BackGlobal markets update: US stocks climb, led by tech shares
S&P 500 gains 1.11%, Nasdaq Composite rises 1.59%, Dow Jones Industrial Average adds 0.55%
PremiumUS stocks climbed on Wednesday, led by tech shares after Nvidia shares jumped on hopes of stronger quarterly results.
The S&P 500 gained 48.84 points, or 1.11%, at 4,436.39 points. The Nasdaq Composite rose 215.16 points, or 1.59%, at 13,721.03. The Dow Jones Industrial Average added 188.50 points, or 0.55%, at 34,477.33.
Nvidia rose 3.2% ahead of its profit report.
Apple's stock gained 2.2% and Microsoft added 1.4%.
Bond yields declined after a report showed that the US economy may be slowing.
The 10-year treasury yield fell at 4.18% from 4.33% late Tuesday. The 2-year treasury yield fell at 4.94% from 5.05%.
Investors are focusing on a meeting of central banks at the Jackson Hole on Friday. US Federal Reserve Chair Jerome Powell’s comments at the conference can give investors some clarity on the monetary policy outlook.
Currencies
The US dollar fell at 144.80 Japanese yen from 145.87. It rose at $1.0859 from $1.0852 against the euro.
Europe
European shares pared gains on Wednesday on signs of slowing economic activity in the continent.
The pan-European STOXX 600 closed 0.4% higher.
Britain's FTSE 100 edged up 0.7% at 7,320.53. Germany’s DAX added 0.2% at 15,728.41. France’s CAC 40 rose less than 0.1% at 7,246.62.
The Swiss Market Index rose 0.9%, with Roche climbing 3.8% after inadvertently publishing positive lung cancer drug trial data from an interim analysis.
A survey report showed deeper-than-expected downturn in euro zone business activity in August.
Euro zone consumer confidence fell by 0.9 points in August from July.
Energy stocks fell 1.1% on lower crude oil prices.
Puma, Adidas and JD Sports Fashion shed between 3.3% and 5.4%.
Asia
In Asian markets, Hong Kong’s Hang Seng index added 0.3% at 17,845.92. China’s Shanghai Composite fell 1.3% at 3,078.40.
Japan’s Nikkei 225 rose 0.5% at 32,010.26.
Australia’s S&P/ASX 200 index closed 0.4% higher at 7,148.4. New Zealand's benchmark S&P/NZX 50 index advanced 0.8% at 11,571.93.
Energy prices
Brent crude for October delivery fell 82 cents at $83.21 a barrel on Wednesday. The US crude oil benchmark for October delivery lost 75 cents at $78.89 a barrel.
Natural gas for September delivery lost 6 cents at $2.50 per 1,000 cubic feet.
Bullion
Gold for December delivery surged $22.10 at $1,948.10 an ounce. Silver for September delivery added 94 cents at $24.39 an ounce.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
