Current:Home > ScamsStock market today: World shares gain on back of Wall Street rally as war shock to markets fades-Angel Dreamer Wealth Society D1 Reviews & Insights
Stock market today: World shares gain on back of Wall Street rally as war shock to markets fades
View Date:2024-12-23 21:03:09
BANGKOK (AP) — World shares advanced Tuesday after U.S. stocks rallied as investors unwound some of last week’s moves driven by worries about war in the Middle East.
Oil prices slipped and U.S. futures also edged lower.
Markets are awaiting China’s latest economic growth figures, due Wednesday. Economists are forecasting that annual growth dropped to under 5% in July-September from 6.3% in the previous quarter.
A weaker Chinese economy is a drag on regional and global trade and manufacturing, slowing the global recovery from the pandemic.
In early European trading, Germany’s DAX was up 0.1% at 15,258.33 and the CAC 40 in Paris also gained 0.1% to 7,031.52. Britain’s FTSE 100 rose 0.3% to 7,650.27.
The futures for the S&P 500 and Dow industrials were up less than 0.1%.
In Asia, Tokyo’s Nikkei 225 gained 1.2% to 32,040.29 and the Hang Seng in Hong Kong added 0.7% to 17,771.08.
The Shanghai Composite index gained 0.3% to 3,083.50. In Australia, the S&P/ASX 200 climbed 0.5% to 7,056.10. India’s Sensex advanced 0.6% and the SET in Thailand rose 0.5%.
Markets appeared to have recovered, for the moment, even as Israel was preparing for a likely ground offensive into Gaza and fears deepened that the conflict could spread along Israel’s border with Lebanon.
On Monday on Wall Street, the S&P 500 climbed 1.1% for its best day since the Oct. 7 surprise attack on Israel by Hamas. It closed at 4,373.63. The Dow rose 0.9% to 33,984.54 and the Nasdaq composite added 1.2% to 13,567.98.
“The risk-off tone that permeated markets a few days ago seems to be dissipating thanks to a lot of shuttle diplomacy by (U.S. Secretary of State Antony) Blinken and others in the region,” Robert Carnell and Nicholas Mapa of ING Economics said in a commentary. “However, all of this is before Israel mounts its ground offensive in Gaza, and that could turn sentiment rapidly sour again.”
Oil prices have fallen back after a volatile week spurred by worries about disruptions to supplies from Iran because of the war.
Early Tuesday, U.S. benchmark crude oil was up 2 cents at $86.68 per barrel in electronic trading on the New York Mercantile Exchange. On Monday it fell $1.03 to settle at $86.66. It has been bouncing up and down since barreling from $70 during the summer to more than $90 late last month.
Brent crude, the international standard, picked up 15 cents to $89.80 per barrel. It fell $1.24 on Monday to $89.65 per barrel.
Gold fell $1.60 to settle at $1,932.70 per ounce. Last week was its best in nearly seven months as worries climbed ahead of a possible invasion by Israel of northern Gaza.
Treasury yields have jumped after tumbling last week on worries that fighting in Gaza will escalate. Early Tuesday, the yield on the 10-year Treasury was at 4.75%, up from 4.71% on Monday and from 4.62% late Friday.
Financial markets have a history of weakening initially after a geopolitical shock, such as a war, only to revert to longer-term fundamentals.
“Investors should remember that markets are very resilient, have endured countless wars, recessions, and depressions, and have rewarded long-term investors with a well-crafted financial plan,” said Mark Hackett, chief of investment research at Nationwide.
More than 50 companies in the S&P 500 will report their earnings for the summer this week, including Bank of America, Johnson & Johnson and Tesla, and investors are hoping for a better reporting season for corporate profits.
A remarkably resilient U.S. economy has continued to power along, despite much higher interest rates instituted by the Federal Reserve to undercut inflation. FactSet estimates that earnings per share at S&P 500 companies likely rose 0.4% in the last quarter from a year earlier.
Last week, several banks helped kick off the reporting season with better reports than feared.
Charles Schwab rose 4.7% after it reported stronger profit for the three months through September than analysts expected.
Shares of Lululemon jumped 10.3% in their first trading session after S&P Dow Jones Indices said the apparel company will join its widely tracked S&P 500 index. It’s replacing Activision Blizzard, which was bought by Microsoft.
In currency trading, the U.S. dollar rose to 149.61 Japanese yen from 149.51 yen. The euro slipped to $1.0553 from $1.0561.
veryGood! (2)
Related
- 2 dead in explosion at Kentucky factory that also damaged surrounding neighborhood
- 2 Missouri moms charged with misdemeanors for children’s absences lose their court battle
- Auto parts maker Shinhwa plans $114M expansion at Alabama facility, creating jobs
- Get $140 Worth of Tarte Cosmetics Products for Just $25
- Suicides in the US military increased in 2023, continuing a long-term trend
- The hip-hop verse that changed my life
- NBA unveils in-season tournament schedule: See when each team plays
- Is math real? And other existential questions
- Ryan Reynolds Clarifies Taylor Swift’s Role as Godmother to His Kids With Blake Lively
- Zack Martin, Dallas Cowboys rework contract to end offensive guard's camp holdout
Ranking
- Brian Kelly asks question we're all wondering after Alabama whips LSU, but how to answer?
- Maui police chief pleads for patience, recalls pain of victim IDs after deadly Vegas mass shooting
- Will Donald Trump show up at next week’s presidential debate? GOP rivals are preparing for it
- Death toll rises to 10 in powerful explosion near capital of Dominican Republic; 11 others missing
- NFL coaches diversity report 2024: Gains at head coach, setbacks at offensive coordinator
- Maui's wildfires are among the deadliest on record in the U.S. Here are some others
- Breaking up big business is hard to do
- Oklahoma declines to discuss a settlement of Tulsa Race Massacre survivors’ lawsuit
Recommendation
-
Biden, Harris participate in Veterans Day ceremony | The Excerpt
-
Don’t Miss These Rare 50% Off Deals on Le Creuset Cookware
-
Why tensions have been growing along NATO’s eastern border with Belarus
-
Maui wildfires death toll rises to 99 as crews continue search for missing victims
-
Are Dancing with the Stars’ Jenn Tran and Sasha Farber Living Together? She Says…
-
Will Donald Trump show up at next week’s presidential debate? GOP rivals are preparing for it
-
Mother of 6-year-old who shot Newport News teacher pleads guilty to Virginia charge
-
Yep, Joe Jonas and Sophie Turner Are Every Bit the Cool Parents We Imagined They'd Be