All articles tagged with #market retreat
Precious metals, including silver and gold, experienced a retreat after reaching record highs, due to profit-taking and geopolitical developments, with silver near $80/ounce and gold slightly easing from its peak, amid expectations of U.S. rate cuts and ongoing geopolitical tensions.
Hong Kong stocks experienced their largest retreat in three months as the Hang Seng Index fell 2.2%, reaching a 14-month low, amid concerns about China's economic outlook. The decline was driven by a potential mixed picture for China's recovery, with a record low for a gauge tracking mainland developers in Hong Kong. Investors are awaiting the release of 2023 economic data, with expectations of a 5.2% increase in China's GDP and concerns about the strength of the mainland economy. The underwhelming performance of Hong Kong stocks this year has raised concerns, with the index slipping 2.3% this week and 4.7% in the first two trading weeks. Additionally, other major Asian markets, including Japan's Nikkei 225, South Korea's Kospi, and Australia's S&P/ASX 200, also traded lower.
Dow Jones futures rose slightly overnight, along with S&P 500 futures and Nasdaq futures, following hefty losses for the market rally Wednesday. The Nasdaq led the retreat, undercutting key short-term levels amid a U.S. debt downgrade, Treasury yields hitting 2023 highs, and negative earnings reactions. Many growth stocks fell sharply without any direct news. Apple and Amazon are set to report earnings on Thursday night. The market pullback is letting some stocks step back bullishly or finish off handles or bases, potentially creating buying opportunities in the days ahead.
US stocks retreated as concerns over the financial sector were reignited by First Republic's earnings report, which showed a rise in loan losses. This sparked worries about the health of the banking industry and led to a broader market retreat.