U.S. Stocks Ended The Week Lower, European Stocks Close Higher.
London, Thursday, 14 April 2022
US Markets Summary
As increasing yields weighed tech companies and investors digested earnings, the Dow gave up earlier gains to settle 110 points lower on Thursday, while the S&P 500 and Nasdaq fell 1.2 percent and 2.2 percent, respectively.
After a wave of mixed quarterly announcements from prominent banks, auto stocks plummeted 3.2 percent, tech shares fell 2.8 percent, and banks closed 1.5 percent lower.
Goldman Sachs (-0.1%), Morgan Stanley (+0.8%), and Citigroup (+1.6%) all reported positive results, while Wells Fargo (-4.6%) disappointed. Meanwhile, Elon Musk expressed reservations about his $43 billion hostile takeover attempt for Twitter (-1.5 percent).
Retail sales increased by a more modest 0.5 percent in March, which was slightly below expectations, while jobless claims increased more than expected last week.
The Dow down 0.4 percent this week, the S&P 500 fell 2.5 percent, and the Nasdaq fell 4.4 percent. The market will reopen on Monday.
European Markets Summary
European stocks ended the day higher on Thursday, with the pan-European STOXX 600 up 0.7 percent and Frankfurt's DAX 30 up 0.6 percent, as investors viewed the ECB's decrease of pandemic-era monetary support as basically in line with forecasts.
Incoming data has bolstered policymakers' belief that net asset purchases will finish in the third quarter, and that any interest rate hikes would come after that, and will be modest.
Wizz Air, a Hungarian airline, gained 7.8% after announcing plans to expand capacity to meet rising demand.
In addition, Atlantia surged 4.3 percent following a buyout attempt for Italy's largest motorway operator by BlackRock and Bennetons.
Ericsson, on the other hand, fell 5.9% due to regulatory concerns.
The DAX rose 0.5 percent this week, but was outperformed by the STOXX 600, which rose 1.1 percent. On Tuesday, trading in European stock markets resumes.
(Written and edited by: The Decision Maker)