U.S. stocks steady after momentous start to week
"There is a battle in the markets between some of the secular tailwinds, which should positively impact asset prices long term (AI, robotics, crypto, and many other technological innovations), and the cyclical headwinds of possible policy missteps," Leah Bennett, chief investment strategist at Concurrent Asset Management told CNBC Wednesday. "The former seems to be winning today."
The Nasdaq Composite extended gains while the Dow and S&P 500 dipped slightly.
Key U.S. Indexes Show Divergence
The Standard and Poor's 500 closed flat at 6,092.16 in thin trading.
The Dow Jones Industrial Average fell 106.59 points, or 0.25 percent, to 42,982.43, weighed down by losses in industrial and financial stocks.
In contrast, the tech-heavy Nasdaq Composite climbed 0.31 percent to 19,973.55, buoyed by strength in megacap tech names.
Trading volumes, excpt for the S&P 500, were robust, with the Nasdaq seeing 7.21 billion shares exchanged.
Market Drivers
Analysts noted that investors remained cautious ahead of key economic data, including Friday's U.S. jobs report, while still digesting the latest corporate earnings. The Nasdaq's resilience suggested continued appetite for growth stocks despite lingering interest rate uncertainty.
Global Forex Markets Continue to see Weakness in US. Dollar on Wednesday
The foreign exchange market witnessed further declines in the U.S. dollar in major currency pairs during Wednesday's trading session, as investors assessed the latest geopolitical developments, economic data and central bank expectations.
The EUR/USD pair rose to 1.1660, marking an increase of 0.45 percent, as the euro strengthened against the U.S. dollar amid shifting market sentiment. Meanwhile, the USD/JPY edged higher to 145.16, up 0.19 percent, as the yen remained under pressure against the greenback due to interest rate differentials.
The USD/CAD saw minimal movement, inching up just 0.01 percent to 1.3724, reflecting steady demand for the US dollar against its Canadian counterpart.
The GBP/USD climbed 0.41 percent to 1.3668, as the British pound continued to meet demand. The pound now stands at a more than 3-year high, having advanced nearly 9 percent this year..
The USD/CHF dipped 0.11 percent to 0.8042, signaling slight weakness in the U.S. dollar against the Swiss franc. The AUD/USD advanced 0.36 percent to 0.6512, supported by improved risk appetite, while the NZD/USD led gains with a 0.58 percent rise to 0.6039, as the New Zealand dollar outperformed.
Global Markets Close Mixed on Wednesday; Asia Outperforms While Canada, UK, Europe Decline
Global stock markets delivered a mixed performance in Wednesday's session, with Asian indices leading gains while UK and European benchmarks faced broad declines.
North of the U.S. border, the S&P/TSX Composite dropped 0.57 percent to 26,566.32, marking one of the day's weaker performances among major global benchmarks. The decline came as energy and materials stocks lagged amid softer commodity prices.
UK and European Markets End Lower
European equities struggled as investors weighed economic concerns and corporate earnings. The UK's FTSE 100 fell 0.46 percent to 8,718.75, while Germany's DAX dropped 0.61 percent to 23,498.33. France's CAC 40 declined 0.76 percent to 7,558.16, and the EURO STOXX 50 slid 0.85 percent to 5,252.01. Belgium's BEL 20 mirrored the trend, shedding 0.76 percent to 4,457.12.
Asian Markets Rally
In contrast, Asian indices posted strong gains. Hong Kong's Hang Seng Index surged 1.23 percent to 24,474.67, while Singapore's STI Index rose 0.56 percent to 3,925.98. India's S&P BSE SENSEX climbed 0.85 percent to 82,755.51, and Taiwan's TWSE Index jumped 1.09 percent to 22,430.61. Japan's Nikkei 225 edged up 0.39 percent to 38,942.07, and China's Shanghai Composite gained 1.04 percent to 3,455.97.
South Korea's KOSPI rose 0.15 percent to 3,108.25, and Malaysia's KLSE gained 0.36 percent to 1,519.79.
Mixed Moves in Pacific Regions
Australia's S&P/ASX 200 inched up 0.04 percent to 8,559.20, while the broader All Ordinaries added 0.06 percent to 8,779.90. New Zealand's NZX 50 dipped slightly by 0.05 percent to 12,460.96.
Israel's TA-125 led gains, soaring 1.71 percent to 2,973.48, while Egypt's EGX 30 surged 1.24 percent to 33,002.80. South Africa's Top 40, however, bucked the trend, falling 0.80 percent to 5,306.17.
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