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Global equities fall as technology pressure outweighs lower yields and oil
Oil prices slid more than $2 per barrel and longer-dated U.S. Treasury yields fell, but tech weakness pulled down major indexes as investors looked ahead to Nvidia earnings.
MSCI's global equities gauge slipped on Monday as weakness in technology stocks outweighed support from easing U.S. Treasury yields and lower oil prices, Reuters reported. Oil prices dropped more than $2 per barrel, while longer-dated U.S. yields fell after a report said the Treasury Department may use its cash account to fund higher debt buybacks.
The move was also shaped by geopolitical and policy developments. Reuters said traders largely shrugged off U.S. Treasury Secretary Scott Bessent's announcement of an expansion of secondary sanctions that Washington can impose on entities and countries doing business with Iran, nearly six months into the war.
Technology weighed on broader benchmarks, with Reuters citing a 1.6% decline among S&P 500 sectors that fell, led by heavyweight tech. The article also pointed to Alibaba launching a $10.2 billion share sale at a discount to fund AI ambitions, while South Korean shares fell after Samsung Electronics announced a $79 billion shareholder-return plan, with the KOSPI ending down more than 3%.
U.S. trading closed mixed: the Dow rose 140.15 points, or 0.26%, to 53,417.16, the S&P 500 slipped 21.51 points, or 0.28%, to 7,652.86, and the Nasdaq Composite fell 200.26 points, or 0.76%, to 25,980.19. Reuters added that investors were on edge ahead of Nvidia's quarterly report on Wednesday, and also looked to Federal Reserve Chair Kevin Warsh's first speech at Jackson Hole for guidance after a recent jump in bond yields.
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