U.S. Stocks Down Firmly In Negative Territory; Tech Stocks Drifting Lower
(RTTNews) - U.S. stocks are down firmly in negative territory on Monday, with those from the technology sector suffering sharp losses as investors await earnings updates from top notch tech firms.
Investors are also looking ahead to the Federal Reserve's monetary policy announcement on Wednesday. The Bank of England and the European Central Bank are also scheduled to announce their rate decisions this week.
The major averages are all notably lower going into the final hour, and look well on course to end the day's session on a weak note.
The Dow is down 198.88 points or 0.59 percent at 33,779.20. The S&P 500 is down 44.07 points or 1.08 percent at 4,026.49, while the Nasdaq is down 195.81 points or 1.68 percent at 11,425.90.
The Fed is widely expected to slow the pace of interest rate hikes to 25 basis points. Traders will pay close attention to the accompanying statement for clues about the outlook for further rate hikes.
Recent upbeat economic data has generated some optimism the Fed could engineer a soft landing but has also led to concerns the central bank will need to keep rates at elevated levels for longer than anticipated.
Shares of Apple Inc., Amazon and Alphabet are down 1.2 to 2 percent, ahead of their quarterly earnings reports. Meta Platforms Inc. shares are down 2.6 percent.
Johnson & Johnson shares are down nearly 4 percent on reports a federal appeals court has ruled that the company's LTL Management cannot use bankruptcy to resolve the numerous talc-injury lawsuits.
According to a Bloomberg report a three-judge panel in Philadelphia sided with cancer victims, who stated that JNJ incorrectly put its specially created unit, LTL Management, under court protection to block juries from hearing the lawsuits.
J&J now has to defend itself against claims that contaminated talc in its baby powder causes cancer.
Chevron, Microsoft, 3M and Walmart are also notably lower.
Shares of American Express Co. are up nearly 1.5 percent, thanks to upward revision in the stock's rating by several top brokerages.
Goldman Sachs, Verizon, Salesforce.com, IBM, Merck and United Health are also up in positive territory.
On the economic front, the Federal Reserve Bank of Dallas' general business activity index for manufacturing in Texas rose 11.6 points to -8.4 in January of 2023, from an upwardly revised 20 in December.
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Indonesia Bourse Overdue For Support On Tuesday
The Indonesia stock market has finished lower in four straight sessions, slumping more than 420 points or 6.1 percent in that span. The Jakarta Composite Index now sits just beneath the 6,650-point plateau although it may halt its slide on Tuesday.
The global forecast for the Asian markets is upbeat, supported by the oil, finance and technology sectors. The European and U.S. markets saw modest upside and the Asian bourses are expected to follow suit.
The JCI finished sharply lower on Monday following losses among the financials, telecoms, cement stocks and resource companies.
For the day, the index stumbled 94.43 points or 1.40 percent to finish at 6,648.14 after trading between 6,585.98 and 6,713.95.
Among the actives, Bank CIMB Niaga tanked 2.33 percent, while Bank Mandiri stumbled 2.91 percent, Bank Danamon Indonesia shed 0.79 percent, Bank Negara Indonesia surrendered 2.81 percent, Bank Central Asia retreated 2.14 percent, Bank Rakyat Indonesia dropped 1.49 percent, Bank Maybank Indonesia tumbled 2.02 percent, Indosat Ooredoo Hutchison cratered 13.51 percent, Indocement sank 3.57 percent, Semen Indonesia declined 1.85 percent, Indofood Sukses Makmur rallied 1.63 percent, United Tractors slumped 2.72 percent, Astra International lost 1.72 percent, Energi Mega Persada plunged 2.00 percent, Astra Agro Lestari fell 1.32 percent, Aneka Tambang plummeted 3.15 percent, Jasa Marga eased 0.49 percent, Vale Indonesia cratered 3.41 percent, Timah skidded 1.02 percent and Bumi Resources was down 2.16 percent.
The lead from Wall Street is positive as the major averages opened higher on Monday and remained in the green throughout the trading day.
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Australian Market Modestly Higher
The Australian stock market is modestly higher on Tuesday, reversing some of the losses in the previous two sessions, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,500 level, with gains is gold miners and energy stocks partially offset by weakness in iron ore miners and technology stocks.
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Win Streak May Continue For Hong Kong Stock Market
The Hong Kong stock market has moved higher in three straight sessions, collecting more than 820 points or 3.9 percent along the way. The Hang Seng Index now rests just above the 21,520-point plateau and it's got a solid lead again for Tuesday's trade.
The global forecast for the Asian markets is upbeat, supported by the oil, finance and technology sectors. The European and U.S. markets saw modest upside and the Asian bourses are expected to follow suit.
The Hang Seng finished sharply higher on Monday with gains from the financial shares, property stocks and technology companies.
For the day, the index surged 388.44 points or 1.84 percent to finish at 21,521.98 after trading between 21,223.61 and 21,539.63.
Among the actives, Alibaba Group soared 5.50 percent, while Alibaba Health Info skyrocketed 9.16 percent, ANTA Sports added 0.81 percent, China Life Insurance rose 0.66 percent, China Mengniu Dairy advanced 1.84 percent, China Resources Land climbed 1.92 percent, CITIC gathered 0.56 percent, CNOOC sank 0.54 percent, CSPC Pharmaceutical improved 1.76 percent, Galaxy Entertainment shed 0.51 percent, Haier Smart Home gained 0.79 percent, Hang Lung Properties increased 1.31 percent, Henderson Land fell 0.23 percent, Hong Kong & China Gas perked 0.51 percent, Industrial and Commercial Bank of China collected 0.93 percent, JD.com accelerated 2.80 percent, Lenovo lost 0.33 percent, Li Auto jumped 2.33 percent, Li Ning slumped 1.23 percent, Meituan surged 5.58 percent, New World Development was up 0.47 percent, Nongfu Spring strengthened 1.96 percent, Techtronic Industries tumbled 1.86 percent, Xiaomi Corporation spiked 3.06 percent and WuXi Biologics rallied 2.35 percent.
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Additional Support Expected For China Stock Market
The China stock market has moved higher in three straight sessions, improving almost 90 points or 2.8 percent along the way. The Shanghai Composite Index now rests just above the 3,320-point plateau and it may add to its winnings again on Tuesday.
The global forecast for the Asian markets is upbeat, supported by the oil, finance and technology sectors. The European and U.S. markets saw modest upside and the Asian bourses are expected to follow suit.
The SCI finished modestly higher again on Monday as gains from the properties and resource stocks were offset by weakness from the financial shares.
For the day, the index added 18.50 points or 0.56 percent to finish at 3,322.17 after trading between 3,299.24 and 3,325.36. The Shenzhen Composite Index climbed 21.57 points or 1.08 percent to end at 2,017.81.
Among the actives, Industrial and Commercial Bank of China fell 0.30 percent, while Bank of China dipped 0.19 percent, China Merchants Bank collected 1.00 percent, China Life Insurance shed 0.54 percent, Jiangxi Copper added 0.42 percent, Aluminum Corp of China (Chalco) improved 0.77 percent, Yankuang Energy lost 0.67 percent, PetroChina slipped 0.36 percent, China Shenhua Energy and Huaneng Power both sank 0.77 percent, Gemdale gained 0.42 percent, Poly Developments perked 0.24 percent and China Vanke, China Construction Bank, Agricultural Bank of China and China Petroleum and Chemical (Sinopec) were unchanged.
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Taiwan Shares May Bounce Higher Again On Tuesday
The Taiwan stock market on Monday wrote a finish to the four-day winning streak in which it had spiked more than 760 points or 3.4 percent. The Taiwan Stock Exchange now rests just above the 23,250-point plateau although it may see renewed support on Tuesday.
The global forecast for the Asian markets is upbeat, supported by the oil, finance and technology sectors. The European and U.S. markets saw modest upside and the Asian bourses are expected to follow suit.
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Singapore Bourse May Add To Its Winnings On Tuesday
The Singapore stock market has moved higher in three straight sessions, collecting almost 60 points or 1.7 percent along the way. The Straits Times Index now sits just above the 3,875-point plateau and it's likely to open to the upside again on Tuesday.
The global forecast for the Asian markets is upbeat, supported by the oil, finance and technology sectors. The European and U.S. markets saw modest upside and the Asian bourses are expected to follow suit.
The STI finished modestly higher on Monday as gains from the financials and telecoms were offset by weakness from the industrials and properties.
For the day, the index added 13.71 points or 0.36 percent to finish at 3,875.13 after trading between 3,872.98 and 3,921.30.
Among the actives, CapitaLand Integrated Commercial Trust gathered 0.51 percent, while CapitaLand Investment tanked 1.99 percent, City Developments dipped 0.40 percent, DBS Group jumped 1.57 percent, DFI Retail gained 0.85 percent, Genting Singapore rose 0.68 percent, Hongkong Land plummeted 3.67 percent, Keppel DC REIT sank 0.91 percent, Keppel Ltd fell 0.74 percent, Mapletree Pan Asia Commercial Trust shed 0.83 percent, Mapletree Logistics Trust lost 0.81 percent, Oversea-Chinese Banking Corporation collected 0.35 percent, SATS stumbled 1.82 percent, Seatrium Limited slumped 0.93 percent, SembCorp Industries dropped 0.92 percent, Singapore Technologies Engineering plunged 2.00 percent, SingTel advanced 0.91 percent, Thai Beverage retreated 0.97 percent, Venture Corporation rallied 1.91 percent, Wilmar International and Jardine Matheson both eased 0.30 percent, Yangzijiang Financial spiked 2.11 percent, Yangzijiang Shipbuilding slid 0.66 percent and Comfort DelGro, Emperador, Mapletree Industrial Trust and UOL Group were unchanged.
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TSX Ends On Strong Note Despite Tariff Threats
Despite U.S. President Donald Trump's fresh tariff threats, the Canadian market stayed positive on Monday and closed on a strong note, as higher commodity prices and expectations of more monetary easing by a few central banks helped underpin sentiment.
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Higher Open Called For South Korea Stock Market
The South Korea stock market has moved lower in back-to-back sessions, giving away more than 15 points or 0.6 percent along the way. The KOSPI now rests just above the 2,520-point plateau although it may find support on Tuesday.
The global forecast for the Asian markets is upbeat, supported by the oil, finance and technology sectors. The European and U.S. markets saw modest upside and the Asian bourses are expected to follow suit.
The KOSPI finished barely lower on Monday following losses from the industrials and mixed performances from the financial shares and technology stocks.
For the day, the index eased 0.65 points or 0.03 percent to finish at 2,521.27 after trading between 2,499.18 and 2,527.33. Volume was 386.81 million shares worth 10.38 trillion won. There were 454 decliners and 414 gainers.
Among the actives, Shinhan Financial collected 0.30 percent, while KB Financial retreated 1.28 percent, Hana Financial slumped 1.46 percent, Samsung Electronics rallied 3.54 percent, Samsung SDI improved 0.72 percent, LG Electronics lost 0.63 percent, SK Hynix stumbled 2.41 percent, Naver advanced 0.89 percent, LG Chem jumped 1.81 percent, Lotte Chemical weakened 1.65 percent, SK Innovation dipped 0.26 percent, POSCO Holdings sank 0.84 percent, SK Telecom fell 0.36 percent, KEPCO was down 0.24 percent, Hyundai Mobis eased 0.20 percent, Hyundai Motor shed 0.55 percent and Kia Motors tumbled 1.97 percent.
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