NASDAQ Composite edges higher while SP 500, Dow slip
US stocks extended losses Friday led by energy shares down 2.6%. S&P 500 fell 0.2% to 2721.33, ending 0.3% up for the week. Dow Jones industrial average lost 0.2% to 24753.09. The Nasdaq however inched up 0.1% to 7433.85. The dollar strengthened as core durable goods orders rose 0.9% on month in April: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rallied 0.5% to 94.18 but is lower currently. US markets are closed today for the Memorial Day holiday.
European stocks snap eighth-week gain streak
European stock indices ended higher Friday while Spanish stock market joined the Italian stock’s slide after calls for a vote of no confidence in Prime Minister Rajoy. Both the British Pound and euro fell against the dollar but are rebounding currently. The Stoxx Europe 600 Index rose 0.1%, ending 0.9% lower for the week. The DAX 30 gained 0.7% to 12938.01. France’s CAC 40 slipped 0.1% and UK’s FTSE 100 edged 0.2% higher to 7778.79. UK markets are closed today for a holiday. Indices opened 0.1% - 0.6% higher today.
Asian indices mixed
Asian stock indices are mixed today after President Trump said on Sunday a US team had arrived in North Korea to prepare for a US-North Korea summit which Trump canceled last week. Nikkei ended 0.1% higher at 22481.09 despite yen gains against the dollar. Chinese stocks are mixed: the Shanghai Composite Index is down 0.2% while Hong Kong’s Hang Seng Index is 0.8% higher. Australia’s All Ordinaries Index is down 0.5% with Australian dollar little changed against the greenback.
Brent slips
Brent futures prices are extending losses today. Prices plunged Friday on reports OPEC and Russia are considering expanding production by as much as 1 million barrels a day to compensate for shortfall in supply from Iran and Venezuela. Brent for July settlement lost 3% to close at $76.44 a barrel Friday.