Global stock markets witness diversified performance as Nasdaq reaches milestone
Date
5/29/2024 5:38:54 AM
(MENAFN) During trading on the preceding day, global stock indices displayed fluctuations, with the US nasdaq index notably continuing its robust ascent, surpassing the significant milestone of 17,000 points for the first time. However, the performance of US equities presented a mixed picture upon their return from an extended weekend, with investors eagerly anticipating crucial economic data.
The Dow Jones Industrial Average encountered a decline of 0.30 percent, or 126 points, closing at 38,942 points, while the Standard & Poor's index saw a modest uptick of 0.15 percent, or 7 points, reaching 5,312 points. Meanwhile, the Nasdaq surged by 0.50 percent, or 86 points, achieving a new record close at 17,011 points. Notably, Nvidia shares soared by 6 percent, contributing to an impressive USD150 billion addition to the market value, culminating in another record-setting close.
In contrast, European stock indices faced downward pressure, particularly as British markets resumed trading following a prolonged weekend hiatus. This decline coincided with the assessment of data releases from key euro zone economies. By the end of trading, the Stoxx Europe 600 index experienced a notable dip of approximately 0.6 percent, closing at 519.08 points, marking its most significant decrease since April 30. Nevertheless, losses were partially offset by gains in the banking, energy, and automobile sectors.
Japanese stocks witnessed a slight downturn following the publication of official data indicating a slowdown in core inflation indicators, dropping below the 2 percent threshold for the first time since August 2022. At the close of the session on the Tokyo Stock Exchange, the Nikkei index slipped by 0.11 percent, or 44 points, reaching 38,855 points, while the Topix index stabilized at 2768 points.
Meanwhile, Chinese stocks experienced a decline, largely attributed to the lackluster performance of the real estate sector. Despite Shanghai easing restrictions on home purchases, aligning with central government efforts to bolster the housing market, the Shanghai Composite Index concluded with a decrease of 0.46 percent, closing at 3,109 points. Similarly, the Shenzhen Composite Index fell by 1.08 percent to 1,728 points, reflecting broader concerns within the Chinese equities landscape.
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