US Shares ended the week with a mixed session with The S&P 500 erasing an early Fed-driven rally to close down slightly on Friday, as a sell off in biotechs offset gains in banking shares. The Nasdaq fell 1%, while the Nasdaq Biotech Index tumbled 5.1% and retested its low from August, when it entered bear market territory. The Dow ended solidly in positive territory, helped by shares of Nike, which hit a record high after its profit topped expectations on strong China growth. The stock, up 8.9% at $125, gave the biggest boost to the Dow and the S&P 500. Asian Shares however ended in negative territory in Mondays session as investors took risk off the table ahead of key Macro economic data due this week.
The dollar fetched 120.30 yen after nudging up to a two-week high of 121.24 on Friday. The euro was holding firm at $1.1184 after slipping 0.3% overnight. The Australian dollar traded at $0.7019 having moved up from last week’s low of $0.6936 touched on Thursday.
In commodities, the lacklustre mood in equity markets spilled over and U.S. crude oil futures lost 0.8% to $45.31 a barrel while Brent crude lost 0.6% to $48.27 a barrel. Copper edged higher but was still stuck near one-month lows. Three-month copper on the London Metal Exchange edged up 0.7% to $5,058.00 a tonne. Prices hit four-week lows on Thursday near the $5,000-mark and are within reach of a six-year low of $4,855 seen last month. Gold held firm after being hit by a stronger dollar. Spot gold was little changed at $1,144.45 an ounce after dropping 0.7% on Friday.
US Shares ended the week with a mixed session with The S&P 500 erasing an early Fed-driven rally to close down slightly on Friday, as a sell off in biotechs offset gains in banking shares. The Nasdaq fell 1%, while the Nasdaq Biotech Index tumbled 5.1% and retested its low from August, when it entered bear market territory. The Dow ended solidly in positive territory, helped by shares of Nike, which hit a record high after its profit topped expectations on strong China growth. The stock, up 8.9% at $125, gave the biggest boost to the Dow and the S&P 500. Asian Shares however ended in negative territory in Mondays session as investors took risk off the table ahead of key Macro economic data due this week.
The dollar fetched 120.30 yen after nudging up to a two-week high of 121.24 on Friday. The euro was holding firm at $1.1184 after slipping 0.3% overnight. The Australian dollar traded at $0.7019 having moved up from last week’s low of $0.6936 touched on Thursday.
In commodities, the lacklustre mood in equity markets spilled over and U.S. crude oil futures lost 0.8% to $45.31 a barrel while Brent crude lost 0.6% to $48.27 a barrel. Copper edged higher but was still stuck near one-month lows. Three-month copper on the London Metal Exchange edged up 0.7% to $5,058.00 a tonne. Prices hit four-week lows on Thursday near the $5,000-mark and are within reach of a six-year low of $4,855 seen last month. Gold held firm after being hit by a stronger dollar. Spot gold was little changed at $1,144.45 an ounce after dropping 0.7% on Friday.
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