Stock market today: World markets mostly lower after Wall Street snaps its recent rally

BEIJING (AP) — Global stocks mostly fell on Monday after Wall Street's huge rally faltered last week.

Germany's DAX lost 0.8% to 17,675.49 and Paris' CAC 40 lost 0.4% to 7,999.07. Britain's FTSE 100 fell 0.1%.

S&P 500 and Dow Jones Industrial Average futures fell 0.3%.

In Asian trading, Japan's Nikkei 225 index lost 2.2% to 38,820.49. The government released revised figures showing the economy grew 0.1% in the final quarter of the year, better than the -0.1% previously reported but lower than forecasts.

That means the economy is not in a technical recession, although it is expanding at a snail's pace.

Hong Kong's Hang Seng rose 1.4% to 16,587.57 and the Shanghai Composite jumped 0.7% to 3,068.46.

The National People's Congress of China concluded with an almost unanimous show of support for the decisions taken by the top leaders of the ruling Communist Party.

Elsewhere in Asia, South Korea's Kospi fell 0.8% to 2,659.53 and Australia's S&P/ASX 200 gave up 1.8% to 7,704.20.

On Friday, the S&P 500 fell 0.7% from its all-time high reached the previous day. The Dow Jones fell 0.2% and the Nasdaq composite fell 1.2%.

Stocks initially rose after mixed data on the U.S. labor market bolstered hopes that lower interest rates are coming later this year. It later suffered losses after one of the most influential stocks, Nvidia, suffered a rare stumble following a staggering rise that critics said was overblown.

Friday's drop also caused the S&P 500 to suffer a rare week of losses, just the third of the last 19.

The jobs report showed that employers hired more workers last month than expected, but workers' wages rose less than expected. He also said job growth in January was not as strong as previously thought.

The hope on Wall Street is that the remarkably resilient economy will continue to drive corporate earnings growth.

On Friday, gun maker Smith & Wesson Brands jumped 29.4% after reporting stronger-than-expected profits for the latest quarter. He said his shipments grew faster than the overall firearms market.

But Nvidia was the main stock in the spotlight as it fell 5.5% on its worst day since May. It was a rare blip for stocks that have soared nearly 77% this year after tripling last year.

Because Nvidia has become the third-largest U.S. stock, it has much more weight in the S&P 500 than almost everyone else.

In other trading early Monday, benchmark U.S. crude oil lost 16 cents to $77.85 a barrel in electronic trading on the New York Mercantile Exchange. It fell 92 cents to $78.01 a barrel on Friday.

Brent crude oil, the international standard, fell 8 cents to $82.00 a barrel.

The US dollar fell to 146.65 Japanese yen from 147.07 yen. The euro rose to $1.0944 from $1.0941.

Leave a Comment

Comments

No comments yet. Why don’t you start the discussion?

Leave a Reply

Your email address will not be published. Required fields are marked *