Benzinga
Published May 25, 2023 14:46
Updated May 25, 2023 16:10
Dow Drops 100 Points; US GDP Tops Estimates
Benzinga - U.S. stocks traded mixed this morning, with the Nasdaq Composite gaining over 1% on Thursday.
Following the market opening Thursday, the Dow traded down 0.34% to 32,687.15 while the NASDAQ rose 1.36% to 12,653.95. The S&P 500, also rose, gaining, 0.49% to 4,135.24.
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Leading and Lagging Sectors
Top Headline
The US GDP grew by an annualized 1.3% on quarter in the first quarter, higher than market estimates of 1.1%.
Equities Trading UP
Equities Trading DOWN
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Commodities
In commodity news, oil traded down 2.6% to $72.40 while gold traded down 0.6% at $1,952.90.
Silver traded down 0.3% to $23.17 on Thursday while copper rose 0.6% to $3.5835.
Euro zone
European shares were mostly lower today. The eurozone’s STOXX 600 rose 0.1%, London’s FTSE 100 fell 0.5% while Spain’s IBEX 35 Index fell 0.2% The German DAX declined 0.1%, French CAC 40 fell 0.1% and Italy’s FTSE MIB Index fell 0.2%.
German economy contracted by 0.3% in the first quarter, while GfK Consumer Climate Indicator rose for an eighth month in a row to -24.2 heading into June. Producer prices in Spain dropped 4.5% year-over-year in April versus a revised 1.4% decline in the prior month. The manufacturing climate indicator in France dropped for a third month to a reading of 99 in May.
Asia Pacific Markets
Asian markets closed mixed on Thursday, with Japan’s Nikkei 225 gaining 0.39%, Hong Kong’s Hang Seng Index falling 1.93% and China’s Shanghai Composite Index dropping 0.11%. India’s S&P BSE Sensex rose 0.2%.
Singapore’s economy expanded by 0.4% year-over-year in the first quarter versus the flash reading of 0.1%.Singapore's current account surplus fell to SGD 29.45 billion during the first quarter from SGD 34.43 billion in the year-earlier period.
Economics
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,066,660 cases with around 1,164,710 deaths. India confirmed a total of at least 44,988,420 cases and 531,850 deaths, while France reported over 40,066,340 COVID-19 cases with 167,270 deaths. In total, there were at least 689,218,760 cases of COVID-19 worldwide with more than 6,882,150 deaths.
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