Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Overnight Markets: US stocks mostly down amid global growth concerns

Overnight Markets: US stocks mostly down amid global growth concerns

US stocks closed mostly lower on Monday amid continued concerns about a slowdown in global economic growth and as Apple Inc shares declined after the company unveiled its video streaming service.

The Dow Jones Industrial Average added 15 points, or 0.06%, to 25,517, the S&P 500 lost two points, or 0.08%, to 2,798 and the Nasdaq Composite fell five points, or 0.07%, to 7,638.

Indexes oscillated between negative and positive zones throughout the session, with investors keeping their eyes on the US Treasury market.

Benchmark 10-year Treasury yields plunged to their lowest levels since December 2017, while the yield curve between three-month bills and 10-year notes inverted further as investors continued to assess last week’s dovish pivot by the Federal Reserve.

Meanwhile, the markets showed little reaction to the Special Counsel Robert Mueller’s report that President Donald Trump’s campaign did not collude with Russia.

Top US officials travel to Beijing for the latest round of high-level talks, which are scheduled to start on 28 March.

The S&P 500 financial index fell 0.4%, falling for a fifth straight day, its longest losing streak this year.

The Dow bucked the trend to rise, helped by a 2.3% gain in Boeing Co after the planemaker said it would brief pilots and regulators this week on software and training updates for its 737 MAX aircraft.

Apple shares declined 1.2% after the iPhone maker unveiled its long-awaited Apple TV+ original content streaming service and Apple TV Channels subscription service.

Tesla Inc. shares fell 1.6% after analysts at RBC Capital cut their price target on the stock to $210 from $245.

On the positive side, the consumer discretionary sector added 0.6%, supported by gains in Home Depot Inc and Amazon.com Inc.

In Asia, shares were trading mixed on Tuesday in morning session as concerns over the global economy weighed on investor sentiment.

Japan’s Nikkei 225 added 1.25%, while the Topix index added 1.39%. Over in South Korea, the Kospi was 0.16% higher. Shares in Australia declined in early trade as the ASX 200 slipped fractionally.

In China, the Shanghai Composite Index rose 0.03%, while Hong Kong’s Hang Seng Index gained 0.44%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: Altor's Towry graduates on launching a family business

Profile: Altor's Towry graduates on launching a family business

Altor Wealth Management was launched on of a shared vision to form a family-style company that would charge fairly and differently.

Wealth Manager on Twitter