The headlines of Fox Business Flash are here. See what clicks on FoxBusiness.com.
U.S. stock futures traded mixed early Monday hours before the opening bell on Wall Street.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| Ek: DJI | DOW JONES AVERAGE | 32627.97 | -234.33 | -0.71% |
| SP500 | S&P 500 | 3913.1 | -2.36 | -0.06% |
| I: COMP | NASDAQ COMPOSITION INDEX | 13215.23504 | +99.07 | + 0.76% |
Last week’s Fed moves will restore some of the capital requirements for large banks that were suspended in the early months of the viral outbreak to give banks flexibility. The banking industry hoped the measures would be expanded.
But most of the Fed’s policies aimed at supporting the recovery from the pandemic remain intact.
OILY SAUDI ARAMCO SEES 2020 WINNING VILLAGE TO $ 49 BILLION
Concerns about the coronavirus pandemic remain in the region, where in some countries such as Japan and Thailand the vaccination of vaccines is progressing slowly compared to the US or Europe. Nevertheless, a “state of emergency” is being lifted in Japan in the Tokyo area,
Wall Street mostly closed lower last week, with all benchmarks in the red for the week. The S&P 500 lost 0.1% to 3,913.10. The Dow Jones industrial average fell 0.7% to 32,627.97, which was lowered by financial firms. The technology-heavy Nasdaq Composite rose 0.8% to 13,215.24.
U.S. stock futures traded mixed early Monday hours before the opening bell on Wall Street. (Colin Ziemer / New York Stock Exchange via AP)
The Russell 2000 Index of Smaller Companies cut back some of its losses from a day earlier, up 0.9% to 2,287.55.
As interest rates rose, more expensive stocks such as technology companies fell. The outlook for higher interest rates as bond yields rise is, according to some investors, worried that economic growth could slow down. There is also concern that the rise in bond yields could be a harbinger of inflation.
Meanwhile, Asian stocks were mixed when sentiment was shaken by the US Federal Reserve’s announcement that it would end emergency measures imposed last year to help the financial industry deal with the pandemic.
ELON MUSK MAKES LIGHT OF NFT INVESTORS ON TWITTER
In Asian trade, Japan’s benchmark Nikkei 225 fell 2.1% in afternoon trading to 29,174.15. South Korea’s Kospi lost 0.1% to 3,035.46. Australia’s S & P / ASX 200 rose 0.7% to 6,752.50. Hong Kong’s Hang Seng shed rose 0.2% to 29,941.21, while the Shanghai Composite jumped 1.1% to 3,443.44.
Major Japanese stocks have fallen almost across the board, including automakers such as Toyota Motor Corp. and Honda Motor Co., whose earnings are boosted by a healthy U.S. economy. Toyota’s shares fell 3.3%, while Honda lost 3.6%.
‘Asian markets got off to a mixed start with the week with rising bond yields weighing on sentiment. The general impact of the rise in bond yields and the improvement in the economic recovery outlook could continue for the region until the end of March, ‘said Jingyi Pan, senior market strategist at IG in Singapore.
The Turkish lira plunged early Monday and fell by about 17% after the country’s president, Recep Tayyip Erdogan, removed central bank chief Naci Agbal from his post on Saturday. The currency traded at about 7.8 lira against the dollar on Monday morning.
Agbal has struggled to counter inflation by raising interest rates, while Erdogan claims that rate hikes would contribute to inflation – contrary to economic experience and theory, Oanda’s Jeffrey Halley said in a comment. He replaced Agbal with a professor of banking who argued for lower interest rates.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
The central bank said tight monetary policy would be maintained until inflation, which reached 15.61%, was under control. An increase in the core interest rate by 200 basis points to 19% last week caused the lira to rise higher.
“Turkey will be an interesting example of what emerging markets can expect if inflation fears increase significantly,” Halley said.
In energy trading, standard U.S. crude fell 86 cents to $ 60.58 a barrel in electronic trading on the New York Mercantile Exchange. It hit $ 1.38 to $ 61.44 a barrel on Friday. Brent ru, the international standard lost 14 cents to $ 64.39 a barrel.
In currency trading, the US dollar rose to 108.80 Japanese yen from 108.65 yen. The euro cost $ 1.1892, compared to $ 1.1880.