U.S. Market Advances As Technology Stocks Rally
IFC Markets | Jul 06, 2017 07:39AM ET
S&P 500 and Nasdaq advance while Dow slips
US markets ended higher on Wednesday as Federal Reserve policy meeting minutes indicated central bank may start reducing its balance sheet soon and technology stocks rallied. The dollar weakened marginally: the CAC 40 ended 0.1% higher and UK’s FTSE 100 index gained 0.1% to 7367.60.
Asian stocks lower amid uncertainty
Asian stock indices are mostly lower today as investors adopted a wait-and-see approach ahead of the G20 nations meeting in Germany amid high geopolitical tensions after North Korean missile launch. Nikkei ended 0.4% lower at three-week low 19994.06 as the dollar resumed the growth against the yen. Chinese stocks are mixed: Shanghai Composite Index is 0.2% higher while Hong Kong’s Hang Seng Index is down 0.2%. Australia’s ASX All Ordinaries is 0.1% lower with the Australian dollar little changed against the US dollar.
Oil higher on expected US inventory draw
Oil futures prices are edging higher today after the American Petroleum Institute reported late Wednesday a much larger-than-expected drop of 5.8 million barrels in US crude supplies. Prices fell sharply the previous day after a report that Russia opposes any further restrictions on oil supply other than the cuts already agreed. The Organization of the Petroleum Exporting Countries and major producers including Russia in May extended a deal to cut production into the first quarter of 2018. September Brent crude fell 3.7% to $47.79 a barrel on Wednesday on London’s ICE Futures exchange. The US Energy Information Administration will release US crude inventories at 17:00 CET today.
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