clearn.png
Saturday September 25th, 2021 8:48PM

Stocks are off to a mixed start, bank losses weigh on market

By The Associated Press
Related Articles
  Contact Editor

Stocks are off to a mixed start on Wall Street as losses for banks are offset by gains in several Big Tech companies including Facebook. The S&P 500 was down 0.2% in the first few minutes of trading Monday while the Dow Jones Industrial Average and the Nasdaq wavered between gains and losses. U.S.-listed shares Credit Suisse of Switzerland plunged after the bank warned that it could face big losses related to a default by a U.S.-based hedge fund. Nomura of Japan also fell sharply after making a similar warning. Treasury yields held steady.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

BEIJING (AP) — Global stock markets were mixed Monday amid optimism about government stimulus and the rollout of coronavirus vaccines.

London opened lower, while Shanghai and Tokyo advanced.

U.S. futures were lower following sales of large blocks of stock that news reports said were carried by Archegos Capital Management, run by financier Bill Hwang.

Wall Street's advance Friday was led by stocks that would benefit if vaccinations and government spending boost the U.S. economy as much as expected.

Vaccines and stimulus have “helped to create an aura of high optimism,” John Bilton of JP Morgan Asset Management said in a report.

In early trading, the FTSE 100 in London fell 0.4% to 6,715.67 while Frankfurt's DAX gained 0.1% to 14,771.11. The CAC 40 in Paris was up less than 0.1% at 5,989.17.

On Wall Street, the future for the benchmark S&P 500 index was down 0.9% and that for the Dow Jones Industrial Averages lost 0.5%..

The Shanghai Composite Index rose 0.5% to 3,435.30.

The Nikkei 225 in Tokyo advanced 0.7% to 29,384.52. Brokerage Nomura Holdings fell 16.3% after it warned of a “significant loss” due to a transaction Friday involving an unnamed "U.S. client.”

The Hang Seng in Hong Kong was up less than 0.1% at 28,338.30 after swinging between gains and losses. Baidu fell 4.1% and Tencent was down 1.9%.

The Kospi in Seoul lost 0.2% to 3,036.04 while Sydney’s S&P-ASX 200 shed 0.4% to 6,799.50.

New Zealand, Singapore and Bangkok advanced while Jakarta retreated. Indian markets were closed for a holiday.

On Friday, the S&P rose 1.7% while the Dow rose 1.4%. The Nasdaq composite climbed 1.2%, though it is is 6.8% below last month’s record high.

Shares of media giants ViacomCBS Inc. and Discovery Inc., Chinese search engine operator Baidu Inc. and Tencent Music Entertainment Group fell.

Markets have been swinging between optimism that vaccines might allow business and travel to return to normal and anxiety over distribution delays and concern about possible inflation after massive government stimulus.

Investors were jolted last week by news Egypt’s Suez Canal, one of the busiest trade routes, was blocked by a cargo ship that became wedged into the waterway.

But U.S. stocks have benefited from President Joe Biden’s proposal for higher spending on infrastructure. Steelmaker Nucor climbed 8.9% and miner Freeport-McMoRan rose 5.9%.

In energy markets, benchmark U.S. crude lost 66 cents to $60.31 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.41 to $60.97 on Friday. Brent crude, the basis for international oil prices, retreated 41 cents to $64.02 per barrel in London. It advanced $2.62 the previous session to $64.57.

The dollar declined to 109.64 yen from Friday’s 109.69 yen. The euro edged down to $1.1775 from the previous session’s $1.1790.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Stocks are off to a mixed start, bank losses weigh on market
Stocks are off to a mixed start on Wall Street as losses for banks are offset by gains in several Big Tech companies including Facebook
9:48AM ( 7 minutes ago )
Giant container ship that blocked Suez Canal set free
A canal service provider says workers have successfully set free a colossal container ship that for nearly a week has been stuck sideways across the Suez Canal, one of the world’s most crucial arteries for trade
9:46AM ( 10 minutes ago )
The Latest: Biden extends federal moratorium on evictions
The Biden administration is extending a federal moratorium on evictions of tenants who have fallen behind on rent during the coronavirus pandemic
9:44AM ( 12 minutes ago )
Associated Press (AP)
The Latest: Bosnia sets record for daily COVID-19 deaths
Bosnia has set a record for the daily number of fatalities from COVID-19 as the Balkan nation struggles to contain a surge in infections
8:50AM ( 1 hour ago )
'Captain Underpants' book pulled for 'passive racism'
A graphic novel for children from the wildly popular “Captain Underpants” series is being pulled from library and book store shelves after its publisher said it “perpetuates passive racism.”
8:20AM ( 1 hour ago )
China pressures brands to reject reports of Xinjiang abuses
China is stepping up pressure on foreign shoe and clothing brands to reject reports of abuses in Xinjiang, telling companies that are targeted by Beijing for boycotts to look more closely and pointing to a statement by one that it found no forced labor
7:24AM ( 2 hours ago )
AP Business
French pharma firm faces verdict for deadly diet pill
A Paris court is to deliver its verdict in a case that grew into one of France’s biggest modern health scandals
3:02AM ( 6 hours ago )
Asian stocks mixed amid vaccine, stimulus optimism
Asian stocks are mixed after Wall Street hit a new high and investors were encouraged by government stimulus and the rollout of coronavirus vaccines
2:33AM ( 7 hours ago )
The Latest: Turkey to start vaccinating people over 60
Turkey will begin vaccinating people over 60 and some risk groups as daily infections climb, the country’s health minister says
1:19PM ( 1 day ago )
AP Business - Corporate News
Global stocks mixed amid vaccine, stimulus optimism
Global stocks are mixed after Wall Street hit a new high and investors were encouraged by government stimulus and the rollout of coronavirus vaccines
4:50AM ( 5 hours ago )
Suez Canal blockage adds to pressure points in global trade
Delays in freeing a mammoth container ship stuck in Egypt’s Suez Canal have highlighted still more pressure points in global trade, a year after supply chains were disrupted by the pandemic
4:28AM ( 5 hours ago )
Pleas for more aid to Syria: 'We don't have nearly enough'
The humanitarian situation across war-ravaged Syria is worsening
3:14AM ( 6 hours ago )
AP Business - Economy
The eviction moratorium is expiring. What will Biden do?
President Joe Biden’s administration is cutting things close on a nationwide eviction moratorium, which is set to expire in less than a week
12:30AM ( 2 days ago )
S&P 500 returns to a record high after best day in weeks
U.S. stocks burst to their best day in three weeks Friday, helping Wall Street to return to record heights and avoid what could have been a second straight weekly loss
4:39PM ( 2 days ago )
Stocks climb, erasing weekly losses for the S&P 500 index
Stocks rose on Wall Street Friday, erasing the market’s losses from earlier in the week and avoiding a second straight weekly drop for the S&P 500
4:06PM ( 2 days ago )
AP Business - Financial Markets
The Latest: Portugal tightens COVID-19 flight restrictions
Portugal is tightening its flight restrictions due to COVID-19, introducing stricter limits on arrivals from other European Union countries where the pandemic has worsened
5:27AM ( 4 hours ago )
Happy Monday: England embarks on major easing of lockdown
England is embarking on a major easing of its latest coronavirus lockdown that came into force at the start of the year, with families and friends able to meet up in outdoor spaces and many sports permitted once again
4:01AM ( 5 hours ago )
The Latest: Paris hospitals nearly overwhelmed by virus
Critical care doctors in Paris say surging coronavirus infections could soon overwhelm their ability to care for the sick in the French capital’s hospitals, possibly forcing them to choose which patients to treat
8:27AM ( 1 day ago )
AP Business - Industries
Putin hails Russian military's performance in Arctic drills
Russian President Vladimir Putin has hailed the military’s performance during recent Arctic drills, part of Moscow’s efforts to expand its presence in the polar region
12:54PM ( 2 days ago )
Yemen rebels hit, set ablaze fuel tank in south Saudi Arabia
A fuel tank at an oil facility in Saudi Arabia caught fire after being struck in an attack claimed by Yemen's Houthi rebels
6:17AM ( 3 days ago )
Egypt races to dislodge giant vessel blocking Suez Canal
A giant container ship remains stuck sideways in Egypt’s Suez Canal
6:13AM ( 3 days ago )
AP Business - Utilities
Giant container ship that blocked Suez Canal set free
A canal service provider says workers have successfully set free a colossal container ship that for nearly a week has been stuck sideways across the Suez Canal, one of the world’s most crucial arteries for trade
9:46AM ( 10 minutes ago )
The Latest: Biden extends federal moratorium on evictions
The Biden administration is extending a federal moratorium on evictions of tenants who have fallen behind on rent during the coronavirus pandemic
9:44AM ( 12 minutes ago )
Canal service provider says container ship in Suez set free
A canal service provider says workers have successfully set free a colossal container ship that for nearly a week has been stuck sideways across the Suez Canal, one of the world’s most crucial arteries for trade
9:38AM ( 17 minutes ago )
AP Exclusive: WHO report says animals likely source of COVID
A joint WHO-China study on the origins of COVID-19 says that transmission from bats to humans through another animal is the most likely scenario and that a lab leak of the coronavirus is “extremely unlikely.”
9:38AM ( 17 minutes ago )
Tribeca plans in-person, outdoor film festival for June
The Tribeca Film Festival says  Monday that it plans to hold its 20th edition in-person and with outdoor screenings spread throughout New York’s five boroughs in June
9:37AM ( 19 minutes ago )