Mixed performances in Asian stock markets today, as reports indicate a favorable outlook for Chinese factories
Market Roundup: September 6, 2021
Stock markets in the U.S. saw a mixed performance on Friday, with the S&P 500 and the Dow Jones Industrial Average coming off their respective record highs. The S&P 500 fell 0.6% to close at 6,460.26, marking a 1.9% gain for the month of August—its fourth straight month of gains. The Dow Jones Industrial Average slipped 0.2% to 45,544.88. The Nasdaq composite closed 1.2% lower at 21,455.55.
Oracle and Broadcom experienced a 5.9% and 3.6% decrease in shares, respectively. Dell Technologies also saw an 8.9% decline in shares on Monday. On a positive note, Autodesk bucked the market slide with a 9.1% increase in shares after reporting better-than-expected quarterly results. Similarly, Petco Health & Wellness saw a 23.5% increase in shares following its own report of better-than-expected quarterly results.
In the energy sector, U.S. benchmark crude oil shed 23 cents to $63.78 per barrel early Monday, while Brent crude fell 28 cents to $67.20 per barrel.
The Commerce Department reported a 2.6% increase in prices compared to July 2020, as measured by the personal consumption expenditures index. Excluding volatile food and energy categories, prices rose 2.9% in July compared to the same month last year, marking the highest increase since February.
Hiring has shown a significant slowdown since spring, raising concerns about the broader economy. The University of Michigan's latest survey of U.S. consumers showed a decline in sentiment in August, reaching its lowest level since May due to concerns about prices and the economy.
In foreign exchange markets, the euro rose to $1.1770 from $1.1682 early Monday, while the U.S. dollar slipped to 146.93 Japanese yen from 147.00 yen early Monday.
China and the U.S. are still negotiating over a broad trade agreement that will influence how much import duty companies and consumers will pay on goods shipped to the U.S. The survey and another private sector one show manufacturing contracting, but suggest resilience despite U.S. President Donald Trump's higher tariffs.
Shares in Asia were mixed on Monday, with markets in China gaining after a slight improvement in Chinese factory data. Hong Kong's Hang Seng jumped 2% to 25,573.58, while the Shanghai Composite index added 0.3% to 3,869.96.
Regarding the Chinese economy, a government survey showed China's factory activity improved marginally in August, with a purchasing managers index rising to 49.4 from 49.3 in July. However, the search results do not provide any information about the name of the person who spoke about the Chinese economy at Capital Economics on August 30, 2021.
Markets will be closed in the U.S. on Monday for the Labor Day holiday.
