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Global stocks lower after Wall Street snaps winning streak US stocks edge mostly higher as oil prices bounce back
(about 5 hours later)
BEIJING — Global stock markets were mostly lower Friday after Wall Street broke a three-day winning streak and declined. U.S. stock indexes edged mostly higher in early trading Friday as rising oil prices pushed energy companies higher. Technology companies were the biggest laggards as Microsoft and Google parent Alphabet declined on disappointing earnings. Investors pored through the latest batch of earnings from big companies, including McDonald’s, American Airlines Group and General Electric.
KEEPING SCORE: In early trading, Germany’s DAX fell 0.4 percent to 10,389.42 points and France’s CAC 40 shed 0.2 percent to 4,573.38. Britain’s FTSE 100 was off 0.7 percent at 6,336.96. On Thursday, the DAX gained 0.2 percent while the CAC 40 was off 0.1 percent and the FTSE 100 lost 0.2 percent. Wall Street’s outlook was mixed, with the future for the Dow Jones industrial average off 0.1 percent and that for the Standard & Poor’s 500 index up 0.2 percent. KEEPING SCORE: The Dow Jones industrial average rose 23 points, or 0.1 percent, to 18,006 as of 10:06 a.m. Eastern time. The Standard & Poor’s 500 index added one point, or 0.1 percent, to 2,092. The Nasdaq composite index lost 30 points, or 0.6 percent, to 4,915.
ASIA’S DAY: Hong Kong’s Hang Seng index fell 0.7 percent to 21,467.04 while the Shanghai Composite Index gained 0.2 percent to 2,959.24. Tokyo’s Nikkei 225 rose 1.2 percent to 17,572.49. Seoul’s Kospi retreated 0.3 percent to 2,015.49 and Sydney’s S&P ASX 200 lost 0.7 percent to 5,236.40. India’s Sensex was off 0.1 percent at 25,844.89. Benchmarks in Malaysia and Indonesia gained while New Zealand and Singapore declined. ENERGY SECTOR: Oil and gas companies benefited from a pickup in energy prices. Southwestern Energy vaulted $1.65, or 15.5 percent, to $12.32. Murphy Oil climbed $1.31, or 4.1 percent, to $32.94.
WALL STREET: Investors sold traditional safe-play stocks such as phone companies and utilities as they pored over earnings for clues about the trajectory of the U.S. economy. Analysts say companies are struggling to meet profit expectations. General Motors rose 1.5 percent after its profit more than doubled while Mattel fell 5.8 percent on disappointing sales of Barbie dolls. The Dow lost 0.6 percent and the S&P shed 0.5 percent. The Nasdaq composite index lost 0.1 percent. GAINING STEAM: Norfolk Southern jumped 8.5 percent after the railroad operator slashed costs during its latest quarter. The stock rose $7.01 to $89.64.
ANALYST’S TAKE: With little improvement in the U.S. economy and the S&P close to its all-time high, “some retreat is needed for bullishness to sustain,” Bernard Aw of IG said in a report. “Having said that, the lack of a strong improvement in the economic outlook raises questions whether the stock rally will go on. In my view, equities may find it difficult to push higher from recent levels.” TECH SLUMP: Several technology companies were down after reporting disappointing quarterly results. Microsoft lost $4, or 7.2 percent, to $51.78. Alphabet fell $38, or about 5 percent, to $742.
ENERGY: Benchmark U.S. crude gained 43 cents to $43.60 in electronic trading on the New York Mercantile Exchange. The contract fell $1 on Thursday to close at $43.18. Brent crude, used to price international oils, rose 23 cents to $44.75 in London. It fell $1.27 the previous session to $44.53. TURBULENT FLIGHT: American Airlines Group slid 6.3 percent after the company said weaker fares and labor costs cut into its revenue in the first quarter. The stock shed $2.51 to $37.50.
CURRENCY: The dollar advanced to 110.33 yen from Thursday’s 109.44 yen. The euro declined to $1.1281 from $1.1293. DIMMER OUTLOOK: Visa fell 3 percent after the payments processor cut its revenue forecast for the year. The stock fell $2.44 to $78.35.
MARKETS OVERSEAS: Major stock indexes in Europe mostly fell. Germany’s DAX was down 0.4 percent, while France’s CAC 40 was down 0.2 percent. Britain’s FTSE 100 was off 1 percent. Earlier in Asia, Hong Kong’s Hang Seng index fell 0.7 percent. Tokyo’s Nikkei 225 rose 1.2 percent. Seoul’s Kospi slid 0.3 percent and Sydney’s S&P ASX 200 lost 0.7 percent.
ENERGY: Benchmark U.S. crude was up $1.11, or 2.6 percent, at $44.29 a barrel in New York. Brent crude, used to price international oils, was up $1.04, or 2.3 percent, at $45.57 a barrel in London.
BONDS AND CURRENCIES: Bond prices fell. The yield on the 10-year Treasury note rose to 1.89 percent from 1.86 late Thursday. In currency markets, the dollar gained to 111.34 yen from Thursday’s 109.53 yen. The euro fell to $1.1252 from $1.1295.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.