Japan leaps, rest of Asia down, on China, virus issues

0


Stocks ended a wobbly day with mixed results on Wall Street on Friday as the market cooled after a two-day rally. The S&P 500 edged up 0.1% and ended the week higher, breaking a two-week losing streak. The Dow Jones Industrial Average also rose around 0.1%, but the Nasdaq composite and a measure of small company stocks closed lower. Nike fell 6.3% after saying supply chain issues could hurt its revenue. The yield on the 10-year Treasury bill fell to 1.46%, after 1.31% on Monday. Energy prices rose further and ended the week higher.

THIS IS A CURRENT UPDATE. AP’s previous story follows below.

Stocks hover between small gains and losses on Wall Street on Friday, and are still barely higher for the week.

The weak performance follows a two-day rally that helped erase a recession earlier in the week. Investors faced similar turbulence throughout September as they attempt to assess how the economy will continue to recover.

The S&P 500 was down less than 0.1% at 2:28 p.m. EST. The Dow Jones Industrial Average lost 11 points, or less than 0.1%, to 34,753 and the Nasdaq was down 0.3%.

Slightly more S&P 500 stocks rose than they fell. Weakness in tech stocks and healthcare companies offset gains in banks and industrial companies. The index clings to a gain of 0.3% for the week. To close with a win would break a two-week losing streak.

Energy prices were generally higher. The benchmark US crude oil price was 1% higher and increased 3% for the week. The trend has helped drive energy stocks higher. Cabot Oil & Gas increased 2.8%.

European markets were down and Asian markets mostly closed lower.

Bond yields continued to climb. The yield on the 10-year Treasury bill rose to 1.46% from 1.41% Thursday night. The yield, which influences interest rates on mortgages and other consumer loans, was 1.31% Monday night.

Nike was the last company to warn investors about supply chain issues that hurt revenue. Its stock fell 6.2% for the biggest decline in the S&P 500. A wide range of industries are facing supply chain issues and investors are worried about rising costs for businesses and consumers. consumers. Analysts have warned that the next round of corporate earnings could be in jeopardy due to the issues.

Concerns over struggling Chinese real estate developer Evergrande are also weighing on sentiment. Some Chinese banks on Friday revealed what they were owed by Evergrande, seeking to allay fears of financial turmoil as it grapples with debt of less than $ 310 billion. Evergrande said it negotiated details of an interest payment due Thursday to banks and other bondholders in China, but gave no details. The company has yet to say whether it will make a payment of $ 83.5 million that was due Thursday on an overseas bond.

European markets fell and Asian markets were mostly down, although the Japanese Nikkei 225 rose 2.1%.

Cryptocurrencies plummeted after China’s central bank declared all transactions involving virtual currencies illegal as it stepped up a campaign to block the use of unofficial digital currency. Bitcoin fell 5.4% to $ 42,216.30, according to Coindesk. Chipmaker Nvidia, which makes processors needed for crypto-mining, fell 2.2%.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.


Share.

About Author

Leave A Reply