Global markets update: US stocks slide ahead of inflation data


US stocks slid on Wednesday ahead of inflation data that could provide clues to investors on Federal Reserve’s monetary policy path.

The S&P 500 fell 31.47 points, or 0.70%, at 4,467.91 points. The Dow Jones Industrial Average dropped 186.92 points, or 0.53%, at 35,127.57. The Nasdaq Composite lost 162.31 points, or 1.17%, at 13,723.96. 

The US government will release the monthly update on inflation for July on Thursday.

Shares of Axon Enterprise jumped 14.1% after it reported robust profit.

Akamai Technologies stock rose 8.5% after it beat forecasts for both profit and revenue.

Penn Entertainment rallied 9.1% after the company announced  that it’s paying $1.5 billion for the exclusive rights to re-brand its sports-betting app with the ESPN name.

WeWork tumbled 38.6% to 13 cents after it said there’s substantial doubt about its ability to stay in business as it burns through cash.

The yield on the 10-year treasury slipped to 4.00% from 4.03% late Tuesday. The 2-year treasury yield rose to 4.80% from 4.76%.


The US dollar rose to 143.70 Japanese yen from 143.39. The euro rose to $1.0976 from $1.0960.


European equities edged higher on Wednesday, led by energy stocks.

The pan-European STOXX 600 ended up 0.4%.

Britain’s FTSE 100 rose 0.8% at 7,587.30. Germany’s DAX added 0.5% at 15,852.58. France’s CAC 40 gained 0.7% at 7,322.04.

Italian banks gained after the government eased its stance on the windfall tax on lenders.

Euro zone banks rose 1.4%.

Italy’s banks-heavy FTSE MIB index added 0.4%.

The oil and gas index rallied 2.3% as crude oil prices hit their highest levels since April.

German online takeaway food company Delivery Hero surged 4.7% after it raised its full-year revenue outlook.

Hiscox sank 6% after the Lloyd’s of London insurer’s weaker retail growth outlook.

Shares of the world’s largest online betting firm Flutter Entertainment fell 4.4% after it posted a 76% jump in half-year core profit but warned of a weaker Australian market outlook.


In Asia, stock markets were mixed on Wednesday.

Hong Kong’s Hang Seng index rose 0.3% at 19,246.03. China’s Shanghai Composite dipped 0.5% at 3,244.49. 

Japan’s Nikkei 225 fell 0.5% at 32,204.33.

Australia’s S&P/ASX 200 index rose 0.4% at 7,338 points. New Zealand’s benchmark S&P/NZX 50 index fell 0.3% at 11,838.26 points. 

Energy prices

Brent crude for October delivery rose $1.38 to $87.55 a barrel on Wednesday. The US crude oil benchmark for September delivery rose $1.48 to $84.40 a barrel.

Natural gas for September delivery rose 18 cents to $2.96 per 1,000 cubic feet.


Gold for December delivery fell $9.30 to $1,950.60 an ounce. Silver for September delivery fell 8 cents to $22.73 an ounce.

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Updated: 10 Aug 2023, 02:19 AM IST

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