Market Commentary - Foreign Markets
Dow Dips Again as Wall Street Shows Mixed Results As on : 16-Dec-24  11:03

The Dow dipped 86.06 points (0.2%) to 43,828.06, closing lower for the seventh consecutive session. The S&P 500 edged down 0.16 points or less than a tenth of a percent to 6,051.09 while the tech-heavy Nasdaq inched up 23.88 points (0.1%) to 19,926.72.

Wall Street rose early, driven by Broadcom's (AVGO) stock jumping 24.4% after the company reported better-than-expected earnings and strong demand for its AI chips. This positive news boosted investor confidence in Broadcom's future prospects.

The Fed is likely to cut rates by 25 bps next week with a 97.1% chance. However, inflation concerns may slow future cuts and import prices rose 0.1% in November.

Gold stocks fell 2.7% and steel stocks dropped 2.6% to a three-month low. Computer hardware, airline and housing stocks were weak while semiconductor and networking stocks gained.

Asia-Pacific stocks moved mostly lower. Japan's Nikkei 225 Index slumped by 1.0% while China's Shanghai Composite Index dove by 2.0%. The major European markets showed more modest moves to the downside on the day. While the French CAC 40 Index dipped by 0.2%, the U.K.'s FTSE 100 Index and the German DAX Index both edged down by 0.1%.

In the bond market, treasuries moved notably lower over the course of the session, extending a recent downward trend. As a result, the yield on the benchmark ten-year note which moves opposite of its price, jumped 7.5 bps to 4.39%.

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