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Global markets update: US stocks slip on worries over interest rate hike


US stocks slipped on Tuesday on worries over interest rate hike by the Federal Reserve.

The S&P 500 lost 11.06 points, or 0.25%, at 4,388.71. The Dow Jones Industrial Average fell 170.34 points, or 0.49%, at 34,293.35. The Nasdaq Composite added 13.79 points, or 0.1%, at 13,511.38.

Banking index edged down 0.8%.

Fed chair Jerome Powell will speak at a meeting in Jackson Hole on Friday. His speech will give investors some clarity on the monetary policy outlook.

The benchmark 10-year treasury yield hit almost 16-year high on hopes that the Fed could keep interest rates higher for longer period. The yield fell at 4.32% from 4.34% late Monday.

The 2-year treasury yield rose at 5.04% from 5.00%.

Microsoft added 0.2% as UK regulators mull a revamped bid by the company to buy video game maker Activision Blizzard.

Shares of Lowe’s rose 3.7% after reporting stronger profit.

Shares of Dick’s Sporting Goods plunged 24.1% after its profit dropped for the latest quarter.

Macy’s fell 14.1% despite reporting stronger results for the latest quarter.


The US dollar fell at 145.87 Japanese yen from 146.11. It fell at $1.0852 from $1.0899 against the euro.


European shares advanced on Tuesday on a rally in technology stocks.

The pan-European STOXX 600 closed up 0.7%.

Britain’s FTSE 100 rose 0.2% at 7,270.76. Germany’s DAX edged up 0.7% at 15,705.62. France’s CAC 40 added 0.6% at 7,240.88. 

Technology index jumped 2%.

Shares of Amsterdam-listed chipmakers ASML Holding N.V., ASM International N.V and BE Semiconductor Industries N.V. rose between 0.7% to 3.3%.

In Paris, shares of chipmaker STMicroelectronics added 2.5%.


In Asian markets, Hong Kong’s Hang Seng index rose 1% at 17,791.01. In China, Shanghai Composite added 0.9% at 3,120.33. 

Japan’s Nikkei 225 edged up 0.9% at 31,856.71. 

Australia’sS&P/ASX 200 index closed 0.1% higher at 7,121.60 points. New Zealand’s benchmark S&P/NZX 50 index advanced 0.2% at 11,485.26 points.

Energy prices

The US crude oil benchmark for September delivery fell 37 cents at $80.35 a barrel on Tuesday. Brent crude for October delivery lost 43 cents at $84.03 a barrel.

Natural gas for September delivery slipped 7 cents at $2.56 per 1,000 cubic feet.


Gold for December delivery gained $3 at $1,926 an ounce. Silver for September delivery rose 11 cents at $23.45 an ounce.

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Updated: 23 Aug 2023, 02:02 AM IST

Joanna Swanson

Joanna Swanson is Europe correspondent at the Thomson Reuters Foundation based in Brussels covering politics, culture, business, climate change, society, economies and inclusive tech. With specific focus in breaking news, she has covered some of the world's most significant stories.