US stocks retreat as technology shares selloff continues
US stock indices closed lower on Monday led by losses in technology stocks second session in a row. The dollar weakened: 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, inched down 0.13% to 97.143. S&P 500 edged down 0.1% settling at 2429.39 with six out of benchmark’s 11 main sectors finishing in negative territory led by technology stocks, down 0.8%. The Dow Jones industrial average lost 0.2% to 21235.67 with losses in Apple (NASDAQ:AAPL) and McDonald’s shares outweighing gains in General Electric (NYSE:GE) and Chevron (NYSE:CVX). The NASDAQ Composite index fell 0.5% closing at 6175.46 after a 1.8% drop on Friday.
Technology stocks lead European equities lower
European stock indices fell on Monday led by losses in technology stocks sparked by Wall Street’s Friday selloff. The euro ended little changed against the dollar while the British Pound extended losses after the Conservative Party lost the parliamentary majority in Thursday’s snap election. The Stoxx Europe 600 index fell 1%. The DAX 30 closed 1% lower at 12690.44. France’s CAC 40 lost 1.1% while UK’sFTSE 100 slipped 0.2% to 7511.87.
Asian stocks recover
Asian stock indices are mostly higher today following a selloff in US technology shares. Nikkei closed little changed ending 0.05% lower at 19898.75 today with yen weakening against the dollar ahead of Fed policy meeting set to start today where another interest rate hike is anticipated. The Chinese stocks are higher: the Shanghai Composite Index is up 0. 5%, and Hong Kong’s Hang Seng Index is 0.4% higher. Australia’s ASX All Ordinaries is up 1.5% buoyed by bank shares despite stronger Australian dollar against the greenback.
Oil up on Saudi supply cut talk
Oil futures prices are rising today on reports Saudi Arabia, the world's top oil exporter, will limit volumes of crude to some Asian buyers in July and deepen cuts in allocations to the United States. Saudi officials said they are making real cuts, including 300 thousand barrels per day to Asia for July, although several Asian refiners said they were still receiving their full allocations. However, price gains remain limited by global inventory overhang. OPEC releases today its monthly oil report. Prices ended higher on Monday: August Brent crude gained 0.3% settling at $48.29 a barrel on London’s ICE Futures exchange.