“Wall Street” violates expectations and rises at the opening
The Japanese “Nikkei” index ended trading, yesterday, Friday, lower, affected by the acceleration of declines in stocks related to chips, which track the impact of their counterparts in the United States of America.
European stocks witnessed stability in the beginning of trading, yesterday, Friday; The decline in technology stocks, due to the pessimistic expectations of the software company, SAP, squandered the gains of energy companies that track the impact of high oil prices.
While the main indices on the “Wall Street” stock exchange opened higher, which puts the “Dow Jones” index on the way to achieving gains for the tenth day in a row, while major companies and technology stocks began to recover after incurring sharp losses in the previous session.
erase gains
Semiconductor industry giants Tokyo Electron and Advantest fell 5.6 percent and 5.8 percent, respectively, erasing about 200 points from the index.
The Nikkei fell 186 points, or 0.57 percent, to 32,304.25.
In contrast, the broader Topix index, which does not focus much on technology stocks, rose 0.06 percent.
Chip component maker Screen Holdings and chip maker Renesas Electronics fell 4.9 percent and 2.5 percent, respectively.
This comes after the Philadelphia Semiconductor Index fell 3.6 percent overnight, its worst daily performance this year.
The large losses incurred by chip stocks on Friday erased the impact of the rise in the shares of the auto industry, which rose 10.4 percent on the back of positive data.
Energy stocks were the best performers, and its sub-index rose 1.4 percent, supported by higher crude oil prices.
Energy goes up
The European Stoxx 600 index settled at 463.72 points, and is on track to record slight gains of 0.6 percent during the week.
Technology shares in Europe fell 1.6 percent. And this sector is already the biggest loser among the major sectors for this week. As for energy companies, they increased 0.7 percent, supported by high oil prices, as investors assessed the possibility of announcing more stimulus measures in China.
Shares of Swedish steelmaker SSAB tumbled 13.4 percent to the bottom of the Stoxx 600 index after results showed a larger-than-expected decline in its quarterly profit, while Swiss pharmaceutical company Lonza fell 7 percent after it lowered its full-year forecast.
Dow Jones jumps 49.14 points
The US Dow Jones Industrial Average rose 49.14 points, or 0.14 percent, at the open, to 35,274.32 points.
The Standard & Poor’s 500 index opened up 15.29 points, or 0.34 percent, to 4,550.16 points, and the Nasdaq Composite Index rose 84.87 points, or 0.60 percent, to 14,148.18 points at the open.
2023-07-21 18:22:30
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