Global markets update: US stocks slump over 1% ahead of Powell’s speech at Jackson Hole, Nvidia rises
US stocks slumped more than 1% on Thursday ahead of Federal Reserve Chair Jerome Powell’s speech at Jackson Hole, Wyoming, on Friday.
The S&P 500 lost 59.7 points, or 1.35%, at 4,376.31. The Dow Jones Industrial Average fell 373.56 points, or 1.08%, at 34,099.42. The Nasdaq Composite dropped 257.06 points, or 1.87%, at 13,463.97.
Central bankers have gathered on Thursday for an annual symposium at Jackson Hole.
Shares of Nvidia rose as much as 6.7% on Thursday, hitting an all-time high, after the company unveiled a $25 billion stock buyback plan and record quarterly revenue. During the session, the company surged as high as $502.66.
Nvidia closed up 0.12% at $471.74. Its stock is now 223% up year-to-date.
Other chipmakers fell as investors focused on Nvidia. Shares of Marvell Technology and Advanced Micro Devices Inc shed nearly 7%. Intel fell 4.1%.
The yield on the 10-year treasury rose at 4.23% from 4.20% late Wednesday. The 2-year treasury yield rose at 5.01%.
Currencies
The US dollar rose at 145.86 Japanese yen from 144.80. It fell at $1.0810 from $1.0859 against the euro.
Europe
European shares fell on Thursday, with the pan-European STOXX 600 slipping 0.4%.
Britain’s FTSE 100 rose 0.2% at 7,333.63. Germany’s DAX fell 0.7% at 15,621.49. France’s CAC 40 edged down 0.4% at 7,214.46.
The technology sector index closed 2.4% lower after paring gains.
Chipmakers in Europe — Infineon, Siltronic , Swiss-based Temenos, AMS Osram, VAT , Amsterdam-listed ASML Holding and ASM International, and BE Semiconductor all lost between 1.3% and 6.3%.
Asia
In Asian markets, Hong Kong’s Hang Seng Index rose 2.1% at 18,212.17. China’s Shanghai Composite: added 0.1% at 3,082.24.
Japan’s Nikkei 225 added 0.9% at 32,287.21.
Australia’s S&P/ASX 200 index closed 0.5% higher at 7,182.1 points. New Zealand’s benchmark S&P/NZX 50 index fell 0.6% at 11,502.13 points.
Energy prices
The US crude oil benchmark for October delivery rose 16 cents at $79.05 a barrel Thursday. Brent crude for October delivery rose 15 cents at $83.36 a barrel.
Natural gas for September delivery added 2 cents at $2.52 per 1,000 cubic feet.
Bullion
Gold for December delivery fell $1 at $1,947.10 an ounce. Silver for September delivery lost 16 cents at $24.23 an ounce.
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Updated: 25 Aug 2023, 02:42 AM IST