Global Markets:
- Asian Stock Markets : Nikkei down 4.71%, Shanghai Composite down 1.64% Hang Seng down 1.99% ASX down 0.73%
- Commodities : Gold at $3,993.12 (0.04%) Silver at $55.600 (-1.03%), Brent Oil at 85.06 (0.97%), WTI Oil at $79.85 (1.11%)
- Rates : US 10-year yield at 4.547, UK 10-year yield at 4.9719, Germany 10-year yield at 3.1376
News & Data:
- (USD) Core retail salesI m/m 0.2% to 0.0% expected
Markets Update:
U.S. stock futures edged lower on Thursday after a weak Wall Street session driven by losses in semiconductor stocks, while investors assessed the latest corporate earnings. Dow Jones futures slipped 62 points, or 0.1%, with S&P 500 futures down 0.2% and Nasdaq-100 futures losing 0.3%.
Asian markets also opened weaker on Friday. Japan’s Nikkei 225 fell 0.6%, while the Topix declined 0.3%. Australia’s S&P/ASX 200 dropped 0.2%, and South Korean markets remained closed for a public holiday.
Netflix shares tumbled more than 8% after reporting second-quarter results that largely matched analyst expectations, disappointing investors hoping for stronger growth.
Chipmakers led Thursday’s market decline, pushing the S&P 500 down 0.5%, the Nasdaq Composite 1.5%, and the Dow Jones Industrial Average 0.2%. The VanEck Semiconductor ETF lost nearly 4%, with Taiwan Semiconductor falling over 2% despite posting strong profit growth and raising its full-year capital spending outlook. Marvell Technology, STMicroelectronics, and Micron also declined.
The semiconductor ETF is now down 6.9% for the week, while the S&P 500, Dow, and Nasdaq have also posted weekly losses. Despite recent weakness in AI-related stocks, the S&P 500 remains just 1% below its record high reached in early June. Strategist Ed Clissold said the market’s resilience suggests the bull market remains intact and a recession is unlikely, though short-term consolidation could ease excessive valuations.
Upcoming Events:
- 02:00 PM GMT – USD Prelim UoM Consumer Sentiment
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