GLOBAL MARKETS DJIA 34746.25 -8.69 -0.03% Nasdaq 14579.54 -74.48 -0.51% S&P 500 4391.34 -8.42 -0.19% FTSE 100 7095.55 17.51 0.25% Nikkei Stock 28496.61 447.67 1.60% Hang Seng 25312.55 474.70 1.91% Kospi Closed SGX Nifty* 17916.50 -3.0 -0.02% *Oct contract USD/JPY 112.51-52 +0.25% Range 112.53 112.05 EUR/USD 1.1571-74 -0.03% Range 1.1581 1.1564 CBOT Wheat Dec $7.340 per bushel Spot Gold $1,759.11/oz 0.1% Nymex Crude (NY) $79.54 $1.24 US STOCKS
U.S. stocks hugged the flatline for the session but ended a volatile week with modest gains.
The S&P 500 edged lower 0.2% as of the 4 p.m. ET close of trading. The broad index had risen for three straight sessions. The Nasdaq Composite fell 0.5% while the Dow Jones Industrial Average edged less than 0.1% lower.
All three indexes held on to weekly gains. The S&P 500 and Dow advanced around 0.8% and 1.2%, respectively, this week. The Nasdaq Composite added 0.1%.
Volatility has returned to markets in recent sessions, with the S&P 500 swinging at least 1% for three out of four days and other assets from bonds to commodities recording giant moves.
Throughout the week, investors remained focused on surging energy prices, concerns about inflation and negotiations on the debt ceiling. Lawmakers struck a deal for a short-term extension to the debt limit in the Senate on Thursday, stoking a rally in the stock market after several days of uncertainty.
Japan's Nikkei Stock Average was 1.6% higher at 28487.36, turning positive after being dragged earlier by falls in electronics stocks, following disappointing U.S. jobs data on Friday. Fiscal stimulus and any other policy steps from new Prime Minister Fumio Kishida were being closely watched.
Markets in South Korea are closed Monday for a holiday.
Hong Kong shares rose after the Biden administration began trade-policy talks with China late Friday with a virtual meeting between U.S. Trade Representative Katherine Tai and Chinese Vice Premier Liu He. The virtual talks were positive for Hong Kong stocks, KGI Research said. Meituan jumped 7.5% even after the food-delivery giant was fined more than $533 million on Friday for anticompetitive practices. Lenovo slid 12% after withdrawing its application to issue Chinese depositary receipts on the Shanghai Stock Exchange. The Hang Seng Index rose 2.0% to 25327.61 and the Hang Seng TECH Index was up 2.7% at 6372.54.
Chinese stocks diverged in early trade, as lenders and liquor makers rose, while cyclical sectors weighed. Banks resumed an uptrend that started late last month, with China Merchants Bank rising 4.7%, Ping An Bank up 4.2% and Industrial Bank 3.3% higher. The Shanghai Composite Index rose 0.3% to 3602.12, the Shenzhen Composite Index was flat and the ChiNext Price Index was 0.4% higher.
Asian currencies strengthened against USD, as gains in regional equity markets spurred appetite for risky assets. Sustained USD Index gains beyond the 94.00 level were proving tough to come by, said Westpac. However, Fed tapering prospects were intact and surging energy prices were casting a cloud on global rebound outlook, which meant USD Index dips could be short-lived, Westpac added. The ICE USD Index was little changed at 94.08. USD/KRW fell 0.3% to 1,193.40 and USD/SGD was down 0.1% at 1.3532, while AUD/USD gained 0.3% to 0.7329.
Gold nudged higher in early Asian trade. The precious metal appeared to be focusing on the U.S. bond market, following its climb after Friday's nonfarm payrolls report, Pepperstone said. If real rates decline this week, gold should break above $1,780/oz. But, if bond markets sell off, nominal rates outpace inflation expectations and real rates rise, gold will likely fall through bids between $1,755/oz and $1,744/oz for a possible move toward the Sept. 29 low of $1,721/oz, Pepperstone said. Spot gold was up 0.1% at $1,759.11/oz.
Oil rose in early Asia trade, and could stay underpinned by robust demand and constrained supply. Oil prices remain supported by strong demand from some energy consumers who can use oil as an alternative to natural gas as well as by restrained oil supply from OPEC+, NAB said. Front-month WTI crude oil futures were 1.5% higher at $80.53/bbl. Front-month Brent crude oil futures were 1.1% higher at $83.32/bbl.
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(END) Dow Jones Newswires
October 10, 2021 23:15 ET (03:15 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.