1 week ago
Global shares dip as technology stocks, yields and oil fall
Stock markets around the world moved lower on Monday.
Technology companies lost the most value, partly because investors are nervous about Nvidia’s upcoming results.
Nvidia is expected to show whether demand for artificial-intelligence chips remains very strong.
Lower oil prices and lower long-term U.S. bond yields helped some other parts of the market.
Oil prices fell even though the United States increased pressure on businesses dealing with Iran.
The Canadian dollar also weakened because the United States and Canada are arguing about tariffs.
Investors are also waiting for Federal Reserve Chair Kevin Warsh to speak at Jackson Hole.
His speech may offer clues about future U.S. interest rates.
MSCI’s global equities index fell 0.40% as technology stocks led market losses.
The S&P 500 declined 0.28%, while the Nasdaq fell 0.76% and the Dow gained 0.26%.
Investors remained cautious before Nvidia’s quarterly results, amid concerns over high expectations for artificial-intelligence demand.
Oil prices dropped more than $2 per barrel despite expanded U.S. secondary sanctions related to Iran.
The Canadian dollar weakened after the United States threatened higher tariffs on Canadian vehicles and parts.
- Who
- Global investors, technology companies, U.S. and Canadian officials, and central-bank policymakers.
- What
- Global stocks declined as technology shares weakened, while oil prices and longer-term U.S. Treasury yields also fell.
- Where
- Global financial markets, including the United States, Europe, South Korea and Canada.
- When
- Monday, August 24; investors were also watching events scheduled for later in the week.
- Why
- Technology investors were cautious ahead of Nvidia’s earnings, while trade tensions, Iran-related sanctions and expectations about U.S. interest rates influenced markets.
Key facts
- MSCI global equities gauge
- Fell 4.58 points, or 0.40%, to 1,145.23.
- Dow Jones Industrial Average
- Rose 140.15 points, or 0.26%, to 53,417.16.
- S&P 500
- Fell 21.51 points, or 0.28%, to 7,652.86.
- Nasdaq Composite
- Fell 200.26 points, or 0.76%, to 25,980.19.
- U.S. 10-year Treasury yield
- Fell 3.79 basis points to 4.70%.
- Canadian dollar
- Fell 0.56% against the U.S. dollar to C$1.385 per U.S. dollar.
- Upcoming market focus
- Nvidia’s quarterly report and Kevin Warsh’s speech at Jackson Hole.
Quotes
Gene Goldman
Chief investment officer at Cetera in El Segundo, California
“Today it's a mixed bag. Technology is being dragged down by the overnight news from two key companies, but the rest of the market is reacting positively to lower oil prices and lower bond yields.”
livemint.com
Sources
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