Asia Markets Mixed, Europe Gains; Crude Oil Falls On Chinese Demand Concerns - Global Markets Today While US Slept

On Tuesday, August 27th, U.S. stocks ended higher, with the S&P 500 advancing and the Dow Jones hitting a record high. The gains were fueled by anticipation of Nvidia’s upcoming quarterly report, which is crucial for the AI-driven tech sector.

Investors eagerly await Nvidia’s earnings and AI insights, which could significantly impact market sentiment and shape the tech sector’s future performance.

In economic data, The S&P CoreLogic Case-Shiller home price index rose 6.5% year-over-year in June, down from 6.9% in May, while the FHFA house price index unexpectedly fell 0.1%, contrary to market expectations of a 0.2% rise.

The majority of S&P 500 sectors closed higher, led by information technology and financials. However, energy and utilities stocks declined.

The Dow Jones Industrial Average was up 0.02% and closed at 41,250.50. The S&P 500 ended the day higher by 0.16% at 5,625.80, and the Nasdaq Composite rose 0.16%, finishing the session at 17,754.82.

Asian Markets Today

• On Wednesday, Japan’s Nikkei 225 closed higher by 0.12% at 38,376.50, led by gains in the Paper & Pulp, Transport, and Railway & Bus sectors.
• Australia’s S&P/ASX 200 ended the day nearly flat at 8,071.40, led by gains in the Consumer Staples, Financials, and A-REITs sectors.
• India’s Nifty 50 gained 0.14%, closing at 25,052.35, and the Nifty 500 closed higher by 0.05% at 23,615.95.
• China’s Shanghai Composite was down 0.40%, ending the session at 2,837.43, and the Shenzhen CSI declined 0.57%, closing at 3,286.50.
• Hong Kong’s Hang Seng ended the session lower by 1.02% at 17,692.45.

Eurozone at 06:00 AM ET

• The European STOXX 50 index gained 0.49%.
• Germany’s DAX rose 0.63%.
• France’s CAC was up 0.40%.
• U.K.’s FTSE 100 traded lower by 0.02%.

Commodities at 06:00 AM ET

• Crude Oil WTI was trading lower by 1.11% at $74.69/bbl, and Brent was down 1.06% at $77.83 bbl.
• Oil prices fell due to concerns over weak Chinese demand and broader economic slowdown risks. However, the decline was limited by potential supply disruptions from Libya and escalating tensions in the Middle East.
• Natural Gas fell 0.86% to $2.067.
• Gold was trading lower by 0.40% at $2,543.15, Silver declined 1.43% to $29.997, and Copper fell 1.48% to $4.2400.
• Gold prices fell as a stronger dollar, and anticipation of a U.S. inflation report influenced market sentiment ahead of potential September Fed rate cuts.

US Futures at 06:00 AM ET

Dow futures were up 0.01%, S&P 500 futures gained 0.06%, and Nasdaq 100 Futures rose 0.10%.

Forex at 06:00 AM ET

• The U.S. dollar index rose 0.36% to 100.91, the USD/JPY rose 0.30% to 144.38, and the USD/AUD gained 0.03% to 1.4726.
• The dollar hovered near a 13-month low as markets awaited clues on a potential U.S. interest rate cut, with traders focusing on the strength of the U.S. economy.

Photo by Pavel Bobrovskiy via Shutterstock