World markets today: US stocks fall as early rate cut hopes fade
US stock indices slipped on Tuesday on fading hopes for early interest rate cut.
Last week, the inflation data hurt investors’ hopes that the US Federal Reserve could begin cutting interest rates in March.
At 9:40 a.m. ET, the Dow Jones Industrial Average was down 31.08 points, or 0.08 per cent, at 38,596.91, the S&P 500 was down 26.74 points, or 0.53 per cent, at 4,978.83, and the Nasdaq Composite was down 143.75 points, or 0.91 per cent, at 15,631.91.
At the opening bell, the Dow Jones Industrial Average fell 51.73 points, or 0.13 per cent, to 38,576.26. The S&P 500 opened lower by 16.25 points, or 0.32 per cent, at 4,989.32, while the Nasdaq Composite dropped 95.81 points, or 0.61 per cent, to 15,679.84.
Shares of Walmart gained 5.4 per cent after reporting stronger-than-expected quarterly results.
Retailer Home Depot fell 1.2 per cent after disappointing profit forecast for the year.
Technology heavyweights chipmaker Nvidia and Microsoft dropped 5 per cent fell 1 per cent, respectively.
The yield on the 10-year Treasury slipped to 4.26 per cent from 4.28 per cent late Friday. The yield on the 2-year Treasury fell to 4.58 per cent from 4.65 per cent.
European equities mostly rose on Tuesday after China’s central bank cut benchmark lending rate in a bid to boost the economy.
Britain’s FTSE 100 edged up 0.2 per cent at 7,743.43 points. France’s CAC 40 added 0.4 per cent at 7,795.21. Germany’s DAX fell 0.1 per cent at 17,066.93.
The Euro Stoxx 50 was flat at 4,764.03.
In Asian stock markets, China’s Shanghai Composite added 0.4 per cent at 2,922.73. Hong Kong’s Hang Seng Index rose 0.6 per cent at 16,247.51.
Japan’s Nikkei 225 edged down 0.3 per cent at 38,363.61.
Oil prices fell on Tuesday on an uncertain outlook for global demand.
Brent futures dipped 80 cents or 0.96 per cent to $82.76 a barrel by 1255 GMT.
US West Texas Intermediate (WTI) crude for April delivery fell 92 cents, or 1.17 per cent, to $77.54 a barrel, after earlier paring $1.
Gold prices climbed on Tuesday as the US dollar retreated.
Spot gold was up 0.6 per cent at $2,028.79 per ounce as of 9:37 a.m. ET (1437 GMT). US gold futures rose 0.8 per cent at $2,040.00 per ounce.
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Published: 20 Feb 2024, 08:17 PM IST
