Market Commentary - Foreign Markets
Stocks were mixed with the Dow edging up while the Nasdaq and S&P 500 fell after President Trump confirmed delayed tariffs on Canada and Mexico. Traders await Nvidia's earnings report.
While the Dow inched up 33.19 points or 0.1 percent to 43,461.21, the S&P 500 fell 29.88 points or 0.5 percent to 5,983.25 and the Nasdaq tumbled 237.08 points or 1.2 percent to 19,286.92. This took place after President Donald Trump said previously delayed tariffs on Canada and Mexico are going forward on time. The tariffs will go forward... and we're going to make up a lot of territory. The volatility on Wall Street also came as traders looked ahead to the release of earnings news from Nvidia (NVDA). The AI darling and market leader is scheduled to release its fourth quarter results after the close of trading on Wednesday.
Semiconductor stocks moved sharply lower, resulting in a 3 percent nosedive by the Philadelphia Semiconductor Index. Computer hardware, networking and software stocks also saw considerable weakness, contributing to the steep drop by the tech-heavy Nasdaq. Retail stocks too moved notably downwards while significant strength was visible among pharmaceutical stocks.
Asia-Pacific stocks moved mostly lower with the Japanese markets closed in observance of the emperor's birthday. Hong Kong's Hang Seng Index slid by 0.6 percent, while China's Shanghai Composite Index dipped by 0.2 percent. The major European markets turned in a mixed performance. the German DAX Index climbed by 0.6 percent, the U.K.'s FTSE 100 Index closed just below the unchanged line and the French CAC 40 Index fell by 0.8 percent.
In the bond market, treasuries moved higher, extending the strong upward move seen over the two previous sessions. Subsequently, the yield on the benchmark ten-year note which moves opposite of its price, fell 2.7 bps to a two-month closing low of 4.39%.
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