Global stock markets fall amid selling pressure, technical glitches
Date
7/21/2024 5:56:09 AM
(MENAFN) Global stock indices experienced widespread confusion and declines in today’s trading, as significant selling pressure targeted shares of major companies and technology giants. European, American, and Japanese stock exchanges all saw varying degrees of decline, reflecting the broader uncertainty in the markets.
In the U.S., Wall Street’s primary indexes opened lower on Friday, continuing a trend of investors pulling out of key chipmakers and high-value technology stocks. This movement came as market participants evaluated the impact of a recent global technical glitch. The Dow Jones Industrial Average decreased by 72.67 points, or 0.18 percent, settling at 40,592.35. The Standard & Poor's 500 Index fell by 1.22 points, or 0.02 percent, to 5,543.37, while the Nasdaq Composite Index lost 35.63 points, or 0.20 percent, ending at 17,835.59.
European markets followed suit, heading towards weekly losses. The pan-European STOXX 600 index dropped by 0.6 percent, reaching its lowest level in over two weeks due to heavy selling across multiple sectors. Notably, travel and leisure stocks led the decline with a 2.5 percent drop, influenced by a slump in Evolution stocks, while mining stocks fell by 1.8 percent amid lower commodity prices and a lack of stimulus measures from China.
In Germany, shares fell by 0.6 percent following a report that the producer price index for the country decreased by 1.6 percent year-on-year in June, aligning with analyst expectations. Meanwhile, in Japan, the Nikkei index closed down 0.16 percent at 40,063.79 points, reflecting the overnight decline on Wall Street. However, losses were somewhat mitigated by a rebound in semiconductor and chip stocks.
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