Saturday, January 29, 2022

Stocks open slightly higher on Wall Street, still down for the year | Nation World News

Stocks are opening marginally higher on Wall Street, potentially setting the S&P 500 for a third consecutive gain in what has been a weak start to the year. The benchmark index was up 0.3% early Thursday. It’s still down a bit since the start of the year. Technology stocks were outperforming the rest of the market, and the Nasdaq was up 0.4%. Shares of smaller companies were also performing well. The Dow Jones Industrial Average was up 0.3%. Crude oil prices changed little and Treasury yields remained stable. There was a mixed trend in overseas markets.

This is a breaking news update. Below is an earlier story from Associated Press.

BANGKOK ( Associated Press) – Shares in Asia fell mostly on Thursday after the Federal Reserve was on track to raise interest rates in the coming months following the latest reports of price hikes in the US.

London, Paris, Tokyo and Shanghai were lower while Sydney and Hong Kong advanced.

Rising coronavirus cases are adding to the uncertainty about the pace of recovery from the pandemic.

Britain and Germany have faced severe waves of the highly contagious Omicron version of the coronavirus. France is at the epicenter Europe’s current fight against COVID-19, with 360,000 new infections a day in recent days.

Germany’s DAX fell 0.2% to 15,973.58 while the CAC 40 in Paris fell 0.6% to 7,196.23. In the UK, the FTSE 100 was down 0.3% at 7,533.13. On Wall Street, futures for the S&P 500 and Dow Industrials were down less than 0.1%.

In Asia, the Omicron variant has spread throughout Australia. and is making a mark in other countries despite high vaccination rates, mask requirements and strict border policies. Japan on Wednesday reported more than 13,000 new infections, the highest level in four months. China, whose zero-covid policies are being challenged By outbreaks weeks before the Beijing Winter Games, testing is being done and in some cases locked down whole city.

Tokyo’s Nikkei 225 index fell 1% to 28,489.13, while the Shanghai Composite fell 1.2% to 3,555.26. The Kospi was down 0.4% at 2,962.09 in Seoul.

In Hong Kong, the Hang Seng rose 0.1% to 24,429.77, and in Australia the S&P/ASX 200 rose 0.5% to 7,474.40. India’s Sensex closed with a fall of 0.1%.

Taiwan’s benchmark rose 0.3% after TSMC, the world’s largest contract maker of computer chips, reported a record quarterly profit of just over $6 billion.

The yield on the 10-year Treasury was steady at 1.74%.

In addition to the direct impact of large coronavirus outbreaks on normal business activity, the impact on manufacturing and shipping could hinder a rebound from the disruptions of the past two years.

“So far, the market reaction to the Omicron wave has been moderate, but it is worth noting concerns about further impacts on global supply chains that could trigger risk-off trading,” said Anderson Alves of ActiveTrades in a report. can do.”

The S&P 500 rose 0.3% on Wednesday; The Dow Jones Industrial Average ended up 0.1% and the Nasdaq Composite gained 0.2%. The Russell 2000 Index fell 0.8%.

Investors were focused on a report from the Labor Department that showed consumer prices were up 7% last month. This is the fastest year-on-year movement in the Consumer Price Index in nearly four decades. The sharp increase, which was in line with economists’ forecasts, came a day after Fed Chair Jerome Powell told Congress the central bank was ready to raise rates to fight inflation.

Wall Street is watching rising inflation closely to assess impact on businesses and consumers, as well as on the Fed’s plan to reduce its support for the economy and markets.

Businesses in many industries are passing higher costs to consumers, but are warning that they will still feel the financial impact due to higher prices and supply chain problems.

Wall Street will get another update on rising inflation on Thursday, when the Labor Department releases December results from an index based on US wholesale prices. It shows how inflation is affecting costs for businesses.

Investors are also keeping a close eye on the latest earnings round to see how companies are tackling inflation.

Delta Air Lines released its results on Thursday. Citigroup, JPMorgan Chase and Wells Fargo reported results on Friday.

In other trade, US benchmark crude oil fell 19 cents to $82.45 a barrel in electronic trading on the New York Mercantile Exchange on Thursday. On Wednesday, it rose $1.42 to $82.64 a barrel.

Brent crude, the base for international oil pricing, fell 15 cents to $84.52 a barrel.

The US dollar fell from 114.64 yen to 114.58 Japanese yen. The euro rose from $1.1444 to $1.1469.


Nation World News Desk
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