S&P 500 and NASDAQ snap three-session losing streakUS stocks ended mostly higher reversing earlier losses on Friday. S&P 500 gained 0.5% to 2691.25. Dow Jones industrial average rose lost 0.3% to 24538.06. The Nasdaq composite rallied 1.1% to 7257.87. The dollar weakening persisted as President Trump tweeted about charging reciprocal taxes on US imports: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, slid 0.3% to 89.936. Futures indicate lower openings today.
European stocks slideEuropean stocks extended losses on Friday on rising trade war concerns following President Trump’s import tariff announcements. Both the euro and British Pound extended gains against the dollar. The Stoxx Europe 600 index slumped 2.1% led by steelmaker stocks, ending down 3.7% for the week. The DAX 30 sank 2.3% to 11913.71. France’sCAC 40 dropped 2.4% and UK’s FTSE 100 lost 1.5% to 7060.90. Indices opened flat to 0.6% lower today.
Hang Seng leads Asian indices lowerAsian stock indices are mixed today on rising trade war concerns. Nikkei lost another 0.7% to 21040 with yen accelerating climb against the dollar. Chinese stocks are mixed after the government said its 2018 economic growth target would remain around 6.5% for 2018 and predicted a reduced budget deficit of 2.6% of GDP: the Shanghai Composite Index is up 0.1% while Hong Kong’s Hang Seng Index is 2.5% lower. Australia’s ASX All Ordinaries is down 0.6% despite Australian dollar’s 0.3% slide against the greenback.
Brent steadyBrent futures prices are steady today ahead of OPEC meeting with US shale producers. Measures how to balance the oversupplied global market are among issues expected to be discussed at the meeting. Prices rose Friday while Baker Hughes said active oil rig count rose by just 1 last week: May Brent added 0.9% to $64.37 a barrel on Friday. It fell 4% in the week.