Japanese stocks jumped while Hong Kong and Europe stumbled as Israel pushed into Lebanon and Middle East tensions grew. China’s markets remained closed for Golden Week holidays.
- S&P 500 Futures: 5,735.00 ⬇️ down 0.44%
- S&P 500: 5,709.54 ⬆️ up 0.01%
- Nasdaq Composite: 17,925.12 ⬆️ up 0.08%
- Dow Jones Industrial Average: 42,196.52 ⬆️ up 0.09%
- STOXX Europe 600: 516.66 ⬇️ down 0.86%
- Hang Seng Index: 22,113.51 ⬇️ down 1.47%
- Nikkei 225: 38,552.06 ⬆️ up 1.97%
- Bitcoin: $60,409.90 ⬇️ down 0.37%
China: Hong Kong stocks fade after three-week rise
Hong Kong shares faded following a bumper 6.2% boost the day before, as traders took profits after a three-week rise of some 30%. Property stocks led the retreat as the China stimulus rally sputtered, with the Hang Seng Mainland Properties Index dropping almost 6%.
Japan: Interest rate meeting heartens exporters
The Nikkei 225 extended its yo-yo week, gaining 1.97% a day after dropping 2.18%. Following a meeting with Bank of Japan Governor Kazuo Ueda, new Prime Minister Shigeru Ishiba downplayed the prospect of imminent interest rate hikes, which weakened the yen—good news for the country’s big export manufacturers.
Europe: Stocks drop across the board on Middle East tensions
European stocks dropped across most sectors, with the STOXX Europe 600 falling 0.86% and the U.K.’s FTSE 100 eaking out a 0.15% in early trading. The travel sector was down more than 1.1% as Middle East tensions disrupted flights, while oil and gas hovered near even on the prospect of higher energy prices. The British pound dropped more than 1% against the dollar as the Bank of England’s governor suggested rate cuts could be coming.
U.S. premarket trading slides on Levi Strauss, oil prices
All three U.S. indexes slid in premarket trading Thursday, as investors digested Israel’s incursion into Lebanon and punished Levi Strauss after it cut its revenue outlook. Shares in the jeans maker were off almost 11% premarket. Investors are awaiting Modelo-maker Constellation Brands’ quarterly report and U.S. weekly jobless numbers, both set to be released before the market opens, as well as September’s big jobs report—which is set to have a big influence on future interest rate cuts—out Friday.
The Dow, Nasdaq, and S&P 500 eke out gains
On Wednesday, the Dow rose 0.09%, while the S&P 500 added a modest 0.01%, and the tech-heavy Nasdaq was up 0.08%, as markets continued to cool off from record highs hit last week. The steadying after Wednesday’s dip came on the heels of an ADP report showing private-sector hiring accelerated to 143,000 jobs, which could be a positive sign ahead of the official jobs report on Friday. Fan favorite Nvidia closed up 1.85% while investors knocked 6.77% off Nike on news the sneaker maker was withdrawing its guidance.
