Markets come down from China stimulus highs, closing lower but strong



The initial optimism off China’s stimulus announcement has faded in the U.S. with markets closing lower Wednesday and eyes returning to the Fed and labor markets.

  • S&P 500 Futures: 5,774.25 ⬇️ down 0.31%
  • S&P 500: 5,719.17 ⬇️ down 0.24%
  • Nasdaq Composite: 18,082.21 ⬆️ up 0.043%
  • Dow Jones Industrial Average: 41,918.24 ⬇️ down 0.69% 
  • FTSE 100: 8,268.70 ⬇️ down 0.17%
  • Nikkei 225: 37,870.26 ⬇️ down 0.19%
  • SSE Composite Index 2,896.31 ⬆️ up 1.16%
  • Bitcoin: $63,239.20 ⬇️ down 1.59%

The Dow and S&P 500 hit new highs, then simmer down
On Wednesday, the Dow and S&P 500 closed lower, cooling off from highs off China’s stimulus news and initial Fed rate optimism. The S&P 500 was down 0.31% while the Dow was down 0.69%. The tech-heavy Nasdaq had a mixed day, closing up, just barely, by 0.043%. The simmering comes after a report that consumer confidence is down. Investors are waiting to see what Federal Reserve chair Jerome Powell will say in a Thursday speech.

U.S. futures down a touch
Nasdaq futures closed up, but Dow and S&P ended slightly lower.

China: Stimulus momentum continues—but fades
The rally in Chinese stocks sparked by Tuesday’s announcement from China’s central bank of a wide-ranging stimulus package faded as investors began to doubt that the measures would be sufficient to revive the world’s second-largest economy. The Shanghai index pulled out a 1.16% gain Wednesday. Hong Kong’s Hang Seng index rose 0.68%

Japan: China reality sets in
The Nikkei 225 dropped 0.19%, reflecting the fading optimism over Beijing’s stimulus package.

Europe: Attention turns to SAP, Commerzbank
European stocks slid on Wednesday, ending lower as investors turned their attention to UniCredit’s coy pursuit of a merger with Germany’s Commerzbank—and German politicians’ claims that the takeover of the country’s second-largest lender would be a bad thing. German software giant SAP also suffered, dropping 3.5% on revelations that the U.S. is investigating it over price fixing. The STOXX Europe 600 was off 0.13% in early trading.



Source link

About The Author

Scroll to Top