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Global stocks mixed and yen weakens as Japanese central bank holds steady

Global stocks mixed and yen weakens as Japanese central bank holds steady
Global stocks mixed and yen weakens as Japanese central bank holds steady

 


NEW YORK (AP) U.S. stocks retreated slightly from their record highs Friday as caution sets in in financial markets heading into the weekend.

The S&P 500 was down 0.2% in afternoon trading after hitting an all-time high each day earlier this week. The Dow Jones Industrial Average was down 129 points, or 0.3%, as of 1:56 p.m. Eastern Time, and the Nasdaq Composite Index was virtually unchanged.

The losses were greater across the Atlantic, where European markets were shaken by the results of recent elections on the continent. The victories of far-right parties have particularly increased pressure on the French president, and investors fear it could weaken the European Union, block budget plans and ultimately harm France's ability to pay its bills. debt. Recent elections have also shaken markets in Mexico, India and elsewhere.

France's CAC 40 index fell 2.7% to take its weekly loss to 6.2%, its worst in more than two years. The German DAX lost 1.4%.

On Wall Street, RH fell 17.6% after reporting a loss for the latest quarter that was worse than expected by financial analysts. The home furnishings seller called this real estate market the toughest in three decades.

High mortgage rates have harmed the real estate market, as Federal Reserve has kept its main interest rate at the highest level in more than two decades. The central bank intentionally slows the economy by charging high interest rates, hoping to starve inflation of its fuel.

Still, stocks set records as hopes grew that inflation would slow enough to convince the Federal Reserve to cut interest rates later this year. Meanwhile, big tech stocks continue to advance almost independently of developments in the economy and interest rates.

Adobe jumped 14.6% after announcing a profit for the last quarter that was higher than expected by analysts.

Broadcom rose 3.3% and was headed for a second straight day of gains after reporting better-than-expected earnings and a 10-for-one stock split to make its price more affordable. Nvidia rose 1.9% as the poster child of the artificial intelligence technology rush sees its total market value climb even further above $3 trillion.

In the bond market, U.S. Treasury yields were mixed after a preliminary report from the University of Michigan suggested sentiment among American consumers failed to improve this month, against economists' expectations.

Robust U.S. household spending was one of the main drivers that helped the economy escape recession, but personal finance ratings declined, driven by slightly growing concerns about rising prices as well as of weakening income, according to Joanne Hsu, director of investigations. Consumers.

Perhaps more importantly for financial markets, expectations of future inflation among U.S. consumers do not appear to be changing much, even though they are relatively high. It's an encouraging signal that the economy could avoid a self-fulfilling cycle in which expectations of higher inflation lead to behavior that creates more.

The 10-year Treasury yield fell to 4.22% from 4.25% Thursday evening. It reached 4.60% at the end of last month, before some encouraging twists and turns. reports on inflation.

In foreign stock markets, indices were mixed in Asia. Japan's Nikkei 225 rose 0.2% after the national index central bank remained stable on interest rates.

___

AP Business Editor Yuri Kageyama contributed.

Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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