Asia:
- Tokyo’s Nikkei 225: Up 0.1% to 39,621.28, recovering from early losses.
- Hong Kong’s Hang Seng: Down 0.1% to 17,620.16.
- Shanghai Composite: Fell 0.6% to 2,946.63.
- South Korea’s Kospi: Rose 0.5% to 2,777.98.
- S&P/ASX 200: Increased 0.7% to 7,987.90.
- Taiwan’s Taiex: Surged 2.3%, driven by a 3.4% gain in Taiwan Semiconductor Manufacturing Co.
- Bangkok’s SET: Dropped 0.7%.
China:
- The People’s Bank of China cut two key interest rates by 10 basis points on Monday, but the market response has been muted. Analysts note that this modest cut may not provide the significant stimulus needed to boost economic growth.
U.S. Markets:
- S&P 500: Rose 1.1% to 5,564.41, breaking a three-day losing streak. This was the first gain since the index hit an all-time high on July 16.
- Dow Jones Industrial Average: Added 0.3% to 40,415.44.
- Nasdaq Composite: Climbed 1.6% to 18,007.57.
Key Movements:
- Big Tech Stocks: Saw notable gains, with Nvidia up 4.8%, Alphabet rising 2.3%, and Tesla increasing by 5.1%. These stocks were instrumental in the recent market rally.
- Treasury Yields: The 10-year Treasury yield rose to 4.26%, while the two-year yield held steady at 4.52%.
- CrowdStrike: Stock fell sharply, down 13.5% after an earlier 11.1% decline, following a global technology outage linked to a faulty software update.
Currency and Commodities:
- U.S. Dollar: Fell to 156.33 Japanese yen from 157.04 yen. The euro rose slightly to $1.0895 from $1.0891.
- Oil Prices: U.S. benchmark crude oil was stable at $78.39 per barrel, while Brent crude rose to $82.43 per barrel.
Upcoming Reports:
- Analysts are closely watching upcoming corporate earnings reports, with significant results expected from major companies including Alphabet, Tesla, Coca-Cola, Ford, and American Airlines.
