· Wall Street ends lower on COVID-19 worries, tech weighs
The S&P 500 dropped on Thursday, pulled lower by Microsoft Corp (MSFT.O) and Apple Inc (AAPL.O), as elevated levels of unemployment claims heightened concerns about the economic toll from rising coronavirus cases.
U.S. retail sales increased more than expected in June, but a resurgence in new COVID-19 cases is undercutting the budding recovery, keeping 32 million Americans on unemployment benefits.
A jump in cases of the virus has forced California and other states to shut down again, sparking fears of more business damage and slowing the pace of a Wall Street rally. The S&P 500 is about 5% below its February record high.
The Dow Jones Industrial Average .DJI fell 0.5% to end at 26,734.71 points, while the S&P 500 .SPX lost 0.34% to 3,215.57.
The Nasdaq Composite .IXIC dropped 0.73%, to 10,473.83.
· European stocks close lower as ECB leaves policy unchanged
European stocks finished in negative territory on Thursday, failing to get a boost from Chinese growth data showing a rebound in the economy.
The pan-European Stoxx 600 slid 0.46%, with the travel and leisure sector dropping 1.9% to lead losses while construction and material stocks bucked the trend to add 0.5%.
The European Central Bank opted Thursday to keep its interest rates and emergency coronavirus stimulus program unchanged, while it monitors the economic strength of the euro zone.
· Asia Pacific stocks edge higher following Thursday’s plunge in mainland Chinese shares
Stocks in Asia Pacific were edged higher in Friday morning trade following Thursday’s drop that saw shares in China plunging more than 4%.
In Japan, the Nikkei 225 rose 0.29% in early trade while the Topix index gained 0.13%. South Korea’s Kospi advanced 0.54%.
Over in Australia, the S&P/ASX 200 added 0.41%.
Overall, the MSCI Asia ex-Japan index traded 0.13% higher.
The overall tone is expected to be “cautious” following yesterday’s sharp fall in Chinese stocks along with a “miss” in U.S. jobless claims, Tapas Strickland, director of economics at National Bank of Australia, wrote in a note.
Reference: CNBC, Reuters
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