Sunday May 9th, 2021 5:58PM

Global markets turn lower with focus on tech stocks

By The Associated Press
Related Articles
  Contact Editor

BEIJING (AP) — Global stock markets turned lower on Thursday, with Wall Street futures were slipping ahead of the open as investors focused on the recent volatility in tech stocks.

Some investors appeared encouraged by hopes of possible additional stimulus from the European Central Bank, analysts said. But they warned the recovery was fragile.

“To the extent that ‘buy the dip’ mentality persists, this market may possess a somewhat more stubborn bullish streak,” said Mizuho Bank. However, “markets will be prone to more volatility."

In Europe, the FTSE 100 in London lost 0.7% to 5,969 and the CAC 40 in Paris was 0.4% lower at 5,025. The DAX in Frankfurt was flat at 13,236.

On Wall Street, futures for the S&P 500 and Dow Jones Industrial Average were down 0.5%.

In Asia, the Shanghai Composite Index lost 0.6% to 3,234.82 after spending most of the day in positive territory. The Nikkei 225 in Tokyo added 0.9% to 23,235.47 while the Hang Seng in Hong Kong gave up 0.2% to 24,428.23.

The Kospi in Seoul advanced 0.9% to 2,396.48 and Sydney's ASX-S&P 500 gained 0.5% to 5,908.50. India's Sensex added 1.3% to 38,676.69. New Zealand and Bangkok advanced while Singapore and Jakarta declined.

Global markets have recovered most of this year's losses, but that was based largely on strong gains for tech stocks while other companies are lower.

Forecasters warn the stock price recovery might be too big and too early to be supported by uncertain economic activity as coronavirus infection numbers rise in the United States, Brazil and some other countries. Some governments have re-imposed anti-disease controls that hamper business.

On Wednesday, Apple, Amazon and other U.S. tech companies that had lost momentum late last week all regained some ground.

The Dow climbed 1.6% while the tech-heavy Nasdaq composite rose 2.7%. It had dropped 10% over the previous three days.

The U.S. Congress is at an impasse on whether to approve a new economic aid package after additional unemployment benefits ran out. The Senate is due to vote this week on a Republican-proposed package but it has little chance of passage because Democrats want more aid.

A Senate vote this week on a trimmed-down relief package proposed by Republicans has only a slim chance of passage as Democrats insist on more sweeping aid.

In energy markets, benchmark U.S. crude lost 52 cents to $37.53 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.29 on Wednesday to settle at $38.05. Brent crude, the international standard, declined 43 cents to $40.36 per barrel in London. It added $1.01 the previous session to $40.79.

The dollar declined to 106.13 Japanese yen from Wednesday's 106.18. The euro gained to $1.1839 from $1.1823.

  • Associated Categories: Associated Press (AP), AP Online Headlines - Washington, AP Online Congress News, AP Business, AP Business - Economy, AP Business - Financial Markets
© Copyright 2021
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Global markets turn lower with focus on tech stocks
Global stocks have turned lower as investors focus on volatility in tech stocks
7:44AM ( 8 minutes ago )
Texas fugitive wanted in Georgia deputy shooting captured
Authorities say a man wanted in the recent shooting of a Georgia sheriff’s deputy has been captured
7:39AM ( 13 minutes ago )
China says ambassador hacked in 'like' of pornographic tweet
China's embassy in Britain is demanding that Twitter investigate after its ambassador's official account liked a pornographic tweet
7:39AM ( 13 minutes ago )
Associated Press (AP)
China denounces US visa revocations as racial discrimination
China says the U.S. move to revoke the visas of about 1,000 Chinese students amounts to outright political persecution and racial discrimination
6:09AM ( 1 hour ago )
EU, UK in urgent meeting on lawbreaking British Brexit plan
A senior European Union official is headed to London for an emergency meeting with U.K. officials over Britain’s plan to break part of the Brexit divorce agreement
6:01AM ( 1 hour ago )
'Deadly stuff': Trump's own words bring focus back to virus
President Donald Trump is acknowledging he played down the projected impact of the deadly coronavrius early this year and says he meant to avoid creating a panic
5:37AM ( 2 hours ago )
AP Online Headlines - Washington
No virus aid before election? Pessimism before Senate vote
Top Republicans senators are making pessimistic predictions about securing a bipartisan coronavirus relief package before the November election
8:55PM ( 10 hours ago )
Trump releases list of 20 new possible Supreme Court picks
President Donald Trump has announced he is adding 20 names to the list of Supreme Court candidates that he’s pledged to choose from if he has future vacancies to fill
8:16PM ( 11 hours ago )
House panel approves bill to combat doping in horse racing
A key House committee has given bipartisan approval to legislation to create national standards for the horse racing industry to prevent fatalities and discourage illegal medication practices
8:05PM ( 11 hours ago )
AP Online Congress News
Amnesty Report: Businesses supporting Myanmar abuses
The overwhelming control of Myanmar's economy by the military through some of its biggest companies means its foreign and domestic business partners are likely supporting military units and leaders suspected of human rights abuses
6:23AM ( 1 hour ago )
Asia Today: India has record spike of 95K new virus cases
India reported another record spike of 95,735 new coronavirus infections in the past 24 hours as the virus spreads beyond its major cities
6:13AM ( 1 hour ago )
US sanctions on Huawei hit chip supply and growth, exec says
A Huawei executive says that recent U.S. sanctions against the company have caused a shortage of computer chips for the company, hurting the growth of its smartphone business
5:23AM ( 2 hours ago )
AP Business
Politics plague Israeli virus response ahead of holidays
Israeli Prime Minister Benjamin Netanyahu has long cultivated a symbiotic relationship with the country’s ultra-Orthodox parties, doling out generous subsidies and leaving their insular way of life unperturbed in exchange for ironclad backing that has helped crown him Israel’s longest serving leader
2:14AM ( 5 hours ago )
Asian stocks gain after Wall Street rebounds from tech slump
Asian stock markets have gained after Wall Street rebounded from a slump for tech stocks
1:45AM ( 6 hours ago )
Biden aims to rebuild 'blue wall' in Michigan visit
Joe Biden is making a direct appeal to blue-collar workers who might have voted Republican four years ago but now regret it
7:43PM ( 12 hours ago )
AP Business - Economy
The Latest: Williams pushes US Open quarterfinal to 3rd set
Serena Williams has pushed her U.S. Open quarterfinal against Tsvetana Pironkova to a third set
1:51PM ( 18 hours ago )
Strong start for stocks on Wall Street a day after sell-off
Stocks are off to good start on Wall Street, a day after more steep drops in big technology companies pulled indexes sharply lower
9:42AM ( 22 hours ago )
Radrizzani replaces chaos with caution on Leeds' EPL return
Leeds is preparing for its first Premier League match in 16 years and owner Andrea Radrizzani says the club's ambition is to be “just behind the top six” within five years
7:40AM ( 1 day ago )
AP Business - Financial Markets
Texas fugitive wanted in Georgia deputy shooting captured
Authorities say a man wanted in the recent shooting of a Georgia sheriff’s deputy has been captured
7:39AM ( 14 minutes ago )
Huge fire breaks out at Beirut port a month after explosion
A huge fire has broken out at the Port of Beirut, triggering panic among residents a month after the massive blast
7:33AM ( 20 minutes ago )
Little left of Greece's Moria refugee camp after 2nd fire
Little remains of Greece’s notoriously overcrowded Moria refugee camp, after a second fire overnight destroyed nearly everything that had been spared in the original Tuesday night blaze, leaving thousands more people in need of emergency housing
7:16AM ( 36 minutes ago )
Top Belarus activist says authorities threatened to kill her
A prominent opposition activist who resisted her forcible expulsion from Belarus by ripping up her passport has accused Belarusian authorities of threatening to kill her
7:12AM ( 40 minutes ago )
Many more likely sought US jobless aid as layoffs persist
The U.S. government will provide its latest snapshot Thursday of the pace of layoffs, which have remained elevated but have been declining as some sectors of the economy have rebounded in the months since the viral pandemic erupted
7:04AM ( 48 minutes ago )