Global stock markets display varied performances amid economic concerns
Date
11/27/2024 2:34:22 AM
(MENAFN) Global stock markets showed mixed performance on Tuesday, with the S&P 500 and nasdaq Composite opening higher, as investors considered U.S. President-elect Donald Trump's pledge to impose tariffs on America's largest trading partners and awaited minutes from the Federal Reserve's latest meeting.
The Dow Jones Industrial Average declined by 121.7 points, or 0.27 percent, to 44,614.89. Meanwhile, the S&P 500 rose by 12.7 points, or 0.21 percent, to 6,000.03, and the Nasdaq Composite increased by 54.2 points, or 0.28 percent, to 19,109.082.
European Stocks fell yesterday, mainly pressured by the performance of carmakers after Trump's tariff threat to major U.S. trading partners raised concerns that the European Union could face similar risks in a potential global trade war. The pan-European STOXX 600 index dropped 0.5 percent, ending a three-day winning streak. Auto stocks, including Stellantis and Volkswagen, were among the biggest losers, with declines exceeding 2 percent.
Trump’s promise to impose significant tariffs on Canada, Mexico, and China dampened market optimism, despite his nomination of Scott Bessent as U.S. Treasury Secretary. The dollar strengthened while global stocks retreated. Other sectors, including banks, retail, and mining companies, also suffered significant losses, each dropping more than 1 percent. Roche's shares fell over 1 percent after its late-stage lung cancer study failed to meet key survival goals. The Swiss company also plans to acquire Poseida Therapeutics, a U.S. biopharmaceutical firm, in a deal valued at up to USD1.5 billion.
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