Stock Exchange – Mixed Start in New York

Share Button

Following the positive closing of the previous day, trading began with mixed indices on Friday in the US securities markets.

In New York, the DJIA-30 index declined by 0.12 percent, the S&P-500 index by 0.22 percent, and the Nasdaq Composite by 0.41 percent at the beginning of Friday’s trading.
The fall in exchange rates spread from semiconductor sector companies to a broad range of shares. Broadcom, a semiconductor circuit manufacturer, has reported a much worse quarterly result than expected, and has cut back its annual forecast. Broadcom’s share in over-the-counter trading fell by nearly ten percent and the industry index fell by three percent. The other major semiconductor circuit companies, Micron Technology, Advanced Micro Technology and Applied Materials, also lost two and a half percent.
Wall Street’s investor sentiment has been burdened by disappointingly developing Chinese industrial production data. In May, industrial production in China grew by five percent year-on-year, at the lowest rate for 17 years. The weak data also pushed Chinese stock market indices to a loss on Friday.
However, their investors were positively assessed that US industrial production rose 0.4 percent in May instead of the expected 0.2 percent in May last year, compensating for the 0.4 percent drop in April.
The Oman Gulf incident on Thursday and Washington’s growing rhetoric have increased oil prices on Friday. At the beginning of US trading, Brent crude oil prices rose 0.57 percent, $ 61.66 per barrel, and WTI price rose 0.15 percent to $ 52.36.
However, the oil price, together with the strengthening of Thursday and Friday, is about a three percent weekly loss due to forecasts of the expected decline in demand.
The International Energy Agency (IEA) has reduced its forecast for global oil demand growth this year due to worsening prospects for world trade. In its monthly report published on Thursday, the Organization of Petroleum Exporting Countries (OPEC) also deteriorated this year’s forecast for global demand.
The dollar strengthened, the price of gold rose on Friday. The euro was down 0.35 percent weaker at $ 1.1236, and the price of gold rose to $ 1350.50 per ounce.

Leave a Reply

Your email address will not be published. Required fields are marked *