Market Commentary - Foreign Markets
Nasdaq hits new record intraday high As on : 28-Oct-24  12:12

The major U.S. stock indexes turned in another mixed performance on Friday. Nasdaq added to Thursday’s strong gain, the Dow extended its losing streak to five sessions.

The Nasdaq reached a new record intraday high in early trading but gave back ground over the course of the session before ending the day up 103.12 points(0.6%) at 18,518.61. the Dow slid 259.96 points(0.6%) to 42,114.40, pulling back well off last Friday's record closing high. The S&P 500 also edged down 1.74 points or less than tenth of a percent to 5,808.12.

The major averages also turned in a mixed performance for the week. The Dow tumbled by 2.7% and the S&P 500 slumped by 1% but the Nasdaq rose by 0.2%.

The University of Michigan said its consumer sentiment index for October was upwardly revised to 70.5 from a preliminary reading of 68.9. With the upward revision, the consumer sentiment index is now modestly above the final September reading of 70.1.

Buying interest waned over the course of the session, however, as treasury yields rebounded following yesterday's pullback amid lingering concerns the Federal Reserve will lower interest rates slower than previously anticipated.

The Fed is still widely expected to lower rates by a quarter point next month, but CME Group's FedWatch Tool currently indicates a 24% chance the central bank will leave rates unchanged in December. The extended losing streak by the Dow came amid notable declines by shares of McDonald's (MCD), Dow Inc. (DOW) and Travelers (TRV).
A substantial rebound was seen in airline stocks after falling sharply on Thursday, with the NYSE Arca Airline Index surging by 2%.

Crude oil prices rose sharply contributing to the significant strength among oil service stocks as reflected by the 1.3% gain posted by the Philadelphia Oil Service Index. Despite of modest increase in gold stocks, it was under pressure , dragging the NYSE Arca Gold Bugs Index down by 2.1%. Interest rate-sensitive utilities and housing stocks also saw notable weakness amid lingering concerns about the outlook for rates.

Asia Pacific stocks turned in a mixed performance on Friday. Japan's Nikkei 225 Index slid by 0.6% while China's Shanghai Composite Index climbed by 0.6%.

Meanwhile, the major European markets ended the day narrowly mixed. the German DAX Index crept up by 0.1% , the French CAC 40 Index edged down by 0.1% and the U.K.'s FTSE 100 Index fell by 0.3%.

In the bond market, treasuries moved to the downside over the course of the session after showing a lack of direction in early trading. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 3.2 bps to 4.23%.

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