
First quarter results of Bank of America, Morgan Stanley, Johnson & Johnson, Netflix, Tesla, Ericsson and Nokia are due this week.
Investors are also keenly awaiting the Chinese GDP data on Tuesday for clues on the country’s economic recovery.
European shares
European shares were mixed on Monday. The pan-European STOXX 600 index closed flat, while the blue-chip STOXX 50 index edged lower 0.1%.
The semiconductor stocks in Europe fell after a report by Taiwan’s Economic Daily News said that Taiwan Semiconductor Manufacturing Company (TSMC) had lowered its costs outlook for 2023.
Britain’s FTSE 100 rose 0.1% at 7,879.51. France’s CAC 40 fell 0.3% at 7,498.18. Germany’s DAX slipped 0.1% at 15,789.53.
Asian Markets
Asian markets surged on Monday.
Hong Kong’s Hang Seng index advanced 1.7% at 20,782.45.
In China, Shanghai Composite index gained 1.4% at 3,385.61.
Japan’s Nikkei 225 added 0.1% at 28,514.78.
Australian stocks finished slightly higher on Monday with the S&P/ASX 200 index gaining 0.3% at 7,381.50.
New Zealand’s benchmark S&P/NZX 50 index rose 0.5% at 11,936.15.
Crude oil
Oil prices slipped on Monday. Brent crude for June delivery fell $1.55 to $84.76 a barrel. The benchmark US crude oil for May delivery lost $1.69 to $80.83 a barrel.
Bullion
Gold for June delivery fell $8.80 to $2,007 an ounce. Silver for May delivery fell 37 cents to $25.09 an ounce.
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