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Overnight Markets: Tech shares lead US stocks mostly higher

Overnight Markets: Tech shares lead US stocks mostly higher

Wall Street gained on Wednesday, with the Nasdaq closing at a record high, supported by a surge in large-cap tech and consumer discretionary names even if the trade dispute between the US and China gets worse.

The Dow Jones Industrial Average declined 42 points, or 0.17%, to 24,658, the S&P 500 gained five points, or 0.17%, to 2,767 and the Nasdaq Composite added 56 points, or 0.72%, to 7,782.

Media companies climbed after Disney reached a new deal with Twenty-First Century Fox, which rose 7.5%. Walt Disney Co gained 1%.

Facebook Inc, part of the so-called “FAANG” group, closed up 2.3%. Alphabet advanced 0.5% and Amazon.com Inc rose 0.9%.

Elsewhere, shares in Boeing Co, which has acted as a proxy for trade fears, added 0.5% after six straight declines and kept the Dow near the unchanged mark.

After an escalating trade spat with China, the US is also under fire from other countries for its protectionist measures. The European Union will start charging import duties of 25% on a range of US products from Friday.

Chip stocks, which derive a large part of their revenue from China, were trading higher.

Shares in General Electric Co fell 0.5% on news the company will be removed from the index prior to the start of trading on 26 June. Walgreens Boots Alliance Inc, which will replace GE, jumped 5.2%.

Starbucks Corp tumbled 9.1% after the world’s largest coffee chain’s quarterly sales growth forecast missed analysts’ estimates.

Oracle Corp plunged 7.5% after the software maker’s current-quarter profit forecast fell short of analysts’ expectations.

In Asia, shares were muted on Thursday in morning session as global markets calmed after an elevation in trade tensions between the US and China triggered a sell-off earlier in the week.

Japan’s Nikkei 225 edged down by 0.25% in early trade. The Kospi, South Korea's benchmark share average, edged up by 0.07%. Down Under, the S&P/ASX 200 tacked on 0.34%.

In China, the Shanghai Composite Index rose 0.69%, while Hong Kong’s Hang Seng Index added 0.48%.

 

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