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Tuesday June 2nd, 2020 11:31PM

US stocks rise slightly, on track for weekly gains

By The Associated Press
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NEW YORK (AP) — Stocks are opening mostly higher on Wall Street, with technology and retail companies leading the gainers. The three major indexes are on track for weekly gains. Chipmaker Nvidia rose in early after trading reporting strong earnings. Global markets were calmer Friday after falling a day earlier when new figures from China raised concerns about the potential impact of a virus outbreak there. The S&P 500 index rose 0.1% to 3,376. The Nasdaq composite gained 0.2% to 9,733, while the Dow Jones Industrial Average slipped 9 points to 29,414. Bond prices rose and the yield on the 10-year Treasury fell to 1.58%.

THÏS IS A BREAKING NEWS UPDATE. AP's earlier story follows below:

Global shares recovered their poise Friday though continuing concerns about the economic impact of the virus outbreak that began in China kept market gains in check.

On Thursday, concerns related to the outbreak accentuated when new figures showed a sharp increases in the number of cases and deaths after China changed its method of counting them. Shares fell sharply following a period when concerns over the outbreak had dissipated.

“The consensus view amongst investors is that the maximum economic and financial effect of the virus is in the current quarter, with equity markets approximately tracking the 3-4 week time-line recovery seen in the SARS outbreak in 2003," said Neil MacKinnon, global macro strategist at VTB Capital.

“Our view is that the economic effects are likely to spill over into the second quarter as it is unlikely that production lines, supply chains and travel restrictions will return to normal."

The market outlook for the rest of the year could largely hinge on how the outbreak develops.

On Friday, in Europe, Germany's DAX was up 0.3% at 13,783 while the FTSE 100 index of leading British shares was flat at 7,452. The CAC-40 in France was 0.1% lower at 6,087.

U.S. stocks were also headed for a fairly flat opening with Dow futures and the broader S&P 500 futures up 0.1%.

Earlier in Asia, the Nikkei 225 fell 0.6% to finish at 23,659.14 after Japan reported its first death linked to the virus. Japan now has more than 250 confirmed cases, almost all on a cruise ship docked and quarantined in Yokohama.

Elsewhere, Australia's S&P/ASX 200 gained 0.4% to 7,130.20. South Korea's Kospi advanced 0.5% to 2,243.59 and Hong Kong's Hang Seng advanced 0.3% to 27,800.51. The Shanghai Composite index gained 0.4% to 2,917.01.

ENERGY: Benchmark crude oil rose 60 cents to $52.02 a barrel in electronic trading on the New York Mercantile Exchange while Brent crude oil, the international standard, rose 68 cents to $57.04 a barrel.

CURRENCIES: The euro was flat at $1.0872 while the dollar was steady at 109.84 yen.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets
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