How major U.S. stock indexes fared Monday

Adjust Comment Print

The Dow Jones Industrial Average was up 206 points to 24,649, the S&P 500 index gained 0.8 percent, while the Nasdaq Composite Index was also up 0.8 percent.

Citing a report from Citigroup economists, Bloomberg says that possible escalation of the trade war could hit consumers 10 times harder than earlier tariffs aimed mostly at industrial inputs and goods. Netflix and Google parent Alphabet were down 5 percent and 4.8 percent, respectively.

Japan's Nikkei 225 index jumped 1.4 percent to 21,434.38 after official data showed that its unemployment rate eased to 2.3 percent in September, from 2.4 percent a month earlier. The Nasdaq has plunged 13 percent from its record high reached August 29.

Trump also threatened on numerous occasions to put punitive tariffs on the entirety of Chinese imports to the U.S. if Beijing enacted retaliatory measures in response to Washington's latest round of duties on US$200 billion of Chinese goods. But in recent weeks they have lost some of their confidence.

No decision has been made but preparation for new tariff list are on, in case the meeting does not yield progress towards solving disputes.

USA equity futures advanced on Wednesday and European stocks jumped, tracking a rebound across Asia as the worst month for global equities in six years draws to a close.

Although most tech firms fell Monday, open-source software company Red Hat soared 45.4% to $169.63 - reversing its losses from earlier this year - after IBM agreed to buy it for $34 billion in stock.

In an interview with Fox News, US President Trump has underscored that he predicts a "full-blown deal" with China on trade, but that Beijing is not ready for it. IBM fell 4.1% to $119.64.

The kiwi traded at 65.46 USA cents from 65.27 United States cents at 8am and 65.32 cents yesterday. Vehicle companies rose after Bloomberg News reported that regulators in China intend to propose cutting the tax on imported cars to 5% from 10%. During a daily briefing, Lu Kang, a spokesman for China's Ministry of Foreign Affairs, told reporters the US should adopt a serious attitude and hold talks with China on the basis of equality and good faith instead of making other kinds of noises if it's honest about resolving trade frictions.

Ford climbed 3.3% to $9.28. After Cooper Tire & Rubber reported a bigger third-quarter profit than analysts expected, its stock surged 21.4% to $30.89. The euro rose to $1.1377 from $1.1372.

The pan-European STOXX 600 index rose 0.01 percent. "You have two of the most powerful leaders in the world".

ENERGY: Benchmark U.S. crude shed 71 cents to $66.33 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price global oils, lost $1.14 to $76.20 per barrel.

Gold fell 0.1 percent to $1,231.51 an ounce, the biggest fall in a week. Silver fell 1.8% to $14.44 an ounce.

Comments