Thu, 28 Sep 2023

U.S. stocks struggle as buyers hold back

Lola Evans
06 Jun 2023, 06:11 GMT+10

NEW YORK, New York - U.S. stocks started the week under pressure on Monday. "Markets are catching their breath after Friday's broad-based rally," Ryan Detrick, chief market strategist at the Carson Group told CNBC Monday. "It's a very lackluster news day, which isn't a bad thing as we consolidate some of those big recent gains we've had."

The Dow Jones industrials fared worst, tumbling 199.90 points or 0.59 percent to close Monday at 33,562.86.

The Nasdaq Composite retreated 11.34 points or 0.09 percent to 13,229.43.

The Standard and Poor's 500 dipped 8.58 points or 0.20 percent to 4,273.79.

The NYSE Composite (DJ), an index representing the overall performance of the New York Stock Exchange, closed at 15,275.21, down 69.98 points or 0.46 percent. The market witnessed a slight decline, influenced by profit-taking activities and global economic uncertainties.

The NYSE AMEX Composite Index, which tracks the performance of stocks listed on the NYSE American exchange, closed at 3,996.45, down 41.10 points or 1.02 percent. The index experienced selling pressure amid concerns over economic growth prospects.

The Russell 2000, a benchmark index of small-cap stocks in the U.S. closed at 1,806.71, down 24.19 points or 1.32 percent. The index faced significant selling pressure, mainly driven by concerns over inflation and interest rate hikes.

The CBOE Volatility Index, also known as the VIX, closed at 14.74, up 0.14 points or 0.96 percent. This increase indicates a slight uptick in market volatility, reflecting investors' concerns about potential market turbulence.

The global foreign exchange market witnessed a mix of fluctuations in currency rates on Monday as investors assessed various economic indicators and market conditions. While the euro managed to edge higher against the U.S. dollar, the Japanese yen experienced a decline. The Canadian dollar gained slightly against its U.S. counterpart, while the British pound weakened. The Swiss franc also depreciated against the U.S. dollar, while the Australian and New Zealand dollars saw modest gains.

The latest reading on the euro, approaching the U.S. close, revealed the EU unit as fetching 1.0712 a 0.12 percent increase.

The Japanese yen finished around 139.52, experiencing a decline of 0.28 percent.

The Canadian dollar made a marginal gain of 0.12 percent to 1.3438.

The British pound edged down 0.12 percent to 1.2432. The Swiss franc fell 0.35 percent to 0.9055.

The Australian dollar moved modestly higher to 0.6617, representing a 0.19 percent gain.

Across the Tasman, the New Zealand dollar appreciated 0.27 percent to 0.6072.

Currency markets are expected to remain dynamic as investors continue to monitor economic indicators and central bank announcements, seeking cues for future trends. Factors such as interest rate differentials, geopolitical tensions, and market sentiment will likely shape the movement of currency pairs in the coming days.The euro settled around 1.0714, reflecting a modest increase of 0.07 percent on the day.

Global stock markets on Monday experienced mixed results as investors navigated through various economic and geopolitical factors. The world stock market quotes at the closing bell reflected a range of gains and losses across major indices.

In London, the FTSE 100 ended the day at 7,599.99, registering a marginal decline of 7.29 points or 0.10 percent. Similarly, the DAX PERFORMANCE-INDEX in Germany, represented by ^GDAXI, closed at 15,963.89 after a drop of 87.34 points, down 0.54 percent. The CAC 40 index in France, denoted by ^FCHI, closed at 7,200.91, indicating a decrease of 69.78 points or 0.96 percent.

In broader Europe, the ESTX 50 PR.EUR, symbolized by ^STOXX50E, ended the day at 4,293.24, down 30.28 points or 0.70 percent. The Euronext 100 Index, represented by ^N100, also experienced a decline, closing at 1,342.41 after a decrease of 8.88 points or 0.66 percent. However, the BEL 20 index in Belgium, denoted by ^BFX, managed a slight gain, closing at 3,634.52 Monday, up 1.69 points or 0.05 percent.

In Russia, the MOEX Russia Index, represented by IMOEX.ME, closed at 2,222.51, showing a decrease of 4.14 points or 0.19 percent.

In Asia, the Nikkei 225 index, symbolized by ^N225, experienced significant growth, closing at 32,217.43. This marked a rise of 693.21 points or 2.20 percent. However, the HANG SENG INDEX in Hong Kong, represented by ^HSI, had a more modest increase, ending the day at 19,108.50, up 158.56 points or 0.84 percent.

Moving to China, the SSE Composite Index, denoted by 000001.SS, closed at 3,232.44, reflecting a small gain of 2.37 points or 0.07 percent Monday. Conversely, the Shenzhen Index, symbolized by 399001.SZ, experienced a decline, closing at 10,946.08 after a decrease of 51.99 points or 0.47 percent.

In Australia, the S&P/ASX 200 index, represented by ^AXJO, closed at 7,216.30, recording an increase of 71.20 points or 1.00 percent, while the Australian ALL ORDINARIES index closed at 7,401.20, up 70.00 points or 0.95 percent.

In Singapore, the STI Index, symbolized by ^STI, closed at 3,189.01, up 22.71 points or 0.72 percent.

In India, the S&P BSE SENSEX, denoted by ^BSESN, ended the day at 62,787.47, showing a gain of 240.36 points or 0.38 percent, while the NIFTY 50, India's premier stock market index, closed at 18,593.85, up 59.75 points or 0.32 percent. The index recorded modest gains, supported by positive market sentiment and expectations of economic recovery. Trading remained relatively subdued.

In Indonesia, the IDX COMPOSITE index, symbolized by ^JKSE, closed at 6,633.44, with a negligible increase of 0.18 points or 0.00 percent. The FTSE Bursa Malaysia KLCI index in Malaysia, represented by ^KLSE, experienced a small decline,

The FTSE Bursa Malaysia KLCI, Malaysia's leading stock market index, closed at 1,381.26, down 1.75 points or 0.13 percent. The market experienced a minor decline, primarily due to profit-taking activities after recent gains.

The S&P/NZX 50 Index Gross, New Zealand's premier benchmark index, closed at 11,880.90, down 35.20 points or 0.30 percent. The market faced some selling pressure as investors weighed various domestic and global factors.

The KOSPI Composite Index, South Korea's main stock market index, closed at 2,615.41, up 14.05 points or 0.54 percent. The index showed modest gains, driven by positive investor sentiment and renewed optimism in the country's economy. The trading volume reached 545,880 shares.

The TSEC Weighted Index, Taiwan's key stock market indicator, closed at 16,714.43, up 7.52 points or 0.05 percent. The market witnessed relatively stable trading, with limited fluctuations in stock prices.

The S&P/TSX Composite Index, Canada's primary stock market indicator, closed at 19,931.62, down 93.01 points or 0.46 percent. The index experienced moderate selling pressure, driven by cautious investor sentiment. The trading volume stood at 217.526 million shares.

The Top 40 USD Net TRI Index, which measures the performance of South African stocks, closed at 3,984.62, up 17.39 points or 0.44 percent. This positive movement can be attributed to increased investor confidence in the country's economic prospects.

In Latin America, the Ibovespa, Brazil's main stock market index, closed at 112,695.56, up 137.41 points or 0.12 percent. The index experienced slight gains, supported by positive investor sentiment and expectations of economic recovery.

The IPC Mexico, Mexico's benchmark stock market index, closed at 53,543.71, up 311.00 points or 0.58 percent. The market witnessed positive movement, influenced by strong corporate earnings reports and improved investor confidence. The trading volume amounted to 137.604 million shares.

The S&P/CLX IPSA, Chile's primary stock market index, closed at 5,058.88, remaining unchanged at 5,058.88. The market experienced a relatively stable trading session, with limited fluctuations in stock prices.

The TA-125, Israel's leading stock market index, closed at 1,767.11, up 4.87 points or 0.28 percent. The index registered modest gains, driven by positive investor sentiment and optimism surrounding the country's economic outlook.

The EGX 30 Price Return Index, which measures the performance of the Egyptian stock market, closed at 17,345.90, down 109.60 points or 0.63 percent. The index faced selling pressure, influenced by profit-taking activities and a cautious market sentiment. The trading volume amounted to 311.899 million shares.

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