- Tuesday morning saw mixed results for European equities and the FTSE 100 (^FTSE), as Nvidia (NVDA) resumed its precipitous decline after its short reign as the most valuable business in the world. Its worth has dropped by more than $550 billion (£433 billion) so far.
- Despite 70% of its members seeing gains, the S&P 500 had a 0.3% decline as a result of the shift away from technology companies.
- According to Pepperstone Group’s director of research, Chris Weston, “People are working out that momentum works both ways.”
- In early trading, the benchmark index for London increased by 0.1%.
- The Paris CAC (^FCHI) went 0.6% into negative territory, while Germany’s DAX (\GDAXI) fell 1.1%.
- The STOXX 600 (^STOXX), a pan-European index, decreased 0.3%.
- S&P 500 futures (ES=F), Dow futures (YM=F), and Nasdaq futures (NQ=F) are expected to start mixed on Wall Street.
- At 1.2693, the pound was up 0.04% vs the US dollar (GBPUSD=X).
US and Asian markets
- Asia’s stocks saw a majority of overnight gains after Wall Street heavyweight Nvidia’s subsequent decline left US markets divided.
- After statistics from the Bank of Japan revealed that the services producer price index in May increased 2.5% over the same month last year, the Nikkei (~N225) saw a 0.95% increase on the day in Tokyo. Compared to the 2.7% gain in April, there was a deceleration.
- After the day, the Shanghai Composite (000001. SS) had dropped 0.4%, while the Hang Seng (^HSI) had increased by 0.25% in Hong Kong.
- The Japanese yen continued to be the center of attention, with its exchange rate against the US dollar continuing to hover around its lowest point in around 34 years. In early trade on Tuesday morning, the yen increased to 159.37 to the dollar. On Monday, the dollar ended the day at 159.59 yen.
- On Wall Street on the other side of the Atlantic, the Nasdaq (^IXIC) dropped more than 1% to 17,496.82, while the Dow Jones (\DJI) reached a one-month high.
- The S&P 500 (^GSPC) had a 0.3% decline to 5,447.87, while the Dow Jones increased by 0.7% to 39,411.21.
- As of late Friday, the yield on the benchmark 10-year US Treasury note fell to 4.23% from 4.257%.