U.S. Stocks Flat to Slightly Lower After Weak Earnings, Turkey Turmoil

U.S. stocks opened flat to slightly lower Friday, dinged after a round of disappointing corporate earnings and renewed pressure on Turkey’s lira.

The S&P 500 fell 0.1% to 2,837.54, while the Dow industrials were up 9 points, or less than 0.1%, at 25,567. The Nasdaq Composite lost 0.1% to 7,798.14.

Tech stocks were under pressure, with shares of Nvidia Corp., down 3.1%, and Applied Materials Inc., off more than 8%, after reporting earnings late Thursday. Shares of farm-equipment maker Deere & Co. fell 2.8% after providing a downbeat growth outlook.

Source : Market Watch

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Sumber : bpfnews.com

U.S. stocks close lower as Turkey, trade worries continue to weigh

U.S. stocks came off intraday lows but still closed down Wednesday as worries surrounding Turkey’s currency crisis and continued trade tensions weighed on investors’ confidence.

A sharp fall in oil prices sent the energy sector skidding, making it the worst S&P 500 performer.

The Dow Jones Industrial Average fell 137.51 points, or 0.5%, to 25,162.41. The blue-chip index had shed more than 300 points during the session to fall below the 25,000 mark but subsequently reclaimed the key level. The S&P 500 index dropped 21.59 points, or 0.8%, to 2,818.37. The Nasdaq Composite Index declined 96.78 points, or 1.2%, to 7,774.12.

In Tuesday’s session, major indexes closed solidly higher as selling of Turkey’s currency abated, allowing investors to focus on a healthy domestic economy and strong corporate results.

The stock market pared some of its early losses after Qatar reportedly pledged to invest $ 15 billion in Turkey following a meeting between Turkish President Recep Tayyip Erodgan and Qatar’s Sheikh Temim bin Hamed Al Sani. The news helped the lira rebound strongly against the buck to trade at 5.888.

Source: Marketwatch

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Sumber : bpfnews.com

Qatar said to invest $15 billion in Turkey

Qatar will invest $ 15 billion in Turkey, Turkish news site NTV reported Wednesday, citing Turkish officials. The news followed a meeting between Turkish President Recep Tayyip Erodgan and Qatar’s Sheikh Tamim bin Hamad Al Thani earlier in the day.

The Turkish lira spiked to a session high versus the U.S. dollar and the euro in response. The past few trading days have been dominated by Turkey’s spiraling currency crisis, which is underpinned by its high current account deficit, foreign currency-denominated debt and high inflation.

While market participants have been calling for interest rate hikes to stave off further lira weakness, Erdogan has been steadfastly against higher rates, which exacerbated the selloff.

One dollar last bought 5.9910 lira down 5.9%, while the euro fetched 6.7720 lira down 6.1% from Tuesday. The iShares MSCI Turkey ETF was last up 3.9%.

Source: Marketwatch


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