By While global markets rallied on strong earnings and policy expectations, major tech stocks like Alphabet and AMD faced significant losses.
Wall Street Sees Mixed Reactions as Tech Stocks Decline
Wall Street ended the session on a positive note despite turbulence in the tech sector. The S&P 500 advanced 0.4%, the Dow Jones Industrial Average surged 317 points (+0.7%), and the Nasdaq Composite managed a modest 0.2% gain.
Mattel led market winners with a 15.3% spike, fueled by a robust earnings report. Amgen followed with a 6.5% rise after exceeding profit expectations. However, Alphabet (Google’s parent company) tumbled 7.3%, despite surpassing earnings forecasts, as investors worried about a slowdown in its cloud services division. AMD (Advanced Micro Devices) also fell 6.3%, even after posting higher-than-expected revenue.
Asian Markets Remain Steady, Honda Faces Uncertainty
Asia’s stock markets reflected the momentum from Wall Street, with Japan’s Nikkei 225 gaining 0.2% to 38,888.04 and Australia’s S&P/ASX 200 rising 1% to 8,600. The Shanghai Composite grew 0.6% to 3,248.34, while South Korea’s Kospi and Hong Kong’s Hang Seng showed marginal movement. Honda Motor Co. saw fluctuations after reports suggested a possible collapse of merger talks with Nissan Motor Corp., though Nissan’s stock recovered.
Europe Anticipates a Bullish Start
European markets are expected to open higher, with the FTSE 100 (U.K.) projected to rise 53 points to 8,672, while Germany’s DAX could gain 92 points, reaching 21,640. The CAC 40 (France) is set to climb 26 points, and Italy’s FTSE MIB may increase 70 points. Investors await earnings results from ING, ArcelorMittal, Carlsberg, AstraZeneca, and L’Oréal. Additionally, market participants anticipate a possible Bank of England rate cut in its upcoming meeting.
Currency and Commodities Update
The U.S. dollar hit an eight-week low against the yen, as trade risks eased. The Indian rupee dropped to an intraday low of 87.49 per dollar, closing at 87.463.
Meanwhile, the World Gold Council (WGC) predicts India’s gold demand will moderate in 2025 from last year’s peak, citing record-high prices impacting jewelry purchases while investment demand remains strong.