Sensex closes lower by 180 points
Benchmark stock indices Sensex and Nifty closed lower on Thursday after three days of gains dragged mainly by selling in index majors Reliance Industries and HDFC Bank. The BSE Sensex pared early gains to settle 180.96 points or 0.28 percent lower at 65,252.34. During the day, it hit a high of 65,913.77 and a low of 65,181.94. The NSE Nifty declined 57.30 points or 0.29 percent to settle at 19,386.70 as 35 of its stocks declined while 16 advanced. Sensex and Nifty opened higher following overnight gains in U.S. stocks and positive cues from Asian markets. However, losses in IT, oil, and banking shares dragged the indices into negative territory. From the Sensex pack, Jio Financial Services fell the most by 4.99 percent.
Japan stocks lower at close of trade
Japan stocks were lower after the close on Friday, as losses in the Shipbuilding, Trading and Chemical, Petroleum & Plastic sectors led shares lower. At the close in Tokyo, the Nikkei 225 lost 2.01 percent. The best performers of the session on the Nikkei 225 were Toyo Seikan Group Holdings, Ltd., which rose 2.28 percent or 54.50 points to trade at 2,444.50 at the close. Meanwhile, IHI Corp. added 1.96 percent or 67.00 points to end at 3,486.00 and Kuraray Co., Ltd. was up 1.71 percent or 27.00 points to 1,605.00 in late trade. The worst performers of the session were Advantest Corp., which fell 9.99 percent or 1,965.00 points to trade at 17,695.00 at the close. Tokyo Electron Ltd. declined 5.93 percent or 1,290.00 points to end at 20,460.00 and Dainippon Screen Mfg. Co., Ltd. was down 3.44 percent or 500.00 points to 14,020.00. Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 2001 to 1569 and 284 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was down 2.49 percent to 18.39.
DAX index: as the dax 30 reels, all eyes turn to Powell at Jackson hole
The DAX ended a three-day winning streak on Thursday, falling by 0.68 percent. Reversing a 0.15 percent gain from Wednesday, the DAX ended the day at 15,622. The DAX rose to an early high of 15,897 before sliding to a low of 15,619. Upbeat sentiment from the Asian equity markets failed to deliver a fourth consecutive day in positive territory for the DAX. NVIDIA (NVDA) earnings results from overnight on Wednesday took a back seat as investor focus turned to the Jackson Hole Symposium. Market fears of a hawkish Fed Chair weighed on riskier assets. US private sector PMI numbers provided brief relief on Wednesday. However, economic indicators from Thursday suggested the need for a higher-for-longer interest rate environment. Initial jobless claims fell from 240k to 230k, reflecting tight labor market conditions. Core durable goods orders were also upbeat, rising by 0.5 percent in July.
FTSE 100 edges higher
UK’s FTSE 100 index advanced on Friday, on track for its first weekly rise in four as investors awaited cues on the US interest rate outlook, while a slump in the shares of CMC Markets and Watches of Switzerland weighed on the mid-cap index. The exporter-heavy FTSE 100 rose 0.3 percent, while the FTSE 250 index slipped 0.1 percent. Both the indexes were on track for weekly gains. Investors will closely watch US Federal Reserve Chair Jerome Powell’s speech, scheduled at 1405 GMT, for clues on the outlook for interest rates at a time when most believe the central bank is nearly done hiking rates.
S&P 500 investors are betting on a handful of stocks
The S&P 500 has become so concentrated that investors are basically betting on a handful of mega-cap stocks like Tesla and Nvidia, Marc Rowan has warned. The S&P 500 weights its constituents by market capitalization, meaning companies with trillion-dollar market caps like Apple, Amazon, Alphabet, and Microsoft have outsized influence among the roughly 500 stocks in the benchmark index.
Saudi Arabia stocks higher at close of trade
Saudi Arabia stocks were higher after the close on Thursday, as gains in the Insurance, Transport and Media & Publishing sectors led shares higher. At the close in Saudi Arabia, the Tadawul All Share rose 0.34 percent. The best performers of the session on the Tadawul All Share were Sadr Logistics Co, which rose 6.29 percent or 0.21 points to trade at 3.55 at the close. Meanwhile, Al Kathiri Holding Co added 5.46 percent or 0.16 points to end at 3.09 and Theeb Rent a Car Company SJSC was up 4.14 percent or 2.80 points to 70.40 in late trade. The worst performers of the session were Salama Cooperative Insurance Co, which fell 6.00 percent or 1.48 points to trade at 23.20 at the close. Al Baha Investment and Development Company SJSC declined 5.88 percent or 0.01 points to end at 0.16 and Maharah for Human Resources was down 2.81 percent or 1.70 points to 58.80.
Stocks take it on the chin
Canadian stocks lost much of their strength Thursday, as health-care and tech stocks weighed. The TSX let go of 103.96 points to wind up Thursday at 19,775.83. The Canadian dollar sagged 0.34 cents to 73.60 cents U.S. Health-care dragged much of the market down, particularly Tilray, tailing off 28 cents, or 8.3 percent, to $3.10, while Bausch Health Companies, listing lower nine cents to $10.96. Techs also left something to be desired, as HUT 8 Mining careening lower 30 cents, or 8.9 percent, to $3.06, while Dye & Durham slid 94 cents, or 5.2 percent, to $17.10. Consumer discretionary stocks also slumped as Aritzia gave back 56 cents, or 2.2 percent, to $24.74, while Canada Goose Holdings snoozed 41 cents, or 2 percent, to $20.60. Communications tried to prop things higher, as BCE gained $1.42, or 2.6 percent, to $56.27, while TELUS Corp. hiked 31 cents, or 1.4 percent, to $23.25.